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News from the Market: Nov. '22

Updated: May 23, 2023

Winter's chilly temps have given a gentle brake-tap to the housing market, though we're still seeing more normal ebbs and flows compared to the pendulum swings of 2020 and 2021.

November 2022:

• Average price of a single-family home sold on the WFRMLS was $598,805, up 6.3% from the previous year (and down .51% from the previous month).

• Average days on market on the WFRMLS were 52 (up 13% from the previous month and up 92% from the same time last year).

• Number of units sold on the WFRMLS in November was 2,245, down 9% from the previous month and down 46% from the same time last year.

Homes are still being priced realistically and sellers aren't necessarily seeing a flood of offers at the first open house. Buyers are being choosier, but we're still seeing plenty of multiple-offer situations. People across the Wasatch Front are still buying and selling homes, and while rising interest rates have tamped the feverish frenzy a bit—for the time being, at least—it's still a great time to buy.

If you're curious about the current market or how rates will affect your hunt for home, we're always game for a "house call." Give us a ring, and we'll match you with one of our seasoned experts to chat through your options in this ever-changing market.  


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