The average home value in Salt Lake City is $281,300. Most homes increased in value by about 10 percent in 2016. They will probably increase by about another 3 percent in the current year. If you are looking to buy real estate in Salt Lake City, then there are four hot neighborhoods to consider.
The largest residential neighborhood in Salt Lake City is Central City. This neighborhood encompasses most of the downtown area and also extends to the University of Utah. In recent years, new condominiums have sprouted up all over this desirable neighborhood. Despite its increasing popularity, there are still some reasonably priced properties available; the average home in this neighborhood sells for $203,400. During 2016, home prices in this area increased 15.2 percent, and this upward trend is expected to continue. If you are looking for an area with lots of nightlife and many single professionals, then this might be the right neighborhood for you.
The area directly across from City Street Canyon is known as Capitol Hill. Aptly named, it starts at the Utah State Capitol and slopes toward the downtown area. Capitol Hill contains many of the oldest homes in Salt Lake City and most streets are named after marmalade-friendly fruits. The average home in this neighborhood is worth about $292,900. Most owners found that the value of their home increased about 11.3 percent in 2016; homes located here are likely to increase in value again this year. This neighborhood has a great mix of older neighbors, young professionals, and young families. Most homes are beautifully maintained making this a great area to live in regardless of your age.
Rose Park is one of the most ethnically diverse neighborhoods in Salt Lake City. Many young families are settling in this neighborhood because of the availability of homes that can be bought cheap and restored helping their home equity grow rapidly. Most of the streets in this northwest Salt Lake neighborhood are named after various roses. The average home here is valued at $183,500. These homes increased an average of 10.8 percent in 2016, and they are likely to outpace the market in 2017.
The six-block Yalecrest neighborhood contains many turn-of-the-century homes along with a mixture of homes built in a variety of architectural styles. Many streets in this neighborhood are named for major universities in the United States. Despite the fact that this is one of the most expensive neighborhoods in Salt Lake City, with an average home price of $546,300, there are still great bargains to be found in this neighborhood. Keep in mind that prices in this hot neighborhood are expected to rise faster than the rest of the city, so do not wait too long to find your perfect property if this neighborhood is right for you.
These four neighborhoods are the hottest in Salt Lake City. If you are interested in buying or selling property in one of them, then move quickly. While this year seems to be a little quieter than last year’s record breaking year, the demand for homes is still outpacing the supply.