The Utah housing market is somewhat competitive. The median home sales price in December 2024 has increased in the past 3 months to $561,700. That’s up 4.1% and $22,300 higher than December 2023 of last year. That is higher than the national median home sales price of $440,311. Homes typically sell after 55 days on market, which is slower than the national average and higher than 54 days in December 2023 a year prior.
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 7%, making the average house payment $3,718, which is $42 higher than a year before.
Total months of housing supply available for sale is 3.2 months, down 8.6% from 3.5 month(s) in December 2023.
Selling a house in Utah
Home values have increased by 4.8% since last year, and the number of days it takes to sell a home has increased from 54 days in December 2023 to 55 days in December 2024.
The best time to sell your home in Utah is in May, 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 $33,702 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 $561,700, which means you’ll need $56,170 for a 10% down payment. Housing costs have increased 4.8% 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 $56,170 you should have $22,468 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 16.8% more expensive than Wyoming and 21.6% 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 $561,700, which is 21.6% higher than the national median sale price of $440,311.