| Utah Housing Market Update:What You Need to Know |
 We’re often asked, “How’s the Utah housing market doing?” While 2025 is shaping up to be a strong year for closings, it has felt like a bumpy ride. Increased inventory has given buyers more options, but it has also meant sellers are lowering prices and waiting longer for the right offer. Many buyers are hesitant, hoping for lower interest rates, and often experience sticker shock when they see their potential mortgage payments. This has cooled some buyers’ motivation, while others move forward with purchases but feel anxious, frequently requesting significant repair concessions from sellers.  Our take? Now is a great time to buy. With over 13,000 active homes for sale in Utah, buyers have room to negotiate – especially on properties that have been on the market for a while. Interest rates have already dropped from 7% to about 6.29% for a 30-year fixed loan, and there’s anticipation of further decreases this fall. This creates an opportunity to secure a home at a competitive price and refinance later if rates continue to decline. Once rates hit around 6%, experts expect home prices to rise. Those waiting for a significant price drop may be disappointed. Dejan Eskic, a housing analyst at the Gardner Institute, explains: “There’s no forced selling like we saw back during the Great Financial Crisis where foreclosures were rising and people were losing their jobs, and so they couldn’t make their mortgage payments,” Eskic said. “We’re not seeing that right now.”“For the most part, in Utah the economy is still pretty strong. We’re still getting in-migration. People are still moving here. So that demand is relatively still there. The sellers aren’t desperate to sell, so they’re not willing to take an offer that is not up to their standard.”  The numbers back this up. From summer 2024 to summer 2025 (June to August), Utah’s average home sales price rose from $578,000 to $606,000, with sales volume up by 6%. “For the most part, the housing market stays pretty stable,” Eskic said, “so unless something horrible happens in the economy and we have a lot of job losses, prices usually don’t fall down.” – Dejan Eskic, a housing analyst at the Gardner Institute We would love to help you buy a home or investment property! Our team offers concierge service and professional staging to make the process as smooth as possible. Please call us today at (801) 830-1717 – Ashley, Elizabeth, Debbie and Brooke  – Elizabeth, Ashley, Deborah, and Brooke Follow us on Facebook and Instagram for travel tips, new listings, and home design inspiration. |
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