Utah, Home of the Strongest Housing Market in the Nation

Utah had the strongest housing market in the fourth quarter of 2020, according to the Housing Heat Index report from Bankrate.com. The Utah housing market was already strong pre-pandemic, then residents from California and Seattle began flooding Utah in search of affordable houses that had more space, and the market took off.

According to the report, “Utah home prices have been soaring as Californians stream into the state. Utah boasts the nation’s strongest pace of job growth, along with rock-bottom unemployment, ultra-low mortgage rates, few mortgage delinquencies and low state and local taxes.”

Utah is not the only state in the Mountain time zone to see a flourishing market. Montana, Arizona, and Idaho have also seen their markets takeoff. It seems that many are growing tired of paying high prices for small spaces.

“COVID-19 has pushed many—especially those who can work remotely—to leave the priciest areas for more affordable regions,” the report said. These workers have realized that they could have the best of both worlds, a big house and a big city salary. Because these remote workers are used to big city prices, they come with cash and don’t mind upping the bid.

To learn more about Utah’s ranking as the strongest housing market and how it compares to other markets, read the report at Bankrate.com.

- Ashley Jorgensen

Sources:

https://www.bankrate.com/mortgages/housing-heat-index/#:~:text=The%20Housing%20Heat%20Index%20shows,might%20perform%20in%20the%20future.&text=These%20five%20states%20had%20the,Utah.