Get Rich By Selling Your Utah House

There is great news for home sellers in Utah, maybe not so great for buyers.

Utah real estate is strong in 2024 as house prices soar. The Utah real estate market in 2024 showed median home prices rising by 7.3% year over year to $545,200 in January. That is compared to $508,300 in 2023. Homes are selling with a 30.8% increase in home sales compared to January 2023. Even with high interest rates of 7.28%, demand remains robust, with 22.20% of homes selling above the list price due to low inventory.

So yeah, sellers rejoice. Utah is a hot spot for real estate sales. Buyers might want to act as soon as possible to avoid bidding wars and secure seller concessions, although mortgage rates are high at 8.5%. Sellers can benefit from Utah's seller's market, with homes listed on MLS selling 17.5% faster and for more profit compared to off-MLS sales.

Reportedly there are a record number of million dollar homes for sale this year which seems like a positive, but it might be an indicator that prices have risen just like other inflation sensitive entities. Like the farmer who asks you if you want to see a $10.00 potato, he shows you a normal potato and explains that prices have skyrocketed.

The Utah housing market is predicted to remain strong, with factors like low crime rates, a well-maintained transportation system, and a growing population contributing to its stability. In 2024, it's considered a seller's market due to rising home prices and minimal inventory, even though there is a bubble of the older generation looking to downsize which has flushed the market with some housing options.

Utah seems to often be a desirable destination for many and our housing market seems to reflect that, maybe we need to embrace some harmless crime just to drive the prices down a bit.