One question I get a lot is, how have home prices increased in Tooele County . In most cases I can say pretty darned well.
In all cases I say I don’t give investment advise. BUT……….Certain types of homes appreciate faster than others; some popular neighborhoods go up faster than others, and some places show no upward movement at all. Often they actually decrease in value.
But…… generally speaking. the value of homes for sale in Tooele County, and the 3 major communities where 90% of the listing are, have gone up…. Dramatically.
I took a quick look at appreciation rates this morning, using stats from the Wasatch Front Regional Listing Service. I did a quick study in order to pass on info you might need to compare prices and determine how we are doing in Tooele vs how KCM says the real estate market is doing nationally.
Here’s what I can report.
Overall, houses in the county of Tooele have increased per square foot by a whopping $26.30 since October of 2014. That is an almost 33% increase in value.
Here is how the County and the 3 most popular cities showed up on the charts. Note that I have used a cost per square foot analysis to determine the percentage of increase/decrease.
Tooele County Home Prices:
October 2014: $ 80.31
October 2017 $106.61
The difference of $26.30 sqft over the last 4 years is significantis significant, but over the last 12 months county properties have gone up in price over 9%.
Tooele City Home Prices
October 2014 $ 74.30
October 2017 $101.90
Tooele city leads the way with an increase of over 37% in the last 4 years, 12% this year.
Stansbury Park UT Housing Price Increase
October 2014 $ 88.65
October 2017 $114.64
A 29% increase in price per square foot over the last 4 years is great.
Increase in Housing Cost Grantsville Utah
October 2014 $ 86.98
October 2017 $107.82
The cost of a house in Grantsville Utah went up almost 24% in the 4 year period of 2014-2017. Almost 20% of the increase occurred over the last 12 months.
Now that we have those numbers, here are some national stats provided by my friends at Keeping Current Matters to see how were doing.
Here are the National numbers provided by KCM.
Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.
CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.
The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).
It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the course of the last year. Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due to demand from first-time home buyers and baby boomers looking to downsize.
If you are planning on listing your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range.
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I hope you found this helpful, and when you want to talk Tooele County Real Estate you will give me a call, Berna Sloan 435-840-5029.
I am a local full time agent that has been doing this business a long time. (here’s proof in about Berna). I have helped hundreds of families enjoy home ownership and all of the benefits of owning your own home.
While I don’t give investment advice, I think you can see from this article that I think you should own real estate for reasons other than lifestyle.
Give me a call and we can discuss “how have home prices increased in Tooele County.”.