The Utah Market
Utah is becoming a market for in-migration with many looking to improve their quality of life and enjoy an overall lower cost of living. Utah is one of two states that has a fully recovered job market, post-pandemic The only other state is Idaho. Increasing from $385,000 to $490,000, the Salt Lake City metro area ranks second nationwide for year-over-year median sales price increases at +27.3%. Ranking first is Boise, Idaho which increased from $369,990 to $476,587, 28.8%
Along Wasatch Front, the average sold price has increased year-over-year by 21.1% to $544,282, 33.2% in Southern Utah to $535,141 and 25.1% along Wasatch Back to $1,690,706. Standing inventory statewide is still low, but September saw an increase to 8,586 units for sale up from the low of 6,278 earlier this year. This low standing inventory is at 57% of levels two years ago (14,965)