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Utah sees a big drop in housing prices

Small gray brick home
Dilon Kydd

Utah has now seen one of the biggest housing price cuts in the nation. Salt Lake City has taken the third highest ranking in price cuts according to data from Redfin, which saw more than half of homes on the market with lowered housing prices. Boise, Idaho and Denver, Colorado took the number one and two spots.

One of the leading factors of this major price cut was that the West saw an explosion in the housing market as the pandemic hit, and Utah was already experiencing an increase in housing prices even before the pandemic. Utah is also one of the fastest growing states in the nation and already had a housing shortage.

Experts say that sellers might have missed the chance to sell their homes at the peak of housing prices, but that it is better to sell sooner rather than later.