The Utah Housing Market Post Pandemic...

While active listings are rising year-over-year in most regional housing markets, most markets are still below pre-pandemic inventory levels. One could argue that this inventory jump is a much-needed shift given just how unhealthy and tight the housing market became during the Pandemic Housing Boom.

Most of the Midwest, Northeast, and West Coast remain far below pre-pandemic inventory levels. In contrast, many parts of the Gulf Coast, including Tampa and New Orleans, and the Mountain West have ticked back above pre-pandemic inventory levels.

Generally speaking, housing markets where inventory (i.e., active listings, or homes for sale) has returned to pre-pandemic levels have experienced weaker home price growth (or outright declines) over the past 24 months. Conversely, housing markets where inventory remains far below pre-pandemic levels have, generally speaking, experienced stronger home price growth over the past 24 months.

As we move into the seasonally slower months, markets that have recently jumped above pre-pandemic levels could see mild home price declines.

Even if active inventory continues to rise, it will still take a while before we’re nationally above pre-pandemic levels—assuming nothing dramatic happens in the broader economy.

With that said, inventory here in Salt Lake and Utah counties is actually approaching pre-pandemic inventory levels. However, inventory remains low overall at only 2.1 months of inventory, which is why Utah has seen minor home price growth year-over-year. Inventory levels in Utah haven’t been able to keep up with housing demand for years, and this trend seems to be continuing.

If you have questions about how this will affect your future real estate plans, don't hesitate to call me immediately. 

Here to serve,

PS - As you may have noticed, I officially moved my business to a new Keller Williams office. This means I now have more support and resources to give my clients the best experience possible. In fact, there are some changes I’ve made to my business that might have a meaningful impact on your next move. But I’ll save that for another time. 😉 To help understand your needs, consider participating in the following poll!