Housing is in HIGH DEMAND in our beautiful valley. Despite the pandemic and all the other craziness in the world right now, values here continue to increase as housing demand eclipses supply. Home prices have risen almost 15% in Cache Valley in the past year. In September our median price per foot rose to $141, and the median home sales price increased to $307,000. The overall median home sales price for the 3rd quarter of 2020 was $284000. The median days on market (length of time it takes a home to go under contract) is only 18 days and for homes in lower price ranges it is often MUCH shorter.
Currently there are just 87 homes active on the market (this includes detached single family, town homes & condos – some of which aren’t even completely built). There are 240 homes under contract and set to close shortly. In the 3rd quarter of 2020 there were 529 home sales in Cache Valley. That is 3% higher than the 3rd quarter of 2019 – depsite having fewer listings… thus the extremely low inventory numbers.
The low home inventory is additionally noteworthy given the extaordinary pace of building in the valley. To date in 2020, there have been 376 single family and townhome building permits approved – with many of these homes completed and occupied.
What drives the housing shortage?
PEOPLE WANT TO LIVE HERE! Utah is thriving. Utah has been ranked as having the best (or 2nd best) economy by US News, USA Today, Wall Street 24/7 and others. Utah, and particulary Cache Valley ranks high in many livability studies factoring in low unemployment, cost of living, safety, hospital availability etc… USU has also received positive rankings in publications such as the Washington Monthly. Some people are moving back from living elsewhere, some are fleeing cities – they can work remotely and want to live in a pleasant place, some are coming because family members have moved here and they want to be near family (Covid 19 has spurred the realization that being near family matters) and of course some are getting married, having children… the normal life changes that drive the real estate market.
Shelter is one of our primary needs, and owning a home is still very much the American Dream … perhaps a world-wide dream. Although prices have risen over 50% the past 4 years, the astonishingly low interest rates have made home ownership still affordable for many, and a dream worth pursuing. If you would like an evaluation on your home, or have any other Real Estate Needs, please call: Terri Sizemore 435-770-9407 Stay Happy & Healthy!