The number of people looking for homes for sale in Palmyra, UT is increasing steadily with each year. Because the area is bringing high paying jobs to the Utah economy, the Palmyra, UT housing market is likely to remain strong and stable.
Although the homes for sale in Palmyra, UT are experiencing both a shortage and an increase in value, the demand for houses for sale in Palmyra, UT has remained stable.
The current housing shortage in Palmyra, UT is likely due to the quality of life that has become one of the greatest selling points for its residents. It's no wonder Utah County home prices ranked the second highest along the Wasatch Front.
Utah County leaders are anticipating an influx of 1 million new residents over the next decade. And because Palmyra, UT has developable land available, home builders in Palmyra, UT are busy building new homes for the influx of Palmyra, UT homeowners and move-ins.
Across the five counties making up the Wasatch Front region, Utah County is the second most active market, capturing 22% of all single-family home sales. And the city of Palmyra, UT is experiencing similar growth as well.
Silicon Slopes is Beginning to Look Like the Real Deal
Utah County has acquired the nickname of "Silicon Slopes," thanks to a sturdy "high-tech" sector and broad-based job and wage increase. Silicon Slopes is beginning to look like the real deal, and this will likely bring high paying jobs to the Utah economy. When considering the 1) healthy population growth, 2) a steady job market, and 3) homes that remain affordable, this makes the Palmyra, UT area very attractive and the long-term outlook very good.
All of the employment possibilities in our state are proving to be incentives for out-of-state "transplants" or newly graduated college students to make Utah their new residence. Utah's increase in demand for real estate housing is showing to be a significant factor for the sustained increase in property values. Utah's unemployment rate registered at 3 percent — the lowest rate in Utah since early 2008 just before the Great Recession.
Utah Anticipating an Influx of 1 Million New Residents
Anticipating an influx of 1 million new residents, and their obvious need for housing, education, employment, transport and recreation, Utah County officers began a "visioning and planning" effort this week; in anticipation of staying ahead of that curve and sustaining the quality of life that has become one of Utah's greatest selling points.
According to Utah Economist, Natalie Gochnour, "It really comes down to proximity and land availability...Right now, there are about 230,000 acres of developable land in Utah County while Salt Lake County is down to 30,000 to 40,000 acres. When businesses and residents locate to Utah County, they get the less expensive housing and commercial real estate."
Palmyra, UT Will Continue To See Exceptional Growth
Palmyra, UT will continue to see exceptional growth with commercial real estate as well. There has been a surge of large, tech companies moving into the state of Utah. These companies are drawn to Utah County because of the skilled and educated workforce willing to work for a competitive wage. As first-time buyers struggled to qualify for escalating home values, many turned to town-homes and condominiums. Recently, condominium sales have increased to an alarming degree. Utah County saw its condo sales rise 15%.
Utah County Home Prices Ranked Second Highest
As an obvious desirable place to live, Utah County home prices ranked the second highest along the Wasatch Front at a median price of $287,000. Also, Utah County is the second most active market, capturing 22% of all single-family home sales across the five counties making up the Wasatch Front region. Experts are forecasting Utah to be one of the top 5 states in terms of growth of market and value of property. In fact, the Orem/Provo area was ranked as the best preforming city in the county according to the Milken Institute.