The red-hot Utah real estate market recorded a 20 percent price drop since 2021, but perspective home-buyers are still reeling from sticker shock at typical prices exceeding half a million.
AUSTIN, TX – There’s good news from the home front, but – sadly – it probably won’t actually help anyone trying to buy a home here in Utah.
That good news is that the average price of a home in Utah fell by nearly $11,000 between March of 2022 and March of 2023, a 2 percent drop.
But that modest drop in prices came on the heels of a two-year hike in prices for the typical Utah home between 2021 and 2023. That jump was 20 percent or more than $86,000, leaving the typical Utah home priced at slightly more than $506,000.
That’s nearly 50 percent above the national average ($338,777 in March 2023), according to nationwide research conducted by real estate experts at Agent Advice.
That study analyzed the typical price of homes throughout the country since March of 2021. The data collected also considered prices and percentage increases to supply a comprehensive account of the status of real estate in America.
“The U.S. housing market is estimated to worth $43.4 trillion in 2023,” according to Chris Heller, one of the co-founders of Agent Advice.
“To take advantage of this, both consumer and agents alike must understand the ever-changing nature of the real estate market.”
The study’s findings also suggest that deep pockets are helpful when buying a home.
Despite the 18 percent cumulative jump in Utah home prices since 2021, the analysts at Agent Advice concluded that the Beehive State is only the sixth most expensive state in the Union to purchase a home.
The five states in which it’s even more expensive to purchase a home include Hawaii, California, Washington, Massachusetts and Colorado.
Don’t believe it?
If you think that Utah’s housing market is out of sight, consider Hawaii — an absolute hotspot for residents seeking to acquire property. As of March of this year, average home prices in the Aloha State were reported to be nearly $835,000.
That’s nearly 150 percent above the U.S. national average, a 25 percent increase since March 2020, setting the average home buyer back by an extra $166,777, the highest monetary increase in the United States.
“In Hawaii,” Heller said, “the typical cost of housing increased by 25 percent in the past three years, then decreased by 2.98 percent since 2021.
“It will be interesting to see if the cost of housing will settle there.”
Housing prices in the top five most expensive states vary from nearly $835,000 in Hawaii to nearly $540,000 in Colorado. Rounding out the bottom half of the Agent Advice list of top ten states are Oregon, New Jersey, Idaho and New Hampshire.
In those states, the typical prices of homes vary from $485,475 to $429,421.
Agent Advice is a team of online real estate experts based in Austin, TX that provides hand-selected recommendations to help real estates business grow.
Their website can be found at www.agentadvice.com.