The Deseret News took a deep dive into Utah’s raging hot real estate market and how it fits in to what’s happening in other Western states.
While net in-migration increased most in smaller metros around New York City, such as Hudson and Kingston, New York, Torrington, Connecticut, and Pittsfield, Massachusetts, in-migration also rose in what the New York Times labeled “vacation areas,” like Wasatch County, Utah.
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Housing prices across the Wasatch Front have skyrocketed over the past five years — and especially over the past year, accelerated by the pandemic.
In Salt Lake County, the median single-family home price climbed to $468,000 in the first quarter of 2021, up $68,000 or 17% from a year earlier when the median price was $400,000.
Buyers are now having to make one of the biggest decisions of their lives in a matter of hours — without the luxury of waiting a few days before deciding to submit an offer.