Utah Housing Market in 2023, 2024
- How much do houses in Utah cost?
The median home sales price in May 2024 has increased in the past 3 months to $545,900. That’s up 3.1% and $16,300 higher than May 2023 of last year. That is higher than the national median home sales price of $439,716.
- How many houses are available in Utah?
The real estate market in Utah had 9,935 homes for sale in May 2024 and is up from 9004 homes for sale the month prior and up from 8,286 homes in May 2023 which is 19.9% up.
- How many houses are sold in Utah?
There were 3468 homes sold in May 2024, trending up from 3116 homes sold a year ago. This is up 352 homes and 11.3% since May 2023.
- How long does it takes to sell a house in Utah?
Homes in Utah are staying on the market for 35 days. That’s 4 days slower than the median in May 2023, which is 12.9%. This shows that the market is less competitive today.
Utah Housing Market in 2025
- Impact of Mortgage Rates
Our forecast for existing home sales through 2025 has been modestly revised downward due to expectations of higher mortgage rates. Rates are expected to remain close to 7% through the end of the year before potentially trending downward in 2025.
- Yearly Comparisons
In 2023, the growth rate was 6.6%, and for 2024, we forecast a 4.8% increase. By 2025, the growth rate will dip to 1.5%, well below the long-run average of 3-5% annual increases.
- Comparing January and May Forecasts
In January, a lot of real estate professionals predicted a 3.2% increase in home prices for 2024. By May, this forecast was revised to 4.8%. For 2025, the January forecast was a 3% increase, which was later adjusted to 1.5% in May.
- Historical Context
The average number of existing home sales per year since 1989 is just over 5 million. The 2025 forecast of 4.5 million is about 500,000 less than this historical norm.
