Utah’s Real Estate Market: 5 Key Takeaways

The real estate market as a whole has many trends that take place. For the most part, real estate experts are able to clue in on not only how the market is doing but how it will function in the near future. However, what’s important to keep in mind is that the real estate market can vary from location to location.

Here are some key takeaways regarding the current state of Utah’s real estate market:

1. Homes Are a Bit Low in Inventory

It’s no surprise that the number of homes for sale is much lower than the number of homes already taken in Utah. This is a common occurrence in most of the United States right now.

2. The Median House Price will Increase Soon

The cost of homes is significantly influenced by supply and demand and, well, since the inventory for available homes is low in Utah right now, the median cost of buying a house will continue to increase. Not only are houses higher than they have been in previous years, but buyers are putting in higher offers on homes to beat other offers.

Even if you’re not 100% sure if you’re ready to buy right now, it’s best to start researching homes for sales Utah. You’ll want to snatch up a home before house prices increase.

3. Interest Rates Will Stabilize Later in 2024

Many people are scared of a buyer’s market right now due to the astronomically high (and continually increasing) interest rates. But fear not. Real estate experts expert interest rates to stabilize during the latter half of the year.

Not to mention, many mortgage lending companies are offering to lower the interest rate for the first year if you use them to buy a home right now. Some mortgage lenders, or even homebuilders, are also offering credits to lower the cost of buying a home.

4. There Will be an Increase in New Home Construction

With a higher median house price and lower availability of homes, buyers are becoming pickier and for all the good reasons. They all want a home in an ideal location that’s suitable for their family rather than settling for a high-cost home that doesn’t truly meet their wants and needs.

So, it’s no shocker than Utah residents are looking into new home construction as their solution during this housing crisis. In some ways, it can actually be the more cost effective solution, but it does often require more money upfront and the addition of a construction loan (versus just a mortgage if you’re buying a pre-existing, finished home).

5. With an Increase in Retirees, We Can Expect More Homes for Sell Soon As baby boomers continue reaching towards a retirement age, we can expect more residents to downsize homes. This will give more housing options for those with families or wanting to start a family.


No real estate market is going to be the same as another real estate market in a different region or state. That’s why it’s critical to conduct research on your particular real estate market before considering buying or selling. Times are difficult for home buyers, but things may be a bit more promising in states like Utah compared to other high demand states such as California.

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