The Current State of Real Estate in Wasatch Front

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.

Are you curious about the current state of the real estate market in the Wasatch Front? Whether you’re a homeowner or a potential buyer, it’s important to stay informed about the trends and changes in the market. Today I’ll take a look at where we’ve been and where we’re going in 2023.

As of March 2023, the median home price along the Wasatch Front is $560,000, just $4,000 less than a year ago. In March 2022, home prices were skyrocketing, with many homes selling for significantly more than their list price. However, prices peaked in May and have been on a roller coaster ride since then. Today, we’re seeing triple the amount of homes for sale compared to this time last year, with 6,867 properties currently on the market. The average time on the market has also increased to 62 days, compared to just a third of that a year ago.

Despite these changes, homes are still selling incredibly well when they’re priced right, marketed well, and in good condition. We’re still seeing homes sell off multiple offers and in just a few days on the market, making it clear that the real estate market in the Wasatch Front is still strong.

What can we expect for the rest of 2023? Experts predict that the market will continue to stabilize, with home prices and inventory leveling out. This means that while there may not be as many bidding wars or skyrocketing prices, buyers will still have plenty of options to choose from and sellers will be able to get a fair price for their homes.

If you’re a potential buyer, now is a great time to start your search, with a wide variety of homes available and a less competitive market. However, it’s important to keep in mind that interest rates may start to rise, making it more expensive to borrow money for a mortgage.

On the other hand, if you’re a homeowner considering selling your home, it’s important to price your home competitively and make sure it’s in great condition to attract potential buyers in a market with more inventory.

If you’re curious about your home’s value, don’t hesitate to reach out to us for an equity report on your property. We can help you determine the best price for your home in the current market and give you advice on how to make it more attractive to potential buyers. If you have any questions, feel free to contact us at any time by phone or email. We look forward to hearing from you.