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Utah Housing Market Trends in 2024

3/13/24  | Kinsey Love, Digital Marketing Manager

Utah Houses

Where Does the Utah Housing Market Stand in 2024?

A bit of relief is here for Utah homebuyers in 2024, but for most looking to break into the housing market, one large obstacle remains according to Altabank Mortgage Division President Eric Fisher.

“Affordability is absolutely the biggest question right now,” Eric says. “Home prices have remained stubbornly high. Utah is actually trending as one of the least affordable states. Although there are some great jobs here, wages are not keeping up with housing costs.”

Slight dips in mortgage rates and a bit more newly-built inventory could open the door for some potential buyers, but at the moment, homeownership is still difficult for the majority of Utahns who rent.

It may be tempting to stretch your finances to get into a house, but Eric cautions that taking out a mortgage is like a three-legged stool—the legs being an accurate and fair appraisal of the home, the capacity to repay the loan, and the buyer’s credit score. Without any one of those legs being on solid ground, it may be unwise to dive into a mortgage, Eric says.

Knowledge is power, especially when it comes to buying a home. Here are some things to consider if you are interested in buying a house in Utah in 2024:


Utah Housing Market Prediction for 2024, According to the MBS Housing Index

To start the year, the MBS Highway Housing Index has seen a big jump on a national scale, leaping from 42 to 55 in January. This increase was driven primarily by a stir of buyer activity, which surged from 33 to 49. For reference, scores above 50 indicate expansion, and below 50 indicate contraction. 

This increase in buyer activity gives credit to slightly lower mortgage rates, a bit more inventory on the market, and an anticipation of Federal Reserve rate cuts. 

All of these factors can also be applied to a closer look at the housing market in Utah. Interest rates are expected to be lower in 2024, home prices are set to hold steady, and inventory is hoped to increase with new construction. For some Utahns, the year ahead could be a good time to break into the market, but challenges remain for the larger majority.


Will Mortgage Rates Go Down in Utah?

There likely won’t be a significant drop in mortgage rates—and forecasters don’t see a return to pre-pandemic levels anytime soon, if ever—but Utah buyers may be in for some relief in 2024. Rates are expected to remain around 6% but could dip to the high-5s in the right economic conditions and depending on rate cuts from the Federal Reserve.

But don’t get too hopeful about anything more than that, Eric warns. 

“I think getting into the mid-5s is pretty optimistic,” he says. “I think we’ll probably settle in closer to high-5s, low-6s, but there’s a lot that can happen.” 

Still, it’s a much better scenario for homebuyers than 2023 when mortgage rates were above 7% for most of the year. In October 2023, rates ballooned to 8%, the highest since 2000.

If you’ve ever played around with a mortgage calculator, you know that a mortgage rate difference of 1% can make a notable difference, both in your monthly payment and over the life of the entire mortgage.


Will Housing Prices Go Down in 2024?

While slightly lower mortgage rates may provide a window for affordability for some, home prices are not expected to drop with them. Forecasters predict that home prices will remain steady—one real estate researcher recently speculated on CNBC that prices could fluctuate up and down by one percentage point, but not “anything significant.”

“Barring an unforeseen geopolitical event or something that would cause home prices to drop, I don’t see that happening right now,” Eric says. “Utah is an extremely resilient state, people are moving here, and demand is huge.”

The demand is squeezing many out of the market. Most Utah renters won’t be able to buy a modestly priced home—between $300,000 to $400,000—at least not at this point in their lives. Research shows that only 15% of Utah renters have sufficient income to buy a home at that cost. A recent story in the Deseret News quoted officials from the Kem C. Gardner Policy Institute who said the household income for a homebuyer in that price range would need to be between $100,000 to $130,000.


Is it a Buyer's or a Sellers's Market?

It’s not as much of a seller’s market as it was recently, but Utah’s housing remains advantageous to those who can capitalize on the demand. Buyers in 2024 are in a much better position than the year before, but as Eric has said, whether or not they have the buying power and the ability to pay the mortgage are make-or-break factors. 

“Homes are selling but not at the speed at which they used to,” Eric says. “There is some power that the buyers do have now for the right home, but there’s still plenty of seller opportunity and demand.”


Utah’s Most Competitive Housing Markets

As the saying goes, location is everything in real estate. Here’s a look at some of the most desirable locations in the state and what homebuyers can expect in those areas:


Logan, Utah Housing Market

Logan—and all of Cache Valley—has become one of the most competitive real estate markets in Utah—and arguably all of the United States. One report from Cache Valley Daily indicated that there were only 33 available residential listings in the area at one point in 2021. It was a seller's dream with nearly 600 real estate agents working in that community. 

Logan had increased appeal at the time thanks to the emergence of remote work and the desire of many to move away from expensive, large metropolitan areas to larger homes with more space and features, albeit in a smaller metro region. These buyers often brought increased purchasing power, making an already competitive market even more of a shark tank. sees Logan continuing to be a seller’s market in 2024, with more demand than inventory available. Sellers are reaping the benefits, with the median list price of homes in Logan increasing from $386,950 in 2023 to $420,000. It’s taking a bit longer now, though, with homes selling in 84 days as opposed to 49 days last year.


Vernal, Utah Housing Market

Like Logan, the housing market in Vernal has been a boon for sellers looking to attract buyers who want to get more bang for their buck, even if that means moving out of the big city.

Homes in Vernal are sold faster now than at this time in 2023, staying on the market for 71 days, compared to 81 days last year. It’s a great time to sell in Vernal right now. The median listing price in the heart of Uintah County is going for $390,000, a big jump from $305,000 in 2023, according to


Salt Lake City Housing Market

According to, Salt Lake City is still coming up big for sellers—just not nearly as dramatically as Logan and Vernal, so far. There has been a slight increase in median home price listings—from $530,000 in 2023 to $534,950 in 2024—but overall, things may have leveled out in Utah’s capital city.

Getting into Sugar House, one of the city’s most sought-after neighborhoods, remains very challenging for first-time buyers. Scoring highly in categories such as schooling, household earnings, days of sunshine, and “foodie,” Sugar House is going to remain a very desirable location in Utah’s biggest metro area. Movoto shows that there are only 66 active listings in the neighborhood and homes there usually sell in about a month. Sellers are getting their money and getting it quickly in Sugar House.


What to Expect When Applying for a Home Mortgage Loan

The 2024 housing market in Utah is hopeful for a few but remains tricky for many. To those on either side of the equation, the situation may seem daunting or insurmountable. However, the professionals at Altabank, like Eric, are here to provide all the answers and many solutions for all your mortgage and home loan needs. Whether you’re on the buying or selling end, Altabank is here for the community it serves in Utah.


Kinsey Love is the Digital Marketing Manager at Altabank. She specializes in content creation and strategy and enjoys all activities you can do in the mountains.