Utah Real Estate Market Recap: 2024 – The Year of Twists and Turns!
Whew! 2024 was a wild ride for Utah’s housing market. We saw ups, downs, and everything in between. Whether you were buying, selling, or just daydreaming about that perfect mountain-view home, there was plenty to talk about. So, let’s break it all down!
Home Prices: Still Climbing, But No Rocket Launch
Home prices in Utah did what they do best—went up! But don’t worry, it wasn’t a meteoric rise. The average home value in Utah hit around $517,500, up 1.8% from last year. Some of the hottest spots? Salt Lake City, Park City, and St. George, where buyers were still duking it out over dream homes.
Mortgage Rates: The Rollercoaster We Didn’t Ask For
Interest rates were a huge talking point this year. Early on, we saw them peak around 7%, making buyers hit pause. But by the latter half of the year, they started dipping, and suddenly, buyers were back in action! First-time buyers and those looking to upgrade found creative ways to snag better deals with rate buydowns and adjustable-rate mortgages.
Housing Inventory: More Choices, Less Panic
If you were house hunting in 2023, you probably remember the sheer lack of homes available. Well, 2024 brought some relief! More homes hit the market, especially new builds focusing on townhomes and smaller single-family houses. Active listings increased, giving buyers more breathing room and reducing the frenzy we saw in previous years. In places like Summit and Wasatch counties, the luxury market stayed competitive, but overall, buyers finally had more options.
Buyers & Sellers: Who Had the Upper Hand?
This year, we saw a shift towards a more balanced market. Sellers who got a little too ambitious with pricing saw their homes sit longer, while buyers became pickier. Energy efficiency, smart home features, and flexible spaces for working from home were high on everyone’s wish list. If a home checked those boxes and was priced right? Boom—multiple offers still happened!
What’s Coming in 2025?
So, what’s next? Experts predict more stabilization (finally!). Interest rates might keep trending down, which means more buyers could jump back in. With home prices expected to appreciate steadily but not skyrocket, it could be a great time to make a move. We’re also hoping for even more inventory to hit the market, making things a little less cutthroat.
Thinking about buying or selling in 2025? Let’s chat—I’d love to help you strategize for the year ahead!
