Utah’s housing market has been crazy since interest rates started rising in the summer of 2022, and not just in Utah. Many buyers were pushed out of Utah’s housing market because of the high rates and high home prices. Sellers’ homes were sitting on the market longer and gone were the days of over asking price, tons of offers, and selling the house in the first hour of it being listed.
Fast forward to January 2023 and the Utah housing market is seeing some early Spring activity it seems. Maybe buyers in the Salt Lake areas have adjusted to the interest rates no longer being 2%-3% or sellers have dropped the prices on their homes but whatever it is, buyers are in the market buying early this year.
Today, I’m talking about what I’m seeing in the housing market around Salt Lake County but also Utah as a whole and how that stacks up to the housing market historically. Now I won’t just be sharing graphs with you today but also talk about what I’m seeing with homes listed on the market now so check it out!