With prices maintaining their upward trajectory, some buyers may have hoped that home values would decrease (or perhaps crash). This obviously didn't happen in 2024...

"In the past two years, the median price of a single-family home in Salt Lake County has increased by about 1%, from $606,000 in 2022 to $610,000 in 2024. And for condominiums (including town homes and twin homes) the median sales price is down about 1% in two years, from $430,000 to $425,500"

"A pause in price gains was predictable after the sharp, record-breaking 40% spike in prices from 2020 to 2022. Yet despite the recent breather in price increases, the mortgage payment on the median-priced home continues to exclude many would-be buyers from homeownership... Despite the cooling of price increases, housing affordability remains a serious issue for both buyers and sellers"

While days on the market has increased and more homes are on the market for longer, there is still a lack of inventory, and demand for real estate has kept prices high. The market is also acclimating to interest rates, but affordability is still a hurdle for many would-be buyers. This has resulted in an increased focus on condominiums and smaller homes.