Residential Market Update
The real estate market in Mountain Green is beginning to have some ski town dynamics with Snowbasin and Wasatch Peaks Ranch, as the demand is growing and there is limited inventory in Huntsville. The launch of the Roam project, allowing for vacation rentals, blew past previous sales numbers for townhomes showing there is substantial demand for them, yet until recently, there was no inventory. Using 2019 as a benchmark of a relatively normal year, I have made comparisons throughout this analysis to help you better understand the fluctuations the market is experiencing.
Single Family Homes
The median price of single family homes was $539,900 in 2019. This price increased to $678,250 in 2020, surged to $900,000 in 2021, slightly increased to $938,000 in 2022, and is currently at $901,000 for 2023 year to date likely due to increased interest rates but still representing a substantial growth of 67% from 2019.
In 2019, properties in Mountain Green took an average of 38 days to sell. This figure decreased to 28 days in 2020, further dropped to 13 days in 2021, was 11 days in 2022, and stands at 16 days for 2023 year to date, still less than days on market back in 2019 indicating the demand is still strong even with prices starting to soften.
In 2019, 33 single family homes were sold. This number increased to 42 in 2020, dropped to 23 in 2021, rose again to 30 in 2022, and stands at 15 for 2023 year to date.
The median price of single family homes was $539,900 in 2019. This price increased to $678,250 in 2020, surged to $900,000 in 2021, slightly increased to $938,000 in 2022, and is currently at $901,000 for 2023 year to date, representing a growth of 67% from 2019.
Townhomes
Sales of townhouses were limited, with only 1 unit sold in both 2019 and 2020. No townhouses were sold in 2021 or 2022. However, 3 units have been sold in 2023 year to date. Overall there is a shortage of properties in Mountain Green. The Roam project is not included in this data and adds approximately 50 townhome units sold or pending so far this year.
The median price of townhouses was $260,000 in 2019 and increased to $274,200 in 2020. There wasn’t data available for 2021 and 2022 due to no sales. The median price stands at $575,000 for 2023 year to date excluding Roam. Roam prices range from $495,000 to $700,000 although some units have sold for more.
There were 57 new listings in 2019, which decreased to 49 in 2020. The number further dropped to 24 in 2021, rebounded to 49 in 2022 likely due to the slowing market, and remains at 49 for 2023 year to date, showing a decrease of 14% from 2019. It also indicates the market is stabilizing to a normal market.
In 2019, 59.65% of new listings were sold. This percentage increased to 87.76% in 2020, peaked at 95.83% in 2021, decreased to 61.22% in 2022, and is currently at 36.73% for 2023 year to date, showing a decrease of 38% from 2019.
The median asking price for new listings was $599,500 in 2019. This increased to $675,000 in 2020, surged to $899,000 in 2021, decreased to $859,000 in 2022, and is currently at $751,500 for 2023 year to date, representing a growth of 25% from 2019.
Final Thoughts
The Mountain Green residential market from 2019 to 2023 is doing well. While the number of sales has varied, the consistent rise in median prices indicates a gradually increasing market. For any inquiries regarding real estate in Mountain Green or near Snowbasin, don't hesitate to get in touch with Brandi and her team.
Brandi Hammon has successfully sold real estate in Northern Utah for over 18 years. Her unrivaled expertise and tailored approach to each transaction have firmly established her as Ogden Valley’s leading local broker and premier real estate market analyst.
