600,000 more people and 200,000 new housing units projected over the next 10 years between Salt Lake and Las Vegas.
Official estimates for Utah and Nevada suggest more growth is coming. We estimate our communities will need to build more than 200,000 housing units, which include single family detached, single family attached, condos, and apartments, to accommodate the growth. New to the Residential Review publication, we outlined the key demographic trends and what that means for residential real estate markets. These demographic trends will shape the intermountain region. Some highlights:
- A regional approach (Salt Lake City to Las Vegas), highlights trends moving through local markets.
- Changes in population drive construction of residential housing units.
- Last decade began with an oversupply of residential units.
- This decade begins with tight real estate markets. There is no oversupply to soften the coming housing needs.
- Construction over the next decade will outpace construction from the past decade.
- Affordability will continue to be an issue that will be challenging for communities.
Neil Walter, CEO for ERA Brokers Consolidated said, “We are bullish on the long term fundamentals of our markets. This expanded coverage is badly needed to highlight regional trends and identify critical needs early. The data in this report combined with the knowledge gleaned from completing over 3,000 transactions in 2019 give our clients an unrivaled view of the real estate landscape.”
With distribution to over 100,000 real estate owners, investors, planners, business owners, and consumers, the Residential Review is instrumental in informing decision makers, homeowners, and renters alike.
About ERA Brokers Consolidated
ERA Brokers Consolidated is a brokerage infused with proprietary real estate technology. ERA Brokers Consolidated includes 9 offices on the I-15 corridor from Salt Lake City, UT to Las Vegas Nevada. It is a subsidiary of Brokers Holdings, which operates commercial and residential brokerages in Utah and Nevada. With over 350 agents and staff, ERA Brokers Consolidated was recognized by RealTrends, RISMedia, and Swanepoel as a top brokerage firm in the United States. In addition, it manages approximately $350 million in real estate assets for its clients.