UTAH REAL ESTATE MARKET UPDATE | MAY 2024

UTAH REAL ESTATE MARKET UPDATE | MAY 2024

Welcome to our May 2024 Utah Real Estate Market Update! In this update we go over nationwide demand and supply, Utah’s pending sales, closed sales, days on market, sales prices, and more!

Comparing numbers for April of 2023 to April of 2024 we see pending sales jumping up by 3.1%, we are selling homes just as fast as they are coming onto the market. Along with pending sales, closed sales are going up as well with an 8.8% increase. The number of days on market until the sale of a home has gone down 3 or 4 days from last April to this April. As we see more listings coming on the market, more pending sales, more closed sales, and less days on market, that makes for a rise in sales prices. Our median sales price in Utah has increased to $500,000 which is a jump of 4.2% from last year. The average sales price has gone up 9.3%. Though the affordability index has gone down, meaning April of 2023 was more affordable compared to April of 2024, the market is still heating up. On top of an update for the entire state of Utah, Paden and Ben do a couple of micro updates for Morgan County and the Ogden Valley to share some numbers and give you a better idea of what’s going on in those areas. If you are looking to buy, sell or invest, give us a call, we’d love to help you navigate the process!

April 2024 | Utah Update

April 2024 | All Counties

April 2024 | Housing Supply Overview

April 2024 | Monthly Indicators

April 2024 | Q1: Quarterly Activity

 

 

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