If you get your real estate news from national sources, you might be getting a different story from what is actually happening here locally in Utah County. Just today I read a national source who said, “Real estate prices are up 6% this month.” Utah? Not so much.
Here is a graph that shows exactly what is happening with prices in Utah County.
As you can see, prices have climbed steadily for the past 10 years. In 2021, amidst the COVID pandemic, after the government threw money at us and slashed historically low interest rates even lower, and Jerome Powell famously said that inflation is not a concern, prices took a major bump.
Quarter 1, 2021: $400,000
Quarter 2, 2022: $545,000
36% Increase
Since 2022, prices in Utah County have dropped or stayed level.
