As we wrapped up November, the Salt Lake County single-family home market continued to show the seasonal slowdown we expect this time of year — but with a few notable shifts worth watching. Whether you're planning to buy or sell soon, understanding how the market is moving month-to-month and year-over-year can help you make smarter decisions.
Below is a breakdown of how November’s numbers compare to October, along with the YOY changes that tell us where the market may be headed next.
Inventory: Fewer Homes Available Heading Into Winter
November: 1,812 homes available (+18.3% YOY)
October: 2,044 homes available (+20.9% YOY)
Month-over-month: Inventory dropped by 232 homes from October to November.
This is typical as we enter the holiday season — sellers pause listings, and fewer new homes hit the market. Even with the month-to-month decline, inventory is still noticeably higher than last year, giving buyers more options than they had in late 2022 or 2021.
Closed Sales: Fewer Buyers Making Moves
November: 531 properties sold (-11.4% YOY)
October: 704 properties sold (-6.1% YOY)
Month-over-month: 173 fewer homes sold in November.
This drop reflects both seasonality and continued buyer hesitation as interest rates remain elevated. Fewer transactions are happening overall, and the YOY decreases show that demand hasn't fully recovered yet.
Sales Volume: Slowing but Holding Stronger Than Expected
November: $399.6M in volume (-3.4% YOY)
October: $536.8M in volume (-1.2% YOY)
Month-over-month: Sales volume fell by about $137M.
With fewer sales and slightly lower average prices, total volume dipped — another sign of a quieter late fall market. However, YOY declines remain mild, suggesting that Salt Lake County is stabilizing rather than sliding.
Days on Market: Homes Sitting Longer
November: 53 DOM (+10.4% YOY)
October: 56 DOM (+24.4% YOY)
Month-over-month: Homes sold slightly faster in November than October, dropping by 3 days.
This is one of the more interesting shifts. While homes are definitely staying on the market longer than last year, November saw a small improvement compared to October, possibly due to motivated buyers making strategic moves before the holidays.
Average Sales Price: Holding Strong Despite Slower Activity
November: $733,791 (+5.7% YOY)
October: $763,591 (+4.8% YOY)
Month-over-month: Average price dropped by about $30K from October to November.
Even with fewer sales, prices remain higher YOY. The small month-to-month dip likely reflects the types of homes being sold rather than a decrease in property values. Overall, pricing in Salt Lake County continues to show resilience.
What This Means for Buyers & Sellers
For Buyers:
More inventory than last year and longer DOM gives you more room to negotiate. If rates ease in 2025, competition will likely return — so late 2024/early 2025 could be the sweet spot.
For Sellers:
Homes are still selling for more than they did last year, but strategy matters. Proper pricing, strong marketing, and move-in-ready condition are becoming more important as buyers weigh their options.
Thinking About Making a Move?
The market is shifting, but with the right strategy, there are opportunities on both sides. If you want a personalized breakdown of your neighborhood or are planning a move early next year, feel free to reach out — I’d love to help you navigate your next steps.
