Market Overview

3rd Quarter Report 2023 - Greater St. George Area

According to a recently published article titled “The Federal Reserve Will Hike Interest Rates Again in 2023,” on, it is anticipated that the Fed will raise rates between 7.0% to 8.0% to curve the rate of inflation and to help stabilize increasing home prices. It is anticipated with that said hike will hinge on GDP & Inflation results for 3rd & 4th quarters. YES, there is hope that by MAY 2024 we will see rates come back down to the low 6%.

With interest rates still hovering around 7.5% in Nov. 2023 the principal and interest payment are still relatively fair with the 50 year average rate is 7.90%.


The Cumulative Days on Market (CDOM) metric takes into consideration the total days on market for each listing that has sold AND the days on market for that listing if it was previously on the market. The CDOM is hanging steady at around 58 days. Taking into consideration that the average escrow period is approximately 30 days, It shows that homes that are priced correctly have an average marketing time of around 28 days.


As of 1/2023, the Median Home Prices saw another 5.6% decrease since January 2023 and is currently At $485,000. The “healthy” market appreciation rates are typically around 8-12% annually.

Absorption Rate

The absorption rate is defined as how many months it would take to “absorb” or sell off all of the existent inventory, should nothing else come on the market. A “Buyers Market” is defined by 3 months or more of inventory, while a “sellers market” is defined as having 3 months or less of inventory. Currently, the absorption rate for single-family homes is 4,5 months, so definitely a Buyers Market.


3rd Quarter Report 2023 - Greater St. George Area

Black Desert Report

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1031 S. Bluff St. St George, UT 84770

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Coming soon to so. utah


  1. New Smiths Marketplace
    (Exist 2 – Sun River – Opening Summer 2024)
  2. Sprouts Farmers Market
    (River Rd/1450 S – Opening Summer 2024)
  3. Hobby Lobby
    (Bluff St where old K-Mart was – 2025)

Meet The Real Estate eXperts

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Why our clients hire our preferred


Top 6 Reasons

  1. Top 1% of all Realtors Nationwide
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Market Statistics

3rd Quarter Report 2023 - Greater St. George Area

The housing market has been relatively flat the last 12 months as a result of high interest rates, so some things to watch for are the increase in mortgage applications, buyer demand and housing permits pulled. This will help stabilize the housing inventory and home values will start to correct. Most Housing Experts & Economist are projecting double digit appreciation in 2024 as market conditions improve, rates decrease and the demand for homeownership is high.

months of inventory
days of market

Besides Provo, cities in Utah that made the list include St. George (number five), Logan (number eight) and Ogden (number nine). “Utah has fostered a business-friendly environment that has attracted companies from various industries, including technology, finance, health care and outdoor recreation,” researchers note. “This has led to job opportunities and a steady influx of professionals and skilled workers seeking employment in these thriving sectors.” – August 2023 

Utah only State with 5 Cities in the Top 25 Fastest Growing Cities in 2023