Mar 2, 2023 - Real Estate

Salt Lake City housing prices have cooled down

Median home sale price in the <b style='background-color: #FFCD7B; color: #53390E; display: inline-block; padding: 1px 4px; whitespace: no-wrap;'>Salt Lake City</b> metro area and the <b style='background-color: #E2E2E2; color: #454545; display: inline-block; padding: 1px 4px; whitespace: no-wrap;'>U.S.</b>
Data: Redfin; Chart: Axios Visuals

Salt Lake City metro's median home sales price was $490,000 as of January, down 2% from the same time last year, per Redfin data.

Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

By the numbers: The median home sales price in the Salt Lake City metro area in January was up 3.2% from December.

  • Homes sat on the market for a median of 62 days in January, up 42 days year over year.

Zoom out: Median home sales across the country prices have crept up 1.3% from one year ago.

  • The national median home sales price in January was $383,000. Sales fell for the 12th consecutive month, per the latest from the National Association of Realtors.
  • As demand falls, homes sit on the market longer, which gives buyers a little more room to negotiate.

What’s next: Spring, historically marked by higher demand, more competition and steeper home prices, is right around the corner.

  • If this year follows typical trends, we should expect home prices to rise again in the near future.

Yes, but: Experts predict 2023 will see a less frantic housing market than last year.

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