The October 2024 real estate market showed signs of acceleration, marked by increased activity and heightened buyer interest. Active listings and properties under contract continued to climb, with a 36.71% increase in contracts year-over-year and a 4.98% rise in active listings over the last three months. Homes are selling faster as well, with the average days on market (DOM) dropping to 57 days, a 7.55% decrease from the previous month. These shifts indicate growing demand and a competitive market as we close out 2024.
Strong Demand and Tight Supply: Key Indicators
October’s high sold-to-list ratios (STL) reflect that buyers are willing to pay close to asking prices across most price segments, especially in the mid-range (300-700K), where STL ratios hovered around 98-99%. This strong demand, coupled with a tightening supply—particularly in the most sought-after price ranges (200-700K)—signals a possible uptick in buyer urgency, setting the stage for an active November.
November 2024 Market Outlook: Post-Election Impacts
With the U.S. election now behind us, November’s real estate market enters a period where new or reaffirmed economic policies could influence buyer and seller decisions. Historically, post-election markets can experience shifts in consumer confidence, and we may see impacts on interest rates, housing policies, and mortgage accessibility. Buyers and sellers are watching closely, as election outcomes often bring both opportunities and uncertainties that can shape real estate trends in the months ahead.
What This Means for Buyers and Sellers
For buyers, the current low months of supply in key price ranges means that competition may remain high, making swift decisions and preparedness more critical than ever. Sellers, on the other hand, might see this demand as an opportunity to enter the market with confidence, especially if they’re in the mid-range price segment where buyer interest is strongest.
This analysis offers a comprehensive look at the October real estate market’s strengths, while preparing readers for potential changes following the election. Buyers and sellers alike can use these insights to navigate November’s evolving market landscape.
The Utah real estate market is buzzing with opportunities for both buyers and sellers. From a booming economy and an unbeatable lifestyle to unique market trends and financing options, there are plenty of reasons why this might just be the perfect time to make a move. Let’s dive into what makes Utah such a golden opportunity for buyers and sellers right now.
1. Thriving Economy and Job Growth
Utah has consistently ranked as one of the top states for economic growth, with a diverse job market that’s thriving. The state is a hub for industries like tech, healthcare, and finance, attracting professionals from across the country. This influx of new residents drives demand for housing, often leading to competitive offers and higher property values.
For sellers, this demand means more potential buyers and the opportunity to receive competitive offers that maximize the value of their home. Meanwhile, buyers investing in Utah’s real estate market can feel confident in the stability and growth prospects offered by the state’s economy, making it a solid long-term investment.
2. Quality of Life that Sells Itself
Utah offers an enviable lifestyle, and that’s a big reason why people are drawn here. With easy access to breathtaking national parks, top-rated ski resorts, and endless hiking trails, Utah is a dream destination for outdoor enthusiasts. The state’s growing metropolitan areas, like Salt Lake City, Provo, and Park City, provide all the amenities you’d want from a city, with the bonus of Utah’s unique outdoor beauty just around the corner.
For sellers, this lifestyle is a huge selling point and attracts a wide range of motivated buyers from all over. For buyers, choosing Utah means not just purchasing a home but investing in a lifestyle that offers work-life balance, health benefits, and plenty of recreation.
3. Balanced Inventory and Price Trends
Utah has faced inventory shortages over recent years, which typically lead to multiple offers and rising prices—a boon for sellers. But recently, there’s been a slight increase in inventory, creating a balanced market. This is an ideal scenario because it allows both buyers and sellers to benefit:
For Sellers: Continued demand means competitive offers are still coming in, and properties are moving quickly.
For Buyers: With more homes available, buyers have a better chance of finding the perfect property without feeling pressured into excessive bidding wars.
Buyers can finally explore more options without compromising as much, and sellers still find motivated buyers ready to take advantage of the market conditions.
4. New Construction and Community Development
Utah has seen substantial growth in new residential development, which offers both variety and value to today’s buyers. Modern, energy-efficient homes have been constructed across Utah’s thriving cities and suburbs, making it easier for buyers to find contemporary homes in their price range. These new developments also mean that buyers are more likely to avoid intense bidding wars often seen in older, highly-coveted neighborhoods.
Sellers of existing homes also benefit, as many buyers remain interested in established neighborhoods with more space, larger lots, and mature landscaping. Whether you’re looking for a new build or an established home, this increased development keeps Utah’s real estate landscape dynamic and full of opportunity.
5. Mortgage Rates and Return on Investment Potential
While mortgage rates have fluctuated, they remain favorable overall compared to historical averages. Lower rates mean affordable monthly payments for buyers, enabling many to lock in a deal they may not have expected to find. This financial advantage not only helps buyers find a great home within their budget but also attracts more active buyers in the market, which benefits sellers.
For buyers, Utah remains an area with promising return-on-investment potential due to property appreciation rates and the state’s steady population growth. Meanwhile, sellers are finding a steady flow of buyers ready to make offers, motivated by attractive financing conditions and Utah’s unique investment prospects.
Final Thoughts: Why Now Is the Time to Act in Utah’s Market
Whether you’re looking to buy or sell, now is a prime time to act in Utah’s real estate market. Sellers have the advantage of a high-demand, attractive market, while buyers can enjoy a balanced selection, good financing options, and the promise of Utah’s incredible lifestyle and economic stability.
If you’re ready to take the next step, reach out for a personalized market analysis, get tips for listing your property, or find out how you can start your search for the perfect home. Now is the time to seize the opportunities in Utah’s dynamic real estate market!
If you’re a buyer and you’re thinking about buying a house in the next 12 months you need to know about this new rule that the National Association of Realtors just came out that all realter and Brokers like myself need to follow when viewing home so here’s the rule written agreements with Buyers will be required Nationwide such agreements will be required prior to touring properties with the buyer even including live virtual tours okay so if I FaceTime you or whatever I’m still supposed to get a bar broker agreement signed with you so I’ve got some really important tips for you buyers that aren’t sure which agent you want to choose first tip number one is I definitely would try to team up with somebody that is an expert that knows what they’re doing um that can help you understand the valuations of the home to make sure you don’t overpay um but in the event that you’re just like starting out and you don’t want to sign something exclusive for all the properties to view know that you can sign a buyer broker that is exclusive just for that property only so if you’re going to tour a home then yes you could sign it for just that home and it only applies to that home if you decide to buy another home you are no longer bound to that Realtor you can sign a new buyer broker with a different realter tip number two you’re going to want to make sure to ask how much if the seller is offering any buyer’s agent commission here’s why if you go to sign that buyer broker agreement and it says three % in there and the house that you’re Touring that you decided to maybe use the listing agent for let’s say that that seller is only offering 2% guess who’s responsible for that extra 1% that is written in there that would be you the buyer so if the buyer agent is only offering 2% then you want to sign a buyer broker that’s got 2% not one that’s got a 3% in there it all depends on what is being paid and that kind of goes for all properties is it now makes it more difficult for buyers and even me as an agent or a broker to understand exactly how much because every property can be different on how much commission now so far everything’s been kind of running similar to before doesn’t seem like a huge deal but these are really important tips for successful buyers out there to make sure that they get into the right home with the right agent.
