SALT LAKE CITY — Following a year in which home sales in Salt Lake County fell to dismal lows, a new report shows those numbers are poised to rebound in 2024.
The forecast report commissioned by the Salt Lake Board of Realtors expects residential home sales to bounce back by 16 percent this year, along with a rise in prices.
Overall, a 16 percent increase in home sales is predicted, totaling approximately 13,000 homes, up from 11,195 sales in 2023, which was a 12-year low for the area.
After sale prices dipped nearly 3 percent last year, the median sales price of a single-family home is forecast to hit $600,00 in 2024, up 2.4 percent over the year prior. Condo, townhouse and twin home prices are expected to rise 5 percent.
The bounce back is believed to stem from the lowering of mortgage rates, which are expected to drop to the 6-6.5% level.
Despite the rosier outlook, the report said home affordability will prevent sales from reaching the levels reached between 2016-2020 when the county hit nearly 18,000 sales.
