Home prices in the Mile High City are starting to come back down to earth.
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Utah housing market
The Utah housing market isn’t that competitive. The median home sales price in June 2024 has decreased in the past 3 months to $551,900. That’s up 1.2% and $6,700 higher than June 2023 of last year. That is higher than the national median home sales price of $442,525. Homes typically sell after 35 days on market, which is slower than the national average and higher than 30 days in June 2023 a year prior.
Housing market overview for
How much do homes in Utah cost?
The median home price in Utah was $551,900 in June 2024, up 1.2% from last year.
How many homes are available in Utah?
The real estate market in Utah had 10,968 homes for sale in June and is up from 9935 homes for sale the month prior and up from 9,129 homes in June 2023.
How many homes are sold in Utah?
There were 3216 homes sold in June 2024, trending up from 3135 homes sold a year ago.
How long does it take to sell a home in Utah?
Homes in Utah are staying on the market for 35 days. That’s 5 days slower than the median in June 2023, which means that the market is less competitive today.
Is it a buyer’s or seller’s market in Utah?
It is considered a seller’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.5%, making the average house payment $3,509, which is $290 lower than a year before.
Total months of housing supply available for sale is 3.4 months, up 21.4% from 2.8 month(s) in June 2023.
Months of Supply
The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."
Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.
Sales to Listing Ratio
Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.
In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.
Selling a house in Utah
Home values have increased by 2.6% since last year, and the number of days it takes to sell a home has increased from 30 days in June 2023 to 35 days in June 2024.
The best time to sell your home in Utah is in July, when homes sell fastest and for the most money.
Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $33,114 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.
Buying a house in Utah
Homes in Utah have a median price of $551,900, which means you’ll need $55,190 for a 10% down payment. Housing costs have increased 2.6% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.
Home values are only one part of the home affordability equation. When buying a house in Utah, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $55,190 you should have $22,076 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.
Utah home values are 12.4% more expensive than Idaho and 19.8% more expensive than the national median home value.
How does the Utah real estate market compare to other markets?
The Utah real estate market has a median sale price of $551,900, which is 19.8% higher than the national median sale price of $442,525. Compare other markets or nearby cities, as they can vary significantly.
Utah | Idaho | National |
---|---|---|
Median home sale | Median home sale | Median home sale |
$551,900 | $483,200 | $442,525 |
Days on market | Days on market | Days on market |
35 | 37 | 32 |
Monthly house payment | Monthly house payment | Monthly house payment |
$3,509 | $3,113 | $2,524 |
Cost to buy a house | Cost to buy a house | Cost to buy a house |
$77,266 | $67,648 | $61,954 |
Cost to sell a house | Cost to sell a house | Cost to sell a house |
$38,633 | $33,824 | $30,977 |
Take the next step in Utah: Find an agent
Navigating the Utah housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local Utah real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.
Utah housing market FAQs
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