SALT LAKE CITY — A new report highlighting Salt Lake City's place among the country's hottest housing markets is sure to elicit simultaneous cheers and eye rolls across northern Utah, especially as home values are predicted to grow in the coming year.
Salt Lake City was ranked 10th in the U.S. in the Zillow report that also shared how homes on the market have once again returned to selling in mere days instead of weeks or months.
According to the report, housing prices in Salt Lake City are predicted to grow by 2.3 percent in 2025, "pushing the typical home value to $555,858."
Zillow's analysis comes as local leaders continue their attempt to create affordable housing locations for those who struggle to live in Salt Lake City and surrounding areas.
Many of the factors that went into Salt Lake City's high ranking are not surprising.
"Encircled by mountains, Salt Lake City has 10 ski resorts within an hour’s drive of its airport, making it a world-class destination for skiers and outdoor enthusiasts," the report wrote, adding, "the growing, increasingly diverse population, has juiced the local real estate market in recent years."
Video below shows how snow-covered cities will heat up the housing scene:
Zillow reported the average length of time a home stays on the market in Salt Lake City is 19 days.
The following factors were used to analyze the 50 largest metro U.S. areas and come up with the hottest housing markets:
- home value growth
- projected change in owner-occupied households
- job growth compared to new construction
- the speed at which homes are sold
One bright spot in the report for prospective homeowners is that while prices are expected to rise, they should do so more slowly than in 2024.
TOP 10 HOTTEST HOUSING MARKETS:
- Buffalo
- Indianapolis
- Providence
- Hartford
- Philadelphia
- St. Louis
- Charlotte
- Kansas City
- Richmond
- SALT LAKE CITY
