SALT LAKE CITY — Utah’s housing market is the ninth most expensive in the country, although prices have barely inched up since hitting a high in 2022.
Those are some of the findings of a new “State of the State’s Housing Market” report from the Kem C. Gardner Policy Institute at the University of Utah.
The report, which was released on Tuesday, also showed rental rates in Utah barely moved in 2024, while even dropping in some areas. Further, it found that the nearly 22,000 new residential building permits issued were the lowest since 2016, driven largely by fewer apartments being built.
Eagle Mountain issued the most building permits last year, followed by Saratoga Springs, St. George, Salt Lake City, and Lehi.
“Utah housing prices and rents showed little-to-no growth in 2024,” said Jim Wood, a housing analyst at the Gardner Institute who has studied the market since the 1970s. “Home sales and listings increased, and residential construction declined as apartment developments tumbled. Slower economic growth presented challenges for Utah’s homebuilding and real estate industries but helped to dampen price increases for potential homebuyers.”
Housing prices
Utah’s housing prices skyrocketed during the COVID-19 pandemic and hit a high in mid-2022. Since then, the report found, home prices have increased less than 1% but remain stubbornly high. The median price for a single-family home in the fourth quarter of 2024 was $547,700.
Certain counties in the state are especially expensive. Looking at both home prices and household income, the Gardner Institute found housing is “severely unaffordable” in Salt Lake and Washington counties, while it is “seriously unaffordable” in Davis, Utah, and Weber counties.
Homes for sale
More Utahns listed their homes for sale in 2024, the report found, as average monthly listings returned to pre-pandemic levels. The number of home sales last year also increased.
Part of the boost came from cash buyers, according to the report, who were “not deterred by high mortgage rates” that are currently hovering near 7%. Nearly a fifth of home sales in Utah in 2024 were cash purchases, researchers said.
For sale sign outside a Utah home on Friday, April 25, 2025. (Istvan Bartos, KSL TV)
Density
High-density units played a larger role in Utah’s housing market in 2024. The report found sales of condominiums, townhomes, and twin homes made up 28% of all existing sales and 28% of new construction last year.
“The growing share of high-density housing reflects the state’s need for affordable units,” the report found. “Statewide, the median sales price of a condominium in 2024 ($409,900) was 27% below the median price of a single-family home.”
What’s next?
While 2025 is already half over, the researchers made a few predictions about the path ahead for Utah’s housing market over this year.
Specifically, they said slower growth and economic “uncertainty” will lead to less demand for housing. Other than that, not much is expected to change.
“Residential construction, existing home sales, housing prices, and mortgage rates will continue at near the same levels as 2024,” the report said.
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