Utah Q2 Real Estate Statistics
Keller Williams Utah Market Update
Utah Real Estate Market Q2 2024: A Comprehensive Overview
As we delve into the second quarter of 2024, Utah’s real estate market continues to show resilience amidst various economic pressures. Here’s a breakdown of the key trends and statistics that are shaping the market.
Keller Williams Utah Market Update
Home Prices
In Q2 2024, the median home price in Utah has shown moderate growth, rising by 2.5% year-over-year to reach approximately $545,000. This increase reflects ongoing demand in the market despite fluctuating mortgage rates. The price growth has been more subdued compared to previous years, largely due to a slight increase in housing inventory .
Keller Williams Utah Market Update
Sales Volume and Inventory
The number of homes sold in Utah during Q2 2024 decreased by 5.1% compared to the same period last year. This decline in sales volume can be attributed to the higher mortgage rates earlier in the year. However, the number of homes available for sale increased by 10.5%, offering more choices to potential buyers .
Keller Williams Utah Market Update
Mortgage Rates
Mortgage rates saw a decline during Q2 2024, dropping to around 6.5% from the highs earlier in the year. This reduction in rates has sparked renewed interest among buyers, helping to stabilize the market. Although still above the historical lows of the past few years, these current rates are seen as a positive shift, making homeownership slightly more accessible .
Keller Williams Utah Market Update
Market Balance
The Utah real estate market in Q2 2024 is showing signs of balance. The average days on market for a home was 52 days, a slight decrease from Q1 2024. This indicates that while homes are taking longer to sell compared to last year, the market is still active with both buyers and sellers adjusting to the new normal of more inventory and slightly lower interest rates .
Conclusion
Looking ahead, Utah’s real estate market is expected to remain stable with gradual price increases and a steady supply of homes. The market is currently balanced, giving neither buyers nor sellers a significant upper hand. However, shifts in mortgage rates and economic conditions will be key factors to watch as we move into the second half of 2024.
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