Utah Real Estate Market in 2022: Forecasts + Trends

Clever Real Estate

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Clever Real Estate

September 1st, 2022
Updated September 1st, 2022

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Utah real estate trends

Real estate trends in Utah | Sellers | Buyers | Investors | The best and worst of Utah | Utah resources

Utah real estate trends (May 2022)

How is the real estate market in Utah?
🏠 Average home value: $564,248
📈 -1.23% home value decrease month over month
💰 Median sale price: $611,600
⏳ 33 days on the market
🔑 Homes on the market: 11,874
📆 1.7 months of housing inventory
🏦 30-year mortgage rate: 5.59000%
💵 Average income: 74197
State of the market: A+
Utah’s real estate market remains hot. Home values and listing prices are on a steady incline, but properties continue to fly off of the market in less than a month. With the limited inventory keeping demand high, this trend may keep going for a while.
*Data last updated May 2022

Utah is a state full of geological wonders, from its rugged peaks to its canyons and mesas. The state hosts an impressive 17 National Parks, ranging from Zion's sandstone bluffs to Hovenweep's six prehistoric villages.

While notable Utah cities include Salt Lake City, Provo, and Moab, smaller communities such as River Heights, Kaysville, and Providence have earned a reputation for being especially family-friendly.

Nicknamed the Beehive State for its Mormon roots, Utah still has the highest Mormon population today.

If you're thinking of buying or selling in Utah, these Utah housing predictions and stats can help you make an informed decision.

Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!

Selling a home in Utah

Utah real estate market forecast for sellers
⏰ Homes are selling 10 days slower than the annual average
💰 Homes are selling for $16,718 less than the annual average
💸 Average listing commission: 2.680%
💸 Average buyer's commission: 2.68%

How to sell a home in Utah

Cost to sell a home in Utah

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Buying a home in Utah

How much home you can buy with $300,000 in...
🏠 Salt Lake City: 1,181 sq ft
🏡 Provo: 1,389 sq ft
🏡 Ogden: 1,345 sq ft
🏠 St. George: 993 sq ft

Investing in Utah real estate

Best of Utah

💡 Did you know…

According to the Clever Data Center, Salt Lake City was ranked number one for a variety of music genres in a Google Trends analysis. The city also has 50% more career musicians per capita compared to the average U.S. metro area.

» Taking notes? 🎵 Learn more about the rankings here: The Best Music Cities in the U.S.

Although it's a little difficult to find brunch cocktails in this city, there are plenty of charming cafes serving up all your favorite mid-morning classics. The average brunch in Salt Lake City only costs $13.30 (compared to the national average of $14.71), so you'll also get to keep more money in your pocket.

» Hungry for more info? 🍳 Read our full study here: The Best Brunch Cities in America

Each month, we compare locations in Utah based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in Utah
1. Daggett County
2. Beaver County
3. Utah County
4. Wasatch County
5. Davis County

Ready to buy a home in Utah? Eligible buyers get cash back with Clever!

Worst of Utah

Each month, we compare locations in Utah based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in Utah
1. San Juan County
2. Duchesne County
3. Carbon County
4. Uintah County
5. Piute County

Utah resources

👋 Next Steps: Talk to an expert!

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Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

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Frequently asked questions about Utah real estate

Yes, Utah is a good state to invest in real estate, especially in a big city like Salt Lake City, where people are always looking for housing. Still, investing requires a lot of preparation, especially your long-term financial plan. Read our guide to investing in real estate to find out more.

It might not be a good time for most people to buy a house in Utah. Listing prices are higher than normal, and there aren’t a lot of properties to choose from. However, mortgage rates are very low right now, meaning that you can still save money over time with a locked-in low rate. For the best results, you’ll need to work with one of the top real estate agents in Utah to find a good deal.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

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