By Brice Wallace
With growing sales, rising prices, good affordability and capital returning to the market, Salt Lake City is a real estate boom town, according to a prominent real estate consultant.
Speaking recently at the Urban Land Institute Utah (ULI) “Trends” conference, Kenneth Perlman, principal at John Burns Real Estate Consulting, said Salt Lake City is among 10 such boom towns across the country. Others include Denver, Raleigh and Dallas.
“I used to say that Salt Lake City was the best-kept secret in the nation in the housing market. It’s not anymore. It’s not a secret,” Perlman told the crowd. “Nationally, you guys are playing in some pretty big circles right now.”
Helping the city’s situation has been good job growth, especially in high-wage sectors, he said. Utah’s job growth has averaged 3 percent during the past few years, compared with 1.7 percent nationally. And 29 percent of Utah jobs are in high-paying sectors, compared with 18 percent in the U.S.
“So, really good job growth, really good wage growth,” he said.