Jan 10, 2023 - Real Estate

Salt Lake home market will stabilize in 2023, experts say

Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023.

Illustration: Brendan Lynch/Axios

Local experts predict 2023 will bring balance to the Salt Lake City real estate market. Here’s what they’re saying.

1. Houses will flood the market this spring.

Buyers will get most active in the busy springtime market, predicts Scott Robbins, associate broker at Summit Sotheby's International Realty.

"We are still in an inventory crunch and typically in the spring we have more inventory come on," Robbins tells Axios.

2. Buyers will have more leverage.

With interest rates possibly declining, "our market will continue to stabilize from a seller’s market to a balanced market," says Steve Perry, 2022 president of the Salt Lake Board of Realtors.

Perry expects to see more homes listed for sale, giving buyers many different options. Sellers will also offer more buyer incentives to get their homes sold, he says.

3. Interest rates will play an essential role.

If the Federal Reserve keeps raising rates, then there will continue to be a reduction in the number of homes being bought and sold, predicts Rob Ockey, 2023 president of Salt Lake Board of Realtors.

"If rates are not so volatile, consumers will gain more confidence in the real estate market and be more willing to buy or sell," Ockey says.


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