What Is the Salt Lake City Real Estate Market Looking Like in 2024

Is the Salt Lake City real estate market looking promising for 2024? Take a look as we examine the market forecast for the year.

It's no secret that the real estate market has been quite the roller coaster over the past few years. From historic low mortgage rates in 2020 to historic highs in 2023, who knows where this crazy ride will take us next?



Fortunately, market conditions are looking more stable heading into 2024. Keep reading to learn what's next for Salt Lake City real estate in the coming year.

More Home Sales

In 2023, home sales in Salt Lake City were at their lowest level since the early 2010s. However, forecasters predict that this will change in 2024. Lower mortgage rates and more new home listings will fuel this expected boost in home sales.

The increase in inventory will push Salt Lake City real estate toward a buyer's market. More available homes give buyers more options, which may give them the upper hand in negotiations.

Sales Prices Will Rise

Housing prices declined slightly in 2023, but they're expected to rebound in 2024. While a decline in prices is usually cause for concern, Salt Lake City's strong job market and low unemployment rate kept the real estate market afloat.

Sales prices for all housing types will increase in 2024. Condos and townhomes will see the largest bump in price, while single-family homes will see a more modest increase.

Mortgage Rates Will Continue to Fall

The Federal Reserve is expected to begin lowering interest rates in 2024, which will cause mortgage rates to ease as well. They started to decline at the end of 2023, but they're expected to continue falling throughout the year.

Experts suggest that mortgage rates will steadily decrease throughout 2024, landing around 6% by the end of the year. It's not likely that they will hit the same historic lows from 2020-2021, but it looks like relief is on the way.

Affordability Is Still a Problem

Lower mortgage rates may help some first-time buyers get into the market this year. However, affordability continues to be a problem in the Salt Lake City area.

Affordability is often measured using the median multiple, which is calculated by dividing the median house price by the median household income. Over the past decade, Salt Lake City, UT, has moved from moderately to severely unaffordable. The income requirements to buy a Salt Lake City home have become unattainable for many first-time homebuyers.

One reason that affordability continues to be an issue is because there isn't enough supply to meet the current demand. The strong job market is causing rapid population growth, which leads to more competition for housing. As a result, prices continue to increase, negatively affecting affordability.

Stay Up-to-Date With Salt Lake City Real Estate

The real estate market in Salt Lake City is dynamic and thriving. Staying on top of current trends can help you navigate a difficult and complex market.

The Susie Martindale Group has over 70 years of collective experience in Salt Lake City real estate and has closed about $1 billion in sales. We tailor each transaction to meet your individual needs, resulting in many loyal clients.

Get in touch today to speak with one of Susie Martindale Group agents.