The Future of Utah Real Estate: What You Need to Know About Upcoming Developments

Utah is booming, and the real estate market is riding the wave. With a growing population, ambitious infrastructure projects, and shifting economic dynamics, the Beehive State is poised for even more explosive growth in the coming decades. So they will widen Pioneer crossing before they would build a bridge across the lake. Whether you're a potential homebuyer, investor, or just curious about where Utah is headed, this guide breaks down the major developments that will shape the future of Utah real estate.

Population Growth Driving Development

Utah's population is projected to skyrocket, especially in Utah County, where the population is expected to surpass Salt Lake County by 2050. By 2060, Utah County could reach 1.6 million people. The cities of Provo and Orem will continue to serve as the central hubs, driving the need for more housing, commercial spaces, and transportation solutions. This population boom is creating immense opportunities for real estate investors and homebuyers alike, especially in suburbs and surrounding areas like Lehi, Eagle Mountain, and Payson.

Major Infrastructure Projects to Watch

As Utah's population grows, so too does the need for infrastructure that can support it. The Utah Department of Transportation (UDOT) is actively working on several projects designed to keep up with the demands of a rapidly expanding population. Here are some of the key developments:

1. Pioneer Crossing Expansion - One of the most notable projects is the expansion of Pioneer Crossing, which will be widened from four to seven lanes. The middle lane will become reversible, allowing traffic to flow more efficiently during morning and evening commutes. This project is crucial for reducing traffic congestion in growing areas like Lehi and Eagle Mountain, making it a key focal point for those considering real estate investments in this region. It’s important to note that it easier for UDOT to take residential properties through eminent domain than it is to take federally protected wetlands. So they will widen Pioneer crossing before they would build a bridge across the lake. Learn more about this project by exploring the Interactive Map.
2. Autonomous Vehicles and Future Roads - The introduction of autonomous vehicles could double the capacity of Utah's roads. With smoother traffic flow and reduced human error, autonomous driving technology could redefine the way transportation works in Utah, and subsequently, how neighborhoods are developed. Keep an eye on this emerging trend, as it has the potential to reshape Utah’s real estate landscape significantly.
3. Spreading Employment Centers - Currently, 80% of Eagle Mountain’s population commutes to work outside the city, with a large portion heading to Provo and Orem. UDOT is hoping to decentralize employment hubs by promoting growth in cities like Lehi, American Fork, and Pleasant Grove. The goal is to create more local job opportunities, which will, in turn, drive up real estate demand in these areas. For investors, this is a prime opportunity to capitalize on the shift in employment centers and develop in areas poised for future growth.

Ranked Projects and Funding

UDOT has prioritized a ranked list of projects to address Utah’s rapidly growing infrastructure needs. These projects range from road expansions to public transit improvements, all of which are designed to enhance accessibility and support the growing population. You can explore the complete Ranked List of Projects to stay informed about upcoming developments that may affect your real estate decisions.

Highway Projects:

1. Pioneer Crossing 8-lane Expressway (Lehi South Expressway) - Region Three - Score: 63
   
2. Cory Wride Freeway (SR-73) from Ranches Parkway to Mountain View Corridor - Region Three - Score: 61
3. Mountain View Freeway, Cory Wride to 2100 N - Region Three - Score: 54
4. I-80 Widening from Mountain View Corridor to I-15 - Region Two - Score: 47
5. Cory Wride Freeway (SR-73) Frontage Roads (West) from Ranches Parkway to Eagle Mountain Boulevard - Region Three - Score: 42

Active Transportation Projects:

1. Main Street High Comfort Bikeway (Life on State Network) (Salt Lake City) - Region Two - Score: 83
   
2. 3900 South Bike Lanes (West Valley City/Taylorsville) - Region Two - Score: 78
3. 700 East Cycle Track and Pedestrian Improvements (St. George) - Region Four - Score: 73
4. 8000 West Widening - Bike Lanes (Magna, Salt Lake County) - Region Two - Score: 64
5. Industrial Road Project (Cedar City) - Region Four - Score: 63

First/Last Mile Projects:

1. Frontrunner Bridge to Jordan River Trail (South Jordan) - Region Two - Score: 80
   
2. Big Cottonwood Creek Trail (Millcreek) - Region Two - Score: 74
3. Midvale Trax Station to Maple Street Multi-Use Path - Region Two - Score: 66
4. Lehi Frontrunner Trail - Region Three - Score: 66
5. Salt Lake Canal and East Jordan Canal Trails (Sandy) - Region Two - Score: 65

Transit Projects:

1. 200 South Bus Rapid Transit (Salt Lake Central to University Medical Center TRAX Station) - Region Two - Score: 65
   
2. South Valley Commuter Rail Package (Utah County) - Region Three - Score: 56
3. Sharp-Tintic Railroad Realignment (Utah County) - Region Three - Score: 51
4. S-Line Extension from Fairmont Station to Highland Drive (Salt Lake City) - Region Two & Three - Score: 40
5. UVX Extension to Provo Airport - Region Three - Score: 29

Funding plays a critical role in the success of these projects. The Funding Map provides insight into which projects are receiving the necessary funding and how these allocations could impact real estate markets in specific areas.

Real Estate Opportunities in Growing Areas

As the infrastructure improves, real estate demand in certain areas will skyrocket. Here are a few key areas to keep on your radar:

1. Eagle Mountain – With 80% of its population commuting out of the city for work, Eagle Mountain is ripe for growth. As employment centers spread out and transportation improves, this area is likely to see a surge in real estate demand.
2. Lehi – Already a growing tech hub, Lehi continues to attract attention from both homebuyers and investors. The expansion of Pioneer Crossing will make commuting even easier, further enhancing its appeal.
3. Payson – As new infrastructure spreads further south, areas like Payson are expected to become prime spots for real estate development, offering more affordable housing options while still being accessible to larger employment hubs.

What This Means for Buyers and Investors

If you’re considering buying a home or investing in Utah real estate, the time to act is now. With population growth driving demand and infrastructure projects enhancing accessibility, property values in key areas are expected to rise. By staying informed about the latest developments and strategically investing in growing areas, you can take advantage of the opportunities presented by Utah’s rapidly evolving real estate market.

Whether you're looking for a new place to call home or a promising investment, Utah's future is bright. Keep an eye on the upcoming infrastructure projects and population trends to make the most informed decisions.

For more information on the ranked infrastructure projects and to stay updated on transportation improvements that will directly affect real estate growth, check out the Interactive Map, Ranked List of Projects, and Funding Map.