Low costs if you're moving in from out of state, that is. According to the Salt Lake Tribune, Salt Lake Board of Realtors President Troy Peterson, a 22-year veteran of Utah's real estate market, said anyone seeking a home in the Salt Lake City metro area for less than $350,000 is in a "near impossible" competition.

"I've never seen a housing shortage like it is right now," Peterson said.

Salt Lake City's single-family home costs jumped 8.1 percent from 2015 to 2016 — with condominiums, town homes and twin homes increasing 7 percent in the same period, according to a Salt Lake Board of Realtors study forecasting the 2017 housing market.

Many realtors are showing buyers homes in Herriman or Tooele, which have longer commute times into the metro areas. Prospective buyers aren't deterred by the longer commute times, especially if they're coming in from places like California.

Utah's population is expected to double by 2050, and analysts forecast that the three valleys will eventually merge into one large metro area. This means Utah's home builders can expect to stay busy for a long time to come.