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Mountain West Real Estate Investment Market Report: August 2020

Single-family homes in high demand due to COVID-19. Following the Great Recession, the single-family rental (SFR) market experienced solid growth. In fact, the SFR market expanded by more than 3.8 million households between 2006 and 2016. Now, with COVID-19 a part of everyday life, this trend has continued as Americans rethink the kinds of lifestyles they want. With social distancing and stay at home orders in place, densely populated areas are losing their appeal to many, creating an uptick in interest for single-family homes.

Why renters prefer single-family homes

Market Activity

Denver, CO
Market Overview

The Denver metro housing market appears to be heating up as there has hardly been any impact related to an economic slowdown. There is an increase in demand for housing, tight inventory, and record-low mortgage rates; therefore, home prices are on the rise. Despite COVID-19, this region remains a seller’s market, especially in the $300,000 to $399,000 price range.

1,784
Homes Sold
$480,000
Avg. Home Price
$1,662
Median Rent
U.S Census Bureau: second quarter 2020
2.6%
Rental Vacancy Rate
0.3%
Homeowner Vacancy Rate
7.4%
State Unemployment Rate
Metro Area Unemployment
Boulder, CO
9.5%
Colorado Springs, CO
10.4%
Denver-Aurora-Lakewood, CO
11.0%
Fort Collins, CO
9.2%
Grand Junction, CO
10.0%
Greeley, CO
10.1%
Pueblo, CO
10.8%

Market Activity

Salt Lake City, UT
Market Overview

The Salt Lake City multifamily market had a late-cycle growth spurt. Despite threats from COVID-19, the Wasatch Front has fared well compared to most U.S. metros. The downtown area remains popular for both investors and developers, and there are several transit-oriented projects underway.  The city allowed construction to continue during the statewide stay-at-home order, putting the Salt Lake City International Airport expansion project ahead of schedule.

505
Homes Sold
$415,000
Avg. Home Price
$1,221
Median Rent
U.S Census Bureau: second quarter 2020
4.8%
Rental Vacancy Rate
0.5%
Homeowner Vacancy Rate
4.5%
State Unemployment Rate
Metro Area Unemployment
Logan, UT-ID
3.5%
Ogden-Clearfield, UT
4.9%
Provo-Orem, UT
4.3%
Salt Lake City, UT
6.2%
St. George, UT
6.0%

Market Activity

Dallas, TX
Market Overview

Due to Dallas/Fort Worth and Austin’s rapid employment growth, corporations had been establishing workforces in Texas prior to COVID-19. Since the pandemic began, the local government’s response to the pandemic has bolstered Texas’ reputation as a business-friendly state. Companies may be more willing to relocate to Texas as they become frustrated with their own states’ policies.

1,516
Homes Sold
$365,000
Avg. Home Price
$1,236
Median Rent
U.S Census Bureau: second quarter 2020
8.3%
Rental Vacancy Rate
1.2%
Homeowner Vacancy Rate
8.0%
State Unemployment Rate
Metro Area Unemployment
Abilene, TX
6.4%
Amarillo, TX
6.0%
Austin-Round Rock, TX
7.5%
Beaumont-Port Arthur, TX
12.8%
Brownsville-Harlingen, TX
11.2%
College Station-Bryan, TX
6.5%
Corpus Christi, TX
10.1%
Dallas-Fort Worth-Arlington, TX
8.4%
El Paso, TX
9.9%
Houston-Sugar Land, TX
9.9%
Killeen-Temple, TX
7.9%
Laredo, TX
10.1%
Longview, TX
9.1%
Lubbock, TX
6.9%
McAllen-Edinburg-Mission, TX
12.8%
Midland, TX
9.6%
Odessa, TX
13.0%
San Angelo, TX
7.8%
San Antonio-New Braunfels, TX
8.5%
Sherman-Denison, TX
6.8%
Texarkana, TX-AR
8.3%
Tyler, TX
8.0%
Victoria, TX
9.0%
Waco, TX
7.1%
Wichita Falls, TX
7.3%

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