Utah County Home Sales are settling down to a more normal trend.
As you can see from the blue dots, home sale prices in Utah County real estate are settling down. The average home price in the 2nd quarter of 2022 was $545,000. The 4th quarter of 2023, the average home sales price in Utah County was $479,000. That’s approximately a 12% decrease.
If you were to put a ruler over the sales price line for the past decade, you can see that home prices will likely stay steady for the next year or 2, which would be a natural correction. Unknown variables, however: Interest rates. As interest rates likely come down, prices will likely go back up.
