7 Takeaways from the 2024 Salt Lake Housing Report

Analysis of Reports

Here are some takeaways from this year’s Housing Forecast, presented by James Wood of the Kem C Gardner Policy Institute in February 2024. Year after year, I have found this to be the best local housing reports available.

1. 2020 – 2022 was the most rapid two year period for home appreciation in recorded history for Salt Lake County.

2. Home sale prices peaked in the Spring of 2022 and are now down about 8% since then.

3. Although there have been some ups and downs in home prices the past year and a half, they are now similar to prices in the Fall of 2022.

4. The number of homes sales last year was the lowest since 2010. That trend is continuing this year.

5. Home affordability is near an all-time low.

6. Modest home price increases are expected for 2024.

7. A recession in the foreseeable future is unlikely.

There you have it, a snap shot of our current housing market.

-Jeff Jorgensen

Source: Salt Lake Housing Forecast Report by James Wood in the Salt Lake Realtor Magazine February 2024