NEW REPORT: How far have UTAH Home Prices Dropped Since the PEAK of the Market #utahrealestate

NEW REPORT: March 25, 2023. How far have UTAH Home Prices Fallen Since the PEAK of the Market? Let's compare what’s happening today vs. the peak of the market in May 2022. February 2023 median days on market was 50. At the peak of the market, homes sold in just 6 days. That’s a large jump, but historically 50 days is fairly average. Nearly 2,500 homes were sold in February. Over 4,000 homes were sold during the peak month of May 2022. February 2023 median price/sq.ft. was nearly $215. At the peak, the median price hit $244/sq.ft. That’s a difference of $30/sq ft. In February, the median sold price was right around $525,000. In May we nearly hit $600,000. So, from the peak of the market, home values have fallen about $75,000 which is actually less than last month when it was nearly a difference of $100,000.Show more

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