The Latest Utah Housing Statistics are Out!

The 3 key points that I’m observing here are the following:

1. Houses are staying on the market longer — an average of 31 days. Nothing too concerning, but sellers should understand that their home may be on the market longer than it took to sell during the last two years . Buyers should know this means more opportunity to look at properties in a timely fashion without as much pressure to buy quickly and with more options to choose from.

2. The median price of a home is on average up 8.6 % from the same period last year. This means values are holding and although we are out of the double digit percentage growth of the pandemic-era market, it’s still a healthy growth of value. It is still a great time to sell. Buyer’s should take note of this as well and know that these single digit values will most likely continue into the near future as there is still a national shortage of single-family homes and Utah is a high demand area to buy.

3. Less listings went on the market than this time period last year. In my opinion the cooling market of buyers is influencing some sellers to hold on to their existing homes. Although there are more options for buyers to look at with a little less pressure on the market, there’s still a lack of homes for certain categories of potential sellers. If you think these market insights are helpful, please tag a friend and share my social platforms with them. ​

Market Questions? 801-388-4047 / jmadsenrealestate@gmail.com #MadsenRealestate #RealEstateTitansUtah #Utah #UtahRealEstate #CarbonCounty #UtahCounty #SaltLakeCounty