The housing market in South Jordan is one that is highly researched and sought after by buyers and renters alike. There are several different factors or motivators that encourage or discourage buyers to take the plunge into the market. One of the most important elements for those who invest in property of a commercial or residential nature is the rise and fall of the home values on the market. There is typically a change from year to year, and depending on the economy, this change can be positive or negative. Therefore, it is essential that individuals looking to invest in rental properties should take a careful assessment of how the housing market stabilizes from year to year. This information is insightful during purchase and sales transactions.
Inside South Jordan
South Jordan, Utah in Salt Lake has prominent nearby cities, such as Midvale, Riverton, Sandy, West Jordan, and Herriman. It is an urban area with an approximate 53,000 in the population and an average household income of $92,325. More than half of those living in South Jordan are married, and those with children live in more than half of South Jordan homes. There is a strong commuter presence in South Jordan with more than 50% of the population commuting to work, almost 80% of those in the area working in white-collar industries, and about 20% being blue-collar workers. Home age of South Jordan averages about 8 years old, reflecting an 80% ownership, 12% rental, and 4 % non-occupied rate. The previous year showed home sales averaging the amount of $255,000.
The Market
South Jordan home prices are averaging $380,804, with an average cost of about $115/ sq. ft. The average price of homes and value in South Jordan has a major effect on the average price of the homes, being around $387,761. October reflected an average list price of approximately $306,700 for homes in South Jordan and showed a slight decline of almost 3% when compared to the last week of September, 2014. In essence, the resale of homes reflected a slight decrease of 3% since September of 2014. There have been minimal to no movement of distressed properties like short sales and foreclosed homes, as they remained consistent in the October market. There was virtually no change in the listing price between the months of September and October.