As we step into the heart of spring, the Utah real estate market continues to show its resilience and adaptability. Whether you’re buying, selling, or simply keeping an eye on trends, here’s what you need to know about what’s happening in our local market right now.
📈 Market Snapshot
- Home Prices Holding Steady
After a rapid rise in home values during the pandemic boom, prices have leveled out in most parts of Utah. In areas like Salt Lake, Utah County, and parts of Washington County, we’ve seen modest appreciation of 2-3% year-over-year—healthy and sustainable growth. - Inventory on the Rise
One of the biggest changes this spring is a noticeable increase in inventory. Many homeowners who held off during the uncertainty of high interest rates are now listing their properties. This means more choices for buyers and slightly longer days on market for sellers—on average, homes are spending 27-32 days on market compared to just 15-20 last year. - Interest Rates: A Slight Dip
Mortgage rates have dipped slightly from their 2024 highs, now hovering around 6.25-6.5% for a 30-year fixed loan. While still higher than pandemic lows, this has encouraged more buyer activity in recent weeks—especially among first-time buyers who had previously been priced out.
🏘️ What This Means for Buyers and Sellers
- Buyers:
Now is a great time to start looking if you’ve been waiting on the sidelines. With more inventory and less competition, you have more room to negotiate and time to think before making offers. Consider getting pre-approved now to be ready when the right property pops up. - Sellers:
While it’s not the frenzied seller’s market of 2021-22, homes that are priced right and properly marketed are still selling quickly. Curb appeal, staging, and strong online exposure make all the difference. And yes—buyers are still willing to pay top dollar for updated, move-in-ready homes.
📊 Local Highlights
- Salt Lake County: Still one of the hottest counties, especially in suburban areas like Herriman, Draper, and Millcreek. New construction is thriving in the southwest.
- Utah County: Family-friendly neighborhoods in Lehi and Eagle Mountain continue to grow rapidly, attracting tech workers and young families.
- Southern Utah: Vacation rentals are bouncing back strong. If you’re considering turning your property into a short-term rental, now could be the time.
💬 Final Thoughts
Utah’s real estate market remains strong and full of opportunity. Whether you’re looking to buy, sell, or invest, having a local expert by your side makes all the difference. If you’re curious about your home’s value or thinking about making a move, let’s chat.
📞 Call/Text: 801-270-8243
📧 Email: karley@utahsbestre.com
