Logan Real Estate

From 2004 through August of 2007 the Logan Utah Real Estate market was very healthy and had moderate appreciation. Homes were selling quickly and prices were rising between 6 and 10% annually. Land prices in Cache Valley went crazy during this time and nearly doubled over a three year period. Starter homes were especially in high demand and saw the greatest increase in price. Builders thrived during this mini housing boom. Many builders began focusing on high end homes where they could potentially reap the largest profits. Logan Realtors had great success and many picked up the real estate trade during this time.

Then, at the end of August of 2007 the market began to shift. Changes in the lending industry suddenly made it more difficult for many borrowers to obtain loans. In addition, nearby local real estate markets continued to struggle. These changes curbed consumer confidence and home sales drastically declined. Home sales in Cache Valley have declined by about 20% in 2008 compared too 2007. Inventory of homes for sale is at an all time high and many homes are selling for substantially less than what they sold for a year ago. Their is especially a surplus of inventory for the high end homes. Many of these properties are vacant new construction properties that have never been lived in. There just hasn't been a lot of demand for big homes in Logan Utah.

It is an excellent time to buy real estate in Logan Utah. The median price of sold homes over the past four months in Cache County is $176,700. The average price is $194,207. There is lots of selection and motivated sellers are willing to accept less than market value to allow homes to sell. The average residential home on the market has been listed for 104 days. Interest rates are also very low, and as long as you have good credit and a small down payment you can get a great deal on homes in Logan Utah.

Return to: Salt Lake City Utah Real Estate