The real estate market in Salt Lake County continues to evolve as we wrap up 2024. With fresh data now available for November, we can see intriguing trends that provide insight into the state of the market. Whether you’re a buyer, seller, or simply interested in the local housing market, understanding these numbers is key to making informed decisions. Here’s a breakdown of the latest stats and what they mean for you.

New Listings See Steady Growth
In November, the number of new listings reached 1,031, marking a 4.8% increase compared to November 2023. Year-to-date, the growth is even more pronounced, with 15,639 new listings—a 7.5% jump from last year. This growth indicates that more homeowners are entering the market, providing increased options for buyers. If you’ve been considering listing your property, now might be a great time to take advantage of this momentum.

Closed Sales Are On the Rise
Closed sales also saw positive movement, with 856 homes sold in November—a 2.8% increase year-over-year. The year-to-date numbers are even more impressive, with 11,479 closed sales, reflecting a 5.4% increase. This rise in closed transactions suggests that buyers remain active despite market shifts, maintaining healthy demand for homes in Salt Lake County.

Median Sales Price Increases
For sellers, the news is particularly encouraging when it comes to home values. The median sales price in November climbed to $520,000, up 4.0% compared to last year. Year-to-date, the median price rose from $515,000 in 2023 to $537,000 in 2024, a 4.3% increase. This steady growth underscores the resilience of home values in Salt Lake County and highlights the area’s desirability for buyers.

Market Speed: A Shift to Longer Sales Cycles
One of the more notable changes is in the average days on market. In November 2024, homes spent 54 days on the market, compared to 42 days in November 2023—a 28.6% increase. Year-to-date, the average increased from 42 days to 46 days, reflecting a 9.5% rise. This trend suggests a slightly slower pace of sales, giving buyers more time to make decisions while emphasizing the importance of competitive pricing for sellers.

Percent of Original List Price Received
The percent of original list price received in November dipped slightly, from 96.3% in 2023 to 96.2% in 2024. However, year-to-date, this metric improved slightly, climbing from 97.0% to 97.5%. While minor, this shift shows that buyers remain willing to meet sellers’ pricing expectations in most cases, signaling a stable market environment.

What This Means for Buyers and Sellers
For buyers, the increase in new listings and slightly longer days on market mean more choices and potentially better opportunities to negotiate. However, the rising median sales prices suggest acting sooner rather than later to secure your ideal home before prices climb further.

For sellers, the market remains favorable, with rising home values and steady demand. Pricing your home competitively and ensuring it stands out will be key as buyers take more time to make decisions.

Conclusion:
The Salt Lake County real estate market shows strong resilience and healthy growth as we approach the end of the year. Whether you’re planning to buy or sell, staying informed about these trends will help you navigate the market confidently. If you have questions about these stats or are ready to make your next move, feel free to reach out—I’d be happy to help you explore your options in today’s dynamic market.