Utah Spring Market Heats Up
Utah has been experiencing a strong real estate market, characterized by high demand and low inventory, which has led to rising home prices. The state’s economy has been performing well, attracting more people to move there, further driving up demand for housing. Utah is typically one of the fastest growing states in the U.S.
The Spring Utah real estate market is heating up – in spite of the higher interest rates that have reduced the number of buyers looking for home. Sellers have also been reluctant to sell their home, with the risk of taking on a higher mortgage interest rate. Spring is typically a robust buying market and we are seeing an increase in the number of listings – up 13.5% from March of 2023.
The average Utah home price has increased to $545,000, up 2.9% from March of 2023. The national U.S. average home price is $384,500.
March MLS Market Stats – Source Utah Real Estate.com
