Welcome to this month’s real estate market report for the community of St. George, Utah, a town situated in the southwestern portion of the State of Utah. This is the year-end recap of the real estate market in St. George. How well did the market perform in 2023 compared to 2022? Find out in this helpful market report.
Are you ready to buy a home in St. George, Utah today? Start your search here to find the perfect property for you and your family. Find homes by price, size, location, and more! Be sure to save your favorites to tour, then, register to be notified as soon as new listings that match your needs become available so you don’t miss out! Get started today!
Are you ready to sell your home in St. George today? The first step to selling your home is to know exactly what your home is worth. All home values are unique from street to street. Find out what your home may be worth by using our free home valuation tool, simply enter some basic information about your home and answer a couple of questions. Next, we will provide you a confidential market summary of your home, along with a suggested list price. Find out what makes your home unique today!
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St. George Utah Housing Stats
The average sale price for single-family homes in St. George, Utah, at the end of December 2023 was $552,209, which is down 5.6% from one year ago. The year ended with single-family home prices down 6.5% from $614,778 to $574,513.
There was a total of 283 single-family homes sold in St. George during December, this is down 4.4% compared to the previous December of one year ago. The total number of sold listings for 2023 was down 4.5% compared to 2022, sales fell from 4,756 to 4,541.
A total of 288 single-family properties in St. George were under pending contract last month, compared to one year ago, this is an increase of 8.3% in pending activity. There was a total of 4,765 properties that went under pending contract in St. George in 2023, this is up 4.1% compared to the 4,578 number of pending listings for 2022.
At the end of December 2023 there was a total of 1,498 active single-family residential listings available in St. George, total active listings are down 6.5% compared to December 2022. The total number of active listings in St. George for 2023 was 8,337, this is up 5% from 7,937 total active listings in 2022.
There was a total of 331 new listings offered to the market during the final month of 2023, compared to this time one year ago, new listing activity is down only 2.4%. There was a drop in new listing activity in 2023, new listings fell 7.2% from 7,386 in 2022 to 6,855 at the end of 2023.
Single-family residential listings were on the market for an average of 34 days before being sold in December, and sellers were getting 95.7% of the original asking price at closing.
What Does This Mean For Buyers In St George Utah?
Buyers searching for a single-family home to buy in St. George, Utah, will see lower prices for homes going into 2024. There has been a slowdown in activity which has allowed prices to come down. Buyers searching for properties may see less competition for homes available. The list-to-sale price ratio favors buyers, and on average buyers are paying less than 5% of the full asking price. Even as inventory levels have fallen for 2023, it may pick up in the first quarter of 2024, as sellers who waited until after the holidays to get their home listed.
Buyers should also keep in mind that time is not on their side, home prices could increase, or interest rates could climb higher. It is important for buyers to have a prepared plan in place and be ready to act when a property is found. Indecisiveness can cost the opportunity for a home or cost you more money at closing.
Beyond the Price Tag: A Guide to Home-Buying Expenses
What Does This Mean For Sellers In St George Utah?
For sellers of homes, or those thinking of selling their home in St. George, while the market has slowed, there is still buying activity taking place. While sales for the year dropped slightly, pending listings increased year to year. The year ended with increased buying activity, as the number of days on the market before being sold decreased, the list price-to-close price ratio increased during the month of December.
As we head into 2024 sellers can expect the same trends of 2023 to continue, with activity picking up during the summer months. However, sellers should not be hesitant to get their homes listed and on the market. Buyers operate on a shorter time frame, and waiting a week to list your home could cost you a sale or the loss of total home value. Sellers who have been patient to take action, or waiting for the perfect time, should take the first step and find what their home is worth, and offer it to the market to get it sold quickly and for as much money as possible.
Ready, Set, Sell: Preparing Your Home for the Market
If you are interested in buying or selling a home, take advantage of the knowledge and tools we provide on this site. As a buyer educate yourself as much as possible with the articles on the right-hand side of this page, and if you are considering selling your home take advantage of our free home valuation tool. Give the Jackie Ruden Realty Team a call today, we understand the dynamics of the current real estate market in St. George. We will put our expertise to work for you!
See Additional Reports on the St. George Real Estate Market
St. George Homes for Sale
Here are the most recent home listings just added to the database in the average sale price range for St. George. All homes here are priced at $552,209 or less.
