Utah Housing Market Forecast 2023

πŸ€“ we had the opportunity to go to 3 different real estate meetings this week- the Utah Realtor Policy Summit, Utah Valley Homebuilders Association Market Forecast & a Housing Forecast with the National Association of Realtors Chief Economist Lawrence Yun.

It was neat to see & hear different perspectives. Obviously no one has a crystal ball, but we heard what these experts expect for this year.

Some key takeaways we got:

βœ”New construction will pose more competition against existing homes

βœ”SL/Utah County likely to be unaffected by any drastic price decreases- 0.3% price growth expected for the year

βœ”Utah’s population projected to increase 63% by 2060- 2/3 of growth is from in state births

βœ”2023 may be a bit lackluster for real estate, but expect a bounce back in 2024

βœ”Interest rates expected to stabilize around the 6% mark, should start to decline (Lawrence said he expects a possible 5.5%)

Overall, it will be a good year- homes will still sell, just at a slower pace. There will be more opportunities for buyers.

Many of them insinuated that if you are able to buy a property today, 10 years from now you will be very glad you did.

We are always here to help & happy to chat with you about your real estate goals!

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