Housing Market Update: Inventory, Interest Rates, and More

By Doug Cary

Doug Cary has been selling real estate in Davis County since 2005. He is a 2nd generation top producing Real Estate Agent.

As we enter October 2024, many people ask, “What’s going on with the market right now?” Today, I want to give a quick update on where the real estate market stands, especially along the Wasatch Front:

Current market conditions. Overall, we’re still in a seller’s market. Some areas are experiencing a more balanced or flat market, but most regions remain favorable for sellers. Along the Wasatch Front, a home stays on the market between 30 and 40 days.

Home prices remain steady. The average home price has stayed flat this year, with a modest 0.5% increase overall. For anyone considering selling, you’re in a good spot. Homes are selling well.

Buyer opportunities. Buyers are getting some concessions, such as closing costs and negotiating for home warranties, which is an easy win. However, deep discounts aren’t common due to the continued lack of inventory in the market.

Inventory levels. Inventory has been meager since 2020—even before 2020, levels were relatively low. Since last year, we’ve seen an 18% increase in inventory along the Wasatch Front, but we’re still in a low inventory spot.

The Wasatch Front remains a seller’s market with steady home prices and low inventory despite a slight increase in available listings. Buyers can negotiate some concessions, but deep discounts are rare due to the ongoing supply shortage. Feel free to contact me at +1 (801) 450-0997 or doug@dougcary.com if you have any real estate-specific questions about your neighborhood, house, or area you’re interested in. I’m here to help you manage the current market conditions.