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UTAH REAL ESTATE AGENTS

SALT LAKE CITY, UT LEHI, UT PARK CITY, UT DRAPER. UT
 

 
 
Utah Real Estate Market at a Glance
2023 Review

 
Homes in Utah continued to sell at staggering prices throughout the 2023 year. The median home sale price rose 7.3% from $508,300 to $545,200 in January of 2024. The number of homes sold also increased by 607 homes to a final total of 2,576.Even though interest rates are at 7.28%, Utah is still a seller’s market which is strongly supported by the following trends and statistics.Park City homes sold for a median sale price of $2,470,000 in January, which is up 47.5% year-over-year. Homes in St. George sold for a median sale price of $485,000, an increase of 11.9%.

HOME BUYERS
It is true that interest rates are at record highs, resulting in a reduced number of viable home buyers. However, the inventory is so low that 22.20% of homes were sold above the list price! The result is that as a home buyer you can avoid bidding wars and avail seller concessions if you buy a home now. The 8.5% interest rate and mortgage payments are significant, but rates are unlikely to drop in the next few months. The upside is the moment that they do, you can refinance.

HOME SELLERS
If you are a home seller, you can lock in Utah’s high home prices. The scarcity of homes in the state makes it a seller’s market. Homes listed on MLS sell faster and for 17.5% more than properties off the MLS. That could be thousands of dollars in additional proceeds.e.
 
 
What does the Future Market look like?
 

The average median home price in Utah has reached $545,200 which is up by 7.3% year over year. In 2024, it it market trends indicate that the median sale price will keep increasing marginally due to Utah’s limited inventory. The sale-to-list price ratio is at 98.90% in Jan 2024.

Total Home Sales Increased

January 2024 data indicates home sales have increased by 30.8%! As noted previously, the data we have attained from January 2024 stipulates that 2,576 homes were sold. This equates to 607 more homes sold during the calendar year, up from 1,969 in January 2023.

Average Rent Prices

Rental rates can vary statewide based on location where as an average tenant in Park City pays $4,444, while a resident in Logan pays $1,384.

Days on Market

The average median day on the market for homes to sale was 55 days.

Pending Home Sales Increase

The number of homes for sale has increased by 5.7% year over year compared to 2023. Early in 2024, there are currently 11,000 homes for sale in Utah.

 
 

 

COMMUNITIES WE SERVE IN UTAH




 






























 

Salt Lake City Draper Park City Orem

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 Salt Lake City

Population 200,478

Nearest Cities
Salt Lake South Millcreek
Canyon Rim

Known as the Crossroads of the West, for its railroads, Salt Lake City's modern economy is considered service oriented. As of 2023, the city's major sectors are government, trade, transportation, utilities as well as professional and business services. During the day, the population of Salt Lake City can reach to over 315,000 people, not including tourists or students.

Professional and business services as well as health services and health educational services are significant areas of employment which includes the largest health care provider in the Intermountain West, Intermountain Healthcare.

Other major employers include the University of Utah, Sinclair Oil Corporation, and the Church of Jesus Christ of Latter-day Saints.

   
   
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 Draper

 Population 51,749

Nearest Cities
Lehhi Highland Alpine

Draper is a city 20 miles (32 km) south of Salt Lake City along the Wasatch Front. In 2020, the population was 51,017, a dramatic increase from 7,143 in 1990.  Draper is part of two metropolitan areas. The 1st being the Salt Lake County portion which is part of the Salt Lake City metropolitan area while the Utah County portion is in the Provo-Orem metropolitan area.

Draper is considered to be one the best-managed cities in Utah, with its top-tier schools, safe neighborhoods, economic opportunities, and access to open space and recreational activities. Draper is a leader in the state’s economy as part of the Silicon Slopes tech corridor with more than 1,000 businesses in various industries operating in our city. The city remains positioned for upward movement and continued development. Over the past several years, Draper has welcomed many new and exciting start up and existing businesses to accommodate our growing population.

   
   

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Park City

Population 8,354

Nearest Cities
Heber City Kamas Midway

Park City is a mountain resort community located in Summit County, with some portions extending into Wasatch County. The city is located only 32 miles southeast of downtown Salt Lake City and 20 miles from Salt Lake City's east edge of Sugar House near I 80. In 2020 the population was only 8,396. As such, the tourist population greatly exceeds the number of permanent residents.

After the shutdown of the area's mining industry the local population declined as a result. Later, city rebounded during the 1980’s through 1990’s due to an expansion of its tourism business. As of 2021, the city brings in a yearly average of $529.8 million to the Utah Economy as a tourist location. $80 million of this tourism revenue is attributed to the Sundance Film Festival. Other tourist destinations includes two major ski resorts, Deer Valley Resort and Park City Mountain Resort.

   
   
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 Orem

Population 92,139

Nearest Cities
Lindon Provo Pleasant Grove

As of 2021, Orem, UT had a population of 96,700 people with a median age of 26.6 and a median household income of $70,412. The 5 largest ethnic groups in Orem are as follows. White (Non-Hispanic) (74.9%), White (Hispanic) (10.8%), Two+ (Non-Hispanic) (3.81%), Other (Hispanic) (3.48%), and Two+ (Hispanic) (2.97%).

The median property value in Orem, UT was $329,000, and the homeownership rate was 60.5%. The economy employs 49.3k people. The largest industries in Orem are Educational Services (6,485 people), Retail Trade (5,791 people), and Health Care & Social Assistance (5,314 people), and the highest paying industries are Mining, Quarrying, & Oil & Gas Extraction ($92,411), followed by Professional, Scientific, & Technical Services ($53,125), and Public Administration ($52,784).

   
 
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PREVIOUS TRANSACTIONS






 



























 
Homes Recently Sold in Utah
     


5 beds 4 baths
5,312 Sq. Ft. Living Area
 

4 beds 2.5 baths
5,002 Sq. Ft. Living Area
     


6 beds 3 baths
6,660 Sq. Ft. Living Area
 

4 beds 2.5 baths
5,933 Sq. Ft. Living Area
     


3 beds 2 baths
3,255 Sq. Ft. Living Area
 

4 beds 2.5 baths
4,577 Sq. Ft. Living Area


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Welcome to Lehi, Utah
Traverse Mountain
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Office Locations
1260 x 504


Salt Lake City
1042 E Fort Union Boulevard #1067
Midvale, UT 84047
Draper
138 E 12300 S - Ste C-1148
Draper, UT 84020

Park City
6543 N Landmark Dr #1001
Park City, UT 84098

     
     

 
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