During a recent meeting of the Summit County Economic Development Advisory Committee, discussions highlighted significant trends in the local real estate market, particularly the growing influence of investor-owned properties. The committee examined data indicating that investor ownership in Utah's real estate market has risen from 12.6% in 2019 to 18% in 2024, suggesting a shift in market dynamics that could be affecting housing availability and affordability for average working families.

The committee noted that while housing inventory has increased—24% more than the previous year and a 22% rise compared to pre-COVID levels—home prices continue to decline. This paradox raises questions about whether the region is truly facing a housing shortage or if available homes are being diverted from the market, making them inaccessible to local residents.

Comparative data from Utah County and Wasatch County further illustrated these trends. Utah County has seen a rise in job growth by 12.4%, yet home prices have still dropped by about 7%. Meanwhile, Wasatch County experienced a doubling of listings since 2016, but prices fell significantly after reaching a peak, despite job increases.

The committee's discussions emphasized the need for a deeper understanding of these market shifts. They questioned whether the increase in housing supply would naturally lead to lower prices, or if external factors, such as investor activity, were driving prices down despite rising inventory and job growth.

As the committee continues to analyze these trends, they aim to address the implications for local families and the broader community, seeking solutions that ensure housing remains within reach for residents amidst changing market conditions.