St. George Real Estate Market Update: January 2024

January 2024 St. George Market Overview

St. George's real estate market continues to show strong growth despite national trends. Here's what sellers and cash home buyers need to know.

Key Market Statistics

• Median Home Price: $550,000 (up 8% from 2023)
• Days on Market: 25 days (down from 35 days in 2023)
• Inventory: 1.5 months supply (seller's market)
• Cash Sales: 22% of all transactions

Market Trends Affecting Sellers

Positive Factors:

• Strong retirement and tourism destination appeal
• Population growth continues at 3.5% annually
• Limited new construction in desirable areas
• High demand for single-family homes

Challenges:

• Higher interest rates affecting buyer affordability
• Increased competition from new listings
• Buyers more selective about property condition

Opportunities for Cash Home Buyers

The current market conditions create several opportunities:

• Properties Needing Repairs: Traditional buyers are less willing to take on fixer-uppers
• Quick Sales: Sellers facing time constraints due to job changes or financial pressure
• Inherited Properties: Families looking to liquidate inherited homes quickly
• Divorce Sales: Couples needing to sell quickly to divide assets

Predictions for 2024

Based on current trends, we expect:

• Continued price appreciation (5-7%)
• Continued demand for cash offers
• More properties coming to market as rates stabilize
• Increased interest in cash home buying services

What This Means for You

If you're considering selling your house in St. George:

• For Traditional Sellers: Be prepared for longer marketing times and consider making repairs
• For Cash Sellers: Current market conditions favor quick, hassle-free sales
• For Investors: Opportunities exist for properties needing work