Cache Valley has always had a consistent and steady real estate market. In relation to national market trends, the Logan area tends to lag behind. Cache Valley offers all types of real estate from single family homes to rural land to commercial property.
Real Estate growth in Cache Valley boomed from 2005-2007 until mortgage guidelines tightened, and the bubble popped, in September of 2007. From 2008-2011, real estate sales were stagnant, and home values declined. As inventory declined, real estate sales started gradually increasing in 2012.
When the housing market peaked, real estate inventory levels were way too high. There were far more sellers than buyers for nearly half a decade. At the beginning of 2013 we are starting to see the market shift towards a sellers market, especially for lower priced homes. Real estate always goes through peaks and valley’s, and rarely stays consistent for long periods of time. The graph below shows inventory levels for the past six years.
Real Estate prices in Cache Valley are less than Utah and national averages. It is much less expensive to purchase raw land here than in other areas. The real estate economy here is relatively healthy, and Cache Valley never saw high numbers of distressed and foreclosed homes. Single family homes are fairly affordable with an average home price of about $170,000. Investment Properties are also plentiful as nearly 1/3 of all Cache Valley residents rent.
Cache Valley also offers a lot of land for sale. Cache Valley residential real estate is generally cheaper on the flatter regions of the valley than on the benches and hillsides. People looking to build need to be aware of a higher water table in many of the flat lands of Cache Valley. Near the mountains, radon counts are often above EPA risk levels.
Cache Valley is a growing metro area in the Northern most part of Utah. It starts with Paradise and Wellsville on the South and continues through Preston and Franklin County Idaho. Cache Valley’s scenic beauty surrounded by mountains, make it a coveted spot for people wanting to relocate and retire. The mountain range on the west, The Wellsville’s, is the steepest mountain range in North America. Even with all the mountains, the central valley is quite flat. The heart of Cache Valley is Logan, a town driven by Utah State University. The other major cities with real estate for sale include Smithfield, North Logan, Nibley, Providence, Hyde Park, Richmond, and Hyrum Utah.
The Cache Valley area has a population of over 100,000 people, and it is classified as the Logan metropolitan area. At the 2000 census the population was 102,720. In 2010 the population increased to 125,442. It’s anticipated that the number of residents will double within the next twenty years.
The Logan area is noted for being one of the safest metro areas in the nation. It consistently ranks in the top few spots for low crime rate and overall safety.
Cache Valley is substantially colder than other portions of the Wasatch front. It’s not uncommon for night time temperatures to be 20 degrees cooler than temperatures in Salt Lake or Provo. Summers in Cache Valley are very pleasant. The average daily high in July is less than 90 degrees, and very few days ever get above 100. Cache Valley’s elevation is around 4500 feet.
The central hub, and county seat of Cache Valley is Logan. Logan itself has a population of about 50,000. Its real estate make up includes historic century old homes as well as lots of new construction on primarily on the west side of town.
Logan’s chief economic driver is Utah State University. Some other popular employers include ICON fitness, Convergys, Qwest, Thermo Fischer, Yesco, Hyclone, Spillman Technologies, Gossner Foods, Shreiber, Peppridge Farms in Richmond and EA Miller in Hyrum. Real Estate and construction related industries are also pretty prevelant in Logan. Because of the University, the average age in Logan is very low. The median price of homes in Logan Utah is just $155,700. This is substantially lower than the Cache County and state of Utah averages.
Other major cities in Cache Valley include Smithfield, Providence, North Logan, Nibley, Hyrum, and Wellsville. Smithfield and Providence each boast populations around 8,000. These cities have some commercial development and are not completely reliant on the business infrastructure of Logan. Hyrum and Nibley have seen the most real estate growth this decade and are projected to continue to grow.
Logan city has its own school district. It includes only one middle school (Mt. Logan) and one high school (Logan High), so peers attending Logan schools remain together throughout their public education. Logan has seven elementary schools: Adams, Edith Bowen, Ellis, Hillcrest, Riverside, Wilson and Woodruff, as well the option of attending the Thomas Edison Charter School.
The outlying cities surrounding Logan belong to the Cache School District. This school district is much more complicated than Logan District and has two high schools: Mountain Crest and Sky View. Test scores in Cache District are usually slightly higher than those in Logan District. ACT test scores in all Cache County high schools are generally higher than the state and national averages.