More Choices, (Slightly!) Lower Prices | Salt Lake City August 2023 Update

09-7-2023 | Utah Housing Market Data

Is it the right time to buy or sell?


Summer is officially over, and most folks are settling into a fresh routine.

The urgency to relocate before the school year has subsided, and August’s median sales price is cooling off alongside the summer heat. Following July’s 2% uptick, median sales prices dropped 2.1% in August. Though decreasing slightly over the last month, August’s median sales price is equal to the three month average between May, June, and July.

In the months following winter 2022’s increased interest rates, we’ve witnessed measurable progress toward market stabilization. Each incremental step towards market health introduces both positive and negative fluctuations.

While median sales prices slightly decreased in August, new listings increased by 9%, and total properties for sale rose by 6% compared to July. August’s housing inventory also increased by 9% compared to the three-month average.

Increased housing inventory is excellent for the market and gives buyers more leeway regarding choice and price – yet often lowers median sales price.

The only thing consistent about the real estate market is inconsistency.

We’re often asked, “When’s the best time to sell or buy?” No matter what the market numbers reflect at the time, our answer remains the same: “Whenever is right for you.”

It’s impossible to time life events with the ebb and flow of an erratic market. At the end of the day, the optimal time to move is when your surroundings no longer fit your needs. Whether your parents are moving in, your growing kids need a bigger backyard, or you have an injury that prevents you from going up and down stairs, your comfort and quality of life should always be the driving factor when deciding whether to buy or sell. Regardless of what numbers on a spreadsheet suggest.

If the time is right for you, give us a call at 801.949.9878 or schedule a free consultation using the link below.

Check out the full Salt Lake City August market report here. Summit County’s comprehensive report is available here.



On Your Side

Read Our Testimonials

Meet Our Team