Ogden Valley has seen significant changes from a stable 2019 residential market to a robust market in 2023. Various factors are at play as the market continues to shifts.
Despite a slowdown beginning May of 2022 due to increasing interest rates, the median home value jumped from $577,000 to $970,000 over the course of three years.
As 2023 rolls on, the median home value is $1M and of the 72 single family homes on the market, 51 of them are listed for $1M or more. While inflation likely accounts for 19.57%, the median home prices have increased 73% in Ogden Valley since 2019.
In 2019 homes took an average of 68 days to sell. This figure dramatically decreased to 18 days in 2021, rose to 31 days in 2022, and stands at 55 days for the 2023 year to date, representing a decrease of 19% from 2019.
With continued interest rate hikes and increasing inventory, it is expected that the days on market will continue to increase.
Single Family Homes
In 2019, 119 single family homes were sold. This number surged to 185 in 2021, declined to 119 sales in 2022, and stands at 62 for 2023 year to date.
The median price of single family homes increased from $577,000 in 2019, to $970,000 in 2022, and reached $1,000,000 in 2023 year to date — representing an increase of 73% from 2019.
Townhouses
Sales of townhouses increased from 27 units in 2019 to a peak of 41 in 2021. 2022 saw a sharp decline to just 10 sales, with 9 units sold in 2023 year to date, a decrease of 67% from 2019. The median price of townhouses rose from $535,693 in 2019 to $975,000 in 2022, and stands at $670,000 for 2023 year to date, an increase of 25% from 2019.
This number was likely impacted by the water moratorium with Wolf Creek Water and Sewer pushing prospective new construction folks to buy townhomes in the interim.
Condos
The condo market saw a decline from 38 units sold in 2019 to 31 units in 2022, and 27 units sold in 2023 year to date, a decrease of 29% from 2019.
The median price of condos increased from $244,825 in 2019 to $460,000 in 2022, and stands at $480,000 for 2023 year to date, an increase of 96% from 2019.
Land
In 2019, land sales took an average of 126 days with over two years of inventory. This number decreased to 114 days in 2020, further dropped to 58 days in 2021, was 43 days in 2022, and stands at 83 days for 2023 year to date, representing a decrease of 34% from 2019.
The total number of parcels sold was 148 in 2019. This surged to 243 in 2020, and 271 in 2021. The number declined to 151 in 2022 and stands at 61 for 2023 year to date.
The median selling price for land was $150,000 in 2019. It slightly decreased to $145,000 in 2020, jumped to $230,000 in 2021, rose to $310,000 in 2022, and is currently at $290,000 for 2023 year to date, representing an increase of 93% from 2019.
Land prices are coming down and inventory is increasing.
In 2019, 45.96% of new land listings were sold. This percentage dramatically increased to 77.88% in 2020, then slightly decreased to 65.78% in 2021, dropped to 52.80% in 2022, and is currently at 34.86% for 2023 year to date.
The median asking price for new land listings was $179,000 in 2019. This increased to $199,000 in 2020, doubled to $399,000 in 2021, marginally increased to $399,950 in 2022, and is currently at $355,000 for 2023 year to date, an increase of 98% from 2019.
Final Thoughts
In summary, the Ogden Valley residential market from 2019 to 2023 has showcased a strong demand, especially in terms of property values.
While the number of sales has varied, the consistent rise in median prices indicates a robust market. The land segment, in particular, has seen significant fluctuations in both demand and price, reflecting the dynamic nature of the real estate market in the region.
For any inquiries regarding real estate in Huntsville, Eden, Liberty, Ogden, or nearby areas, don't hesitate to get in touch.
Brandi Hammon is the founder of Mountain Luxury and has successfully sold over $1 billion in real estate in her 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.
