Market Overview

The Iron County real estate market is seeing notable shifts in home sales, new listings, and construction trends. Based on the latest data, mortgage applications are fluctuating, builder activity remains strong, and the number of homes listed and sold is tightening compared to previous years.

With interest rates impacting affordability and inventory levels changing, here’s what you need to know:

Mortgage Market Trends (December 2024)

According to the Mortgage Bankers Association:

• The Market Composite Index rose 5.4%, reflecting a slight increase in overall mortgage applications.
• The Refinance Index surged 27%, suggesting many homeowners are refinancing to secure better rates.
• The Purchase Index dropped 4%, indicating a slower demand for new home purchases.

This suggests that buyers may be waiting for rate adjustments while sellers navigate a shifting market.

Iron County New Listings & Homes Sold (2021 - 2024)

New Listings Trends:

• Historically, spring and early summer see the highest number of new listings, peaking in May and June.
• 2022 saw the highest peak, while 2023 remained steady with fewer fluctuations.
• 2024 new listings are down, signaling tighter inventory and fewer homes entering the market.

Home Sales Trends:

• Sales mirror listing activity, with the highest number of transactions in spring and summer.
• 2021 saw the strongest market activity, fueled by post-pandemic demand and low interest rates.
• 2022 and 2023 sales remained steady, though slightly lower than the 2021 surge.
• 2024 sales numbers are declining, which could indicate slower buyer activity or affordability concerns.

What This Means for You:

• For Buyers: Fewer listings mean less inventory, creating more competition and potential price increases.
• For Sellers: Homes that are priced right and well-presented will sell faster due to reduced inventory.

New Construction & Builder Activity

Top Builders in Iron County (YTD 2024)

Leading the way in home construction:

• DR Horton – 316 homes, valued at $59.9M
• S&S Homes – 123 homes, valued at $33.3M
• Ence Homes – 190 homes, valued at $26.4M
• Salisbury Homes – 176 homes, valued at $24.3M
• Cole West Home – 116 homes, valued at $23.5M

Southwestern Utah Multi-Family & Commercial Developments

• Layton Construction leads multi-family development with 156 units ($29.3M).
• Rosendin Electric Inc. dominates the commercial sector with $570M in permits, followed by Okland Construction ($39.2M) and Grass Creek ($36.1M).

What This Means:

• New home construction is booming, but inventory for resale homes is tightening.
• Builders are still active, yet demand and mortgage rates may affect future growth.

Market Outlook for 2025

• Interest Rates & Buyer Demand: Mortgage activity suggests that buyers are holding off for better rates, meaning potentially fewer bidding wars in early 2025.
• Inventory Challenges: With fewer new listings, the market could become more competitive for buyers.
• Best Time to Buy/Sell: Spring and early summer have historically been the best months to transact in Iron County.

Final Thoughts

Iron County’s real estate market is evolving. Whether you’re buying, selling, or investing, staying informed is key to making the best decisions.

Looking for expert guidance? Contact me today to discuss your real estate goals in 2025!