Buying a home in Utah has never been cheap, and new data shows the state remains one of the top 10 most expensive housing markets in the United States. But despite rising prices, real estate experts say there are still smart ways for buyers to get ahead — starting with patience and preparation.
According to Utah Association of Realtors data, the median home price in Utah reached $512,500 in September 2024, up about 1% from the previous year. While that increase might seem small, it’s enough to keep Utah among the priciest states for housing.
What’s Driving Utah’s High Prices?
Experts point to a mix of limited land availability, steady job growth, and lifestyle appeal.
“Utah is outpacing much of the country when it comes to job opportunities and quality of life,” said Adam Kirkham, former president of the Utah Association of Realtors. “That naturally pushes up housing demand. And our mountains, lakes, and geography limit how much new land developers can use — so supply stays tight.”
Those factors create what Kirkham describes as a “balanced tension” in the market. Prices are high, but not soaring, and homes are taking longer to sell — creating what he calls a rarely stable market.
“Is it a great time to sell? Is it a good time to buy? I think we’re right in the middle,” Kirkham said.
Utah’s Market by the Numbers
- Median Home Price (Sept. 2024): $512,500
- Price Change Year-Over-Year: +1%
- Current Supply: 4.5 months (a seller’s market)
If supply increases to about six months, Utah would shift into a buyer’s market, but Kirkham doesn’t expect that to happen soon.
Buyers: Don’t Give Up
Kirkham’s main message to buyers is simple — don’t give up.
“In Utah, leaders and industry professionals are doing everything they can to increase housing supply and bring affordability down,” he said. “If you’re feeling discouraged, keep saving, keep working toward your down payment. That’s the key to getting ready when the right opportunity appears.”
While home prices remain high, interest rates have started to favor buyers again. The latest data from Freddie Mac shows an average 30-year fixed mortgage rate of 6.27%, which is helping make monthly payments slightly more manageable compared to earlier spikes.
What Homebuyers Can Do Now
- Save strategically: Build a strong down payment to lower your mortgage cost.
- Watch for new builds: Utah’s growing construction activity may bring more inventory.
- Stay pre-approved: When the right home comes along, move fast.
- Work with local experts: Realtors familiar with Utah’s micro-markets can help identify better-value neighborhoods.
Ultimately, Kirkham says, the current market is not about timing it perfectly but about being financially ready. “If you’ve prepared and the right home appears, that’s the right time to buy,” he said.
