Has your home's value decreased?

As we enter the final month of 2022, it's a good time to take a look back at housing price trends over the year. The data for this analysis was pulled from the Wasatch Front Regional MLS for Salt Lake, Davis and Utah Counties.

This year has seen fluctuations in the median price per square foot both up and down. In January of 2022, the median price per square foot was $219. This increased in February to $226, and then jumped again in March to $231. April saw another increase, this time to $238 and May held steady at $238. June saw a dip in prices, with the median price per square foot dropping to $236. This was followed by a further drop in July, with prices falling to $229. August saw another dip, this time to $222 and September dropped again to $220. Prices stabilized in October and November at $219.

To summarize, home prices increased about 8% the first part of the year and peaked in April/May. By November all that appreciation was lost due to increasing interest rates. November prices were similar to January's prices. A review of prices so far this month, indicates the monthly average may end up near last December's median price per square foot of $210. Based on that, 2022 prices will likely be a wash with little variation in per square foot. The graph has been updated for January 2024

At Jorgensen Residential Appraisal, we offer a range of appraisal services at different price points to help you understand the value of your home. Whether you're thinking about selling your property or simply want to know its worth, we have options to suit your needs and budget. Contact us today to learn more.

-Jordan Jorgensen

Article written with the help of https://chat.openai.com/chat

Data for graph and statistics created using information from the WFRMLS