Salt Lake’s Median Home Price Now Costs $330,000
SANDY (Oct. 31, 2017) – The price of a single-family home increased to its highest point ever before, according to the Salt Lake Board of Realtors®. In the July-August-September quarter, the median price of a Salt Lake County single-family home increased to nearly $330,000, a 10 percent rise year-over-year and a 67 percent climb (nominal dollars) compared to the third quarter of 2011 when home prices bottomed at $197,000. Adjusted for inflation, home prices today are 54 percent higher than in 2011.
The top 10 most expensive Wasatch Front ZIP codes in the third quarter were:
Sales of single-family homes in Salt Lake County fell to 3,442 units sold in the third quarter, a 9 percent drop compared to sales a year ago during the same period. Home sales were down 1 percent in Davis County, down 2 percent in Tooele County, down 4 percent in Utah County, and up 0.4 percent in Weber County.
Troy Peterson, president of the Salt Lake Board of Realtors®, said home sales likely would be higher if more housing inventory was available. “Home builders are continuing to ramp up production to meet extraordinary demand,” Peterson said. “New listings are up slightly over last year. Homes are on the market just 31 days before closing, down from 33 days last year at this time.”
The 10 hottest ZIP codes for sales of single-family homes were:
Condominium sales in Salt Lake County increased to 1,179 units sold in the third quarter, up 1 percent compared to 1,171 units a year ago. The medium price of a condo reached $219,000, up 10 percent compared to $200,000 in the third quarter of 2016.
About the Salt Lake Board of REALTORS®
The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. Established in 1917, the Salt Lake Board of Realtors® is a leader in protecting private property rights. As Utah’s largest real estate trade association, the Salt Lake Board of Realtors® assists its members to serve the public through continuing education, advocacy and a professional code of ethics.