ALL NEWS

Home prices increase in Salt Lake City during the pandemic

Jul 14, 2020, 11:54 AM | Updated: Feb 2, 2021, 7:41 am
home prices salt lake city buy home prices 2020 millennials...
A Zillow report shows home prices in Salt Lake City are already "correcting." File Photo: Daniel Acker/Bloomberg/Getty

SALT LAKE CITY, Utah — Buyers always want the best deal they can get when purchasing a new home.  And sellers always want the highest price they can get.  But the pandemic appears to be widening the gap on home prices in Utah.

When the coronavirus first shut down businesses and activity across the country, many sellers took their homes off the market.  Francesca Ortegren, data scientist with Clever Real Estate, says that led to more buyers than available homes and kept prices from falling.

home sales prices

More than 14% of available homes were pending in early May, compared to only 5% by mid-June. Source(s): Clever Real Estate calculations of Redfin.com data

Then, in mid-May, as Utah began re-opening from coronavirus restrictions, home sellers began relisting at prices $30,000 higher, on average, than before the pandemic, which led to fewer buyers making offers.

Only 5% of homes on the market in the Salt Lake City/Provo/Orem metro area went under contract in June.  That’s down from nearly fifteen percent in mid-May.

This trend is reversed throughout much of the rest of the nation.  Where there are fewer houses and more buyers, driving up the percentage of homes sold.

“As a second wave of shutdowns is happening,” said Ortegren “I think we’re going to see a similar pattern moving forward.”

Some cities will begin to see lower home sales and others will increase.  Right now, the Salt Lake Metro area has the second biggest drop in home sales of all cities nationwide. That puts the market just behind Tulsa, Oklahoma.

Ortegren said “expect to see many more people pull their homes off the market, especially in places like Arizona, Texas and Florida where coronovirus cases are rising.”

 

Today’s Top Stories

All News

UTA confrontation...
Mark Jones

Confrontation with bicyclist sends UTA bus driver to hospital

UTA officials say a confrontation between a bicyclist and a UTA bus driver resulted in the bus driver suffering a broken hip and being hospitalized.
19 hours ago
FILE - In a May 19, 2015 file photo, R. Scott Turner, Professor of Neurology and Director of the Me...
Curt Gresseth

Who are SuperAgers and are you one?

The public policy director with the Utah Alzheimer's Association describes the characteristics of so-called SuperAgers and what everyone can do now to reduce the risk of developing Alzheimer's disease.
19 hours ago
Weber State University will offer TheDream.US scholarships to Utah immigrant youth who want to atte...
Simone Seikaly

Utah immigrant youth to benefit from new Weber State scholarship

The scholarships for Utah immigrant youth are offered through TheDream.US, which helps DREAMers get into college.
19 hours ago
U of U police captain Brian Lohrke is pictured talking about the hidden cameras found at the U...
Adam Small

U of U community reacts to discovery of hidden cameras in campus bathrooms

U of U students are reeling after learning about the hidden cameras found in two bathrooms at the school's Student Life Center.
19 hours ago
For the first time in history, a woman has taken to the field as a referee during World Cup soccer....
Associated Press

Stéphanie Frappart makes history as 1st female World Cup ref

Frappart also had two women as assistants. Neuza Back of Brazil and Karen Diaz Medina of Mexico complete an all-female refereeing team on the field.
19 hours ago
Hari Bastakoti shovels a sidewalk following a snowstorm in Salt Lake City on Tuesday, Nov. 29, 2022...
Samantha Herrera

Storm bringing wind and snow to northern Utah

A storm is bringing winds of up to 55 mph Thursday and possibly three to four inches of snow on Friday along the Wasatch Front.
19 hours ago

Sponsored Articles

Spicy Homemade Loaded Taters Tots...
Macey's

5 game day snacks for the whole family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
Home prices increase in Salt Lake City during the pandemic