Home Prices in Salt Lake City/Utah: Just how much do the appreciate? (Sandy: real estate, 2014)

[Curious Jay]

Do any of you have stories or experiences to share regarding your homes/land appreciate in value over the years?

I know from research that The Avenues/U of U, Sugar House areas have been appreciating in value - but by how much? And what potential do you see for up-and-coming areas like Daybreak in South Jordan, as far as building home equity goes?

[Curious Jay]

Ugh, sorry about the typo in the title. It's supposed to read, "Just how much do THEY appreciate?".

[mlb]

Bought our home in 1998. $172K. Now probably valued at $290K.

But we are in much different times.

[Curious Jay]

So that works out to roughly a 68% increase in home value in 16 years.

Which part of Salt Lake or Utah (i.e. neighborhood) do you live in?

[easternerDC]

This would probably answer your question too:

The Salt Lake Tribune - Wasatch Front Home Prices


Most housing prices have been down overall, but have been going back up in the past few years.

[kavm]

Sample size of one conveys little information. Look at some statistical information, such as The Salt Lake Tribune - Wasatch Front Home Prices.

Perhaps there are better sources, but broader sample is a must...

[mlb]

Originally Posted by Curious Jay

So that works out to roughly a 68% increase in home value in 16 years.

Which part of Salt Lake or Utah (i.e. neighborhood) do you live in?

Sandy Foothills near the Draper Border.

[Curious Jay]

Thanks for your input, everyone. Now, an open question to all:

Which neighborhoods in SLC have the highest chance of home values consistently appreciating?

I know that some of no-brainers are neighborhoods like the Avenues/U of U area, Sugar House, Mt. Olympus, Foothills/East Bench, Sandy, Draper - all excellent neighborhoods. But what about the new master-planned neighborhoods on the SW outskirts of SLC, like Daybreak?

[fteter]

In South Jordan off 4000 West and South Jordan Pkwy...close to The District Shopping Center. We bought our home in 2011 for $260K. Had it valued this year at just over $300K. Seems pretty typical for the area.

You're not gonna strike gold here with residential housing appreciation. Nor will you see the wild swings found in some more speculative markets (like California)...but you'll do alright in the long run.

[CCSLC]

Originally Posted by Curious Jay

Thanks for your input, everyone. Now, an open question to all:

Which neighborhoods in SLC have the highest chance of home values consistently appreciating?

I know that some of no-brainers are neighborhoods like the Avenues/U of U area, Sugar House, Mt. Olympus, Foothills/East Bench, Sandy, Draper - all excellent neighborhoods. But what about the new master-planned neighborhoods on the SW outskirts of SLC, like Daybreak?

Suburban real estate appreciation will slow, if not stall and decline, in coming years (particularly in Daybreak, where environmental concerns exist and the build quality is suspect---which will only be more obvious as the homes age).

Unlike their parents, young adults nationwide already prefer city living to the suburbs for a variety of reasons. SLC is definitely not there yet, however. Like with most things, we're about 10 years behind the rest of the nation (and our predilection for family sizes that are more comfortable in the suburbs may extend that even further), but it will still happen.

Cities---including SLC---are making a comeback, partially because this generation recognizes that a shortened or nonexistent commute financially negates the benefit of being in a suburb, especially as fuel prices continue to rise. Plus, it's good karma to not pollute our air with your commute and you get the extra time in your day of not commuting... which is invaluable! They also recognize that life is just plain more pleasant when you can walk to Mazza and a Jazz game rather than driving to an Olive Garden and Chuck E. Cheese in a stucco strip mall.