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Utah Housing Prices On the Rise This Year

market research salt lake county utah utah county Feb 26, 2020
"For those already in the homeownership market, they should expect to build a lot of equity in the coming year, but for those on the outside — the market will be particularly challenging. Wood said the rising costs are also making affordability difficult for renters as well who struggle to find units that won’t bust their budgets." - KSL
The median sales price for single-family homes in Salt Lake County last year was $380,000 (91% increase from where we were nine years ago).
James Wood, a senior fellow at the Kem C. Gardner Policy Institute discussed a recent forecast, stating that—while we've seen a 67% jump in median home value in the last 7 years—we expect the median sales price of a single-family home to rise another 5% in 2020.
This increase would bring the median home value above $400,000 for the first time ever. The forecast also predicts that condo/townhouse prices will climb 10% this year as well, surpassing a $300,000 median in 2021.
Forecast Highlights Presented to SLC Board of Realtors
  • Condominium/townhouse median cost in SL County rose 10.6% in 2019 (3rd straight year of double-digit increase) (KSL)
  • Median sales price in 2012: $144,000. Average annual rate of increase since: 9.7% (KSL)
“Economic growth, demographic growth, and on the cost side with land, it’s just inevitable. You’re going to get a lot of upward pressure on prices,” Wood said. “There’s no way to avoid it... Some developers are moving toward building more affordable products — under $350,000 in outlying locations where land is less expensive.“
Some of these nearby growth areas we've seen are in and around Eagle Mountain/Saratoga Springs, Magna, South Utah County (Payson), Lehi, etc.
Utah County Market Report: Click Here

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