Think St. George home values are high? Wait until you see what it costs to live in Manhattan.
As you can see in the video above, I am halfway up the citizenM hotel in the heart of Times Square in Manhattan, and this is the perfect spot to talk a little bit about real estate prices back in St. George.
About four or five weeks ago, St. George was named as the fastest-growing metro in the entire country. Two weeks after that, The Daily Spectrum published an article stating that southern Utah homeowners were being priced out of the St. George real estate market.
That is not untrue—the average home price in St. George has increased $110,000 since 2013. However, take this into consideration: I learned today that here in Manhattan there’s a brand-new building right next to the World Trade Center Observatory whose available penthouses are listed at $4 million.
Learning this, I decided to do some further research about Manhattan real estate prices on Trulia. A 500- to 600-square foot studio apartment costs around $750,000 here. A 5-bedroom, 3,800 square foot apartment costs about $9.5 million.
My point is this: Real estate values are relative to your market. In every market right now, the tide is high. When the tide is high, all boats float. If you thought the situation was bad in St. George, imagine what you would have to pay to live here in Manhattan.
The average sale price in St. George is $300,000 right now, which is still within reasonable range. We still need our wages to go up, but remember—we have it pretty darn good in Utah’s Dixie.
Get a computerized estimate of what your home might sell for in about 60 seconds right here. If you’d like us to create a detailed market analysis for you we’d be happy to! Free of charge of course. Just give us a ring at 435-215-4533 or send me an email.
As always, if you have any questions about our St. George market or you’re thinking of buying or selling a home soon, please reach out to me. I would love to help you.