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Spring Market Update + 2022 Outlook

spring 2022 market update

The Housing Market Stats offers an update of our Utah Real Estate Market for first quarter 2022. Below that we have included a few projected outcomes for 2022, so you can get an idea of how the rest of the year may look. Please contact us if you have any questions or want additional information.

      • Utah projected home sales for 2022 is 61,465, which is 5,588 higher than 2021.
      • Utah projected home price for 2022 is $580,000, an increase of $105,000 from 2021.
      • Utah new listings is projected less than last year, with 5000 fewer home listings expected.
      • Average days on the market is 23, versus 42 days in 2021.
      • Inflation is at a 40-year high as supply chain issues create shortages and drive up prices.
      • Utah has favorable annual employment growth and a low unemployment rate.
      • Utah also has the 2nd lowest poverty rate and 5th highest median household income.
      • New home sales have recovered since the Great Recession, but took a hit in 2021 as construction slowed due to supply-chain issues.

Source: Keller Williams Market Update Q1 2022, utahrealestate.com, and National Association of Realtors.

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