Welcome to Ogden, UT, a city just 35 minutes from the Salt Lake City International airport, where you can experience the incredible beauty of the Uinta-Wasatch-Cache National Forest. With miles of hiking and biking trails, rivers full of trout, and reservoirs perfect for water activities, Ogden is ideal for anyone looking to immerse themselves in nature. But that's not all that Ogden has to offer! You can enjoy abundant winter and summer recreation with three world-class ski resorts only 20 minutes away from downtown Ogden. For history enthusiasts, there are museums dedicated to everything from Ogden's railroad heritage to the arts. Ogden caters to all walks of life. In this article, we'll discuss housing updates in Ogden, Utah. Specifically, we will address any recent changes that can affect homebuyers, home sellers, and real estate agents.
Quick Facts:
- Forecasts of the latest US Census estimates put Ogden's population at 88,671
- The median home price is $340K, which is 6.6% less than last year.
- Last year, Ogden homes sold in 12 days; this year, 56.
- The average annual wage here is $48,625.
Ogden, UT, in a Nutshell
Ogden, UT, is a hidden gem for those seeking a beautiful place to call home. With no crowds and endless opportunities for recreation, it's a paradise waiting to be discovered. The area boasts 38 recreational parks within the Ogden/Weber region, offering abundant outdoor activities for residents to enjoy, from hiking and biking to skiing and snowboarding.
But Ogden isn't just a city for nature enthusiasts. It's also a city steeped in history, with numerous historical attractions, sites, and buildings that showcase its colorful character. These landmarks celebrate the legends of a once rugged yet still vibrant Crossroads of the West, making it a unique community.
Employment
Ogden, Utah, is increasingly becoming a popular destination for real estate agents, realtors, homebuyers, and sellers. The city has been ranked among the top 15 cities for job seekers in 2023, according to a study by MoneyGeek. The study compared 95 cities in the US and ranked them based on factors such as job and wage growth, job competition, and affordable housing prices.
Ogden, UT, emerged as a top contender, securing the 12th position on the list with a score of 76.0. The city stood out for its impressive wage growth, ranking at the 4th spot with a growth rate of 4.4%, just behind four Florida cities. The low job competition in Ogden and affordable housing prices make it an ideal destination for job seekers and real estate enthusiasts.
But what's even more impressive is the continuously declining unemployment rate in the city. According to MoneyGeek's report, Provo, Utah, has the lowest unemployment rate in the US, at just 2%. Interestingly, Ogden, UT, is not too far behind, with an unemployment rate of 2.1%. Such low unemployment rates are an excellent sign for job seekers. These indicates a high chance of being hired in a new job.
Economy
Located in the northern part of Utah, Ogden serves as a crucial economic hub for the region. As the principal city of Utah's second largest Metropolitan Statistical Area (MSA), Ogden is home to numerous federal, state, county, and municipal government offices that occupy much of the central city. The Internal Revenue Service, with over 5,000 employees, is the largest employer in the city. Additionally, McKay Dee Hospital, Weber State University, Ogden City School District, Autoliv, Fresenius, and Convergys are some of the other major employers in the area.
Ogden boasts several industrial areas, predominantly located in the western region of the city. One of the most significant industrial areas is Business Depot Ogden, covering over 1,000 acres. The business park was a former Army depot that has now been restructured to serve the commercial needs of the city. With its comprehensive infrastructure and state-of-art facilities, Business Depot Ogden offers a diverse range of opportunities for various industries. Thus, with a plethora of businesses present in Ogden, the city's economy is thriving, making it a bustling economic center of northern Utah.
Ogden, UT, Real Estate Market
The Ogden housing market remains competitive, with homes receiving an average of 2 offers and selling in approximately 64 days. Month-over-month data indicates that February 2023 saw a 6.6% drop in the median sale price of homes in Ogden, with the median price now at $340K. The price per square foot has also experienced a slight decrease by 0.47% since last year, averaging $210. Notably, the average time homes have spent on the market has increased from 12 to 56 days compared to the previous year, indicating a slower turnover rate. The recent data also show that 101 homes were sold in February 2023. It is notable that during the same period last year, it decrease from 145 homes sold. These figures highlight a somewhat softer housing market in Ogden, potentially providing buyers with more negotiating power than they might have had previously.
Real Estate Trends
According to recent data, a significant portion of Ogden homebuyers have explored the possibility of moving out of Ogden in the period ranging from December 2022 to February 2023. Specifically, 34% of these buyers expressed interest in relocating to other areas outside of the Ogden metropolitan region. However, the majority of homebuyers, which accounts for 66%, preferred to stay within the local metropolitan area.
In terms of homebuyers moving into Ogden, the percentage of those from outside metros was relatively low, with only 0.61% of buyers searching for homes in the area. Among these buyers, those from Washington showed the greatest interest in relocating to Ogden, followed by those from Los Angeles and San Francisco.
On the other hand, for those looking to move away from Ogden, the preferred destinations for Ogden homebuyers within the metropolitan area were Las Vegas, St. George, and Houston, respectively. It is worth noting that the majority of Ogden homebuyers, 66%, showed a preference for staying in the local region, indicating a desire to remain in the familiar territory of the Ogden metropolitan area.
Final Thoughts
Overall, the Ogden housing market has experienced a shift in activity due to recent events and economic conditions. Despite this downturn, there is a reason for optimism as the market appears to stabilize. With its extensive industrial base, Ogden is well-positioned to become an even more prosperous economic center of northern Utah in the years ahead. As such, current and prospective buyers may find that now is a good time to invest in the local real estate market.
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