Data shows higher prices, more inventory, and longer selling times, shaping opportunities for buyers and sellers.
The Wasatch Front housing market has been busy this summer, but the numbers show that conditions are starting to change. Prices are still higher than last year, more homes are available, and properties are taking longer to sell. If you’re thinking about buying or selling, understanding what’s driving these trends can help you make the right move at the right time. Here’s what the latest data reveals.
Home prices increase. Home prices are currently about 31% higher than this time last year, down from the 50% increase we saw at the peak. Active listings are up 30% compared to last year, giving buyers more options. This can be good news for buyers who want to see more properties before making a decision, but sellers may face more competition and will need to prepare their homes carefully to attract strong offers.
“The best approach is to focus on current opportunities rather than waiting for the “perfect” time.”
Sold listings are only down about 1% compared to last year, but the biggest change is in days on market. The average time to sell has increased by 35% to 53 days. When homes take longer to sell, sellers often make price adjustments. Appraisals can sometimes create challenges in these situations, especially when they are based on properties with upgrades or features that do not match the home being valued.
Moderating interest rates. Interest rates have moderated, moving down from 7% to approximately 6.625%. With more properties available and average days on market increasing, sellers are showing greater flexibility in negotiations. Many are open to adjusting prices, contributing toward closing costs, or addressing repairs to secure a sale. This environment gives buyers more time to assess each property and negotiate terms that work in their favor.
It is also worth noting that well-prepared homes continue to attract offers, while those that fail to stand out may require updates, pricing adjustments, or a reassessment of when to list.
Waiting for the perfect time. If you’re planning to sell and buy, remember that market conditions will affect both transactions. When prices go up, so does the cost of your next home; and when prices go down, your next purchase will likely be less expensive as well. The best approach is to focus on current opportunities rather than waiting for the “perfect” time. If you find a property that meets your needs or produces good returns, it is worth taking action.
If you would like to know your property’s value or the current numbers for your area, I’m here to help you review your options and plan your next steps. You can call me at 801-285-0521 or send me an email at Justin@JustinUdy.com. I’m here to help you navigate this market.
