ALL NEWS

Salt Lake City houses selling in half the time they were last year

May 17, 2021, 4:37 PM | Updated: 4:53 pm
salt lake homes flying...
An industry report places Satl Lake among the top cities in the nation for the least time spent on the market. Photo: Canva

SALT LAKE CITY — The months of May through August are considered to be traditional peak months for real estate sales in the United States. And in 2021, Salt Lake City houses are selling fast making it among the leaders of the pack.

A new report from RE-MAX shows Salt Lake City houses are selling at one of the fastest rates in the nation. Utah’s capital city is in a three-way tie for the lowest average number of days on the market. Last year the average was 28. This year, the average home in Salt Lake City is on the market for just 14 days.

The cities beating Salt Lake City for the average number of days on the market are Wichita, Kansas and Omaha, Nebraska.

 This milestone comes on the heels of another: in February, 2021, U.S. home prices rose at the fastest pace in nearly seven years.  The February S&P CoreLogic Case-Shiller 20-city home price index rose 11.9% from a year earlier. It was the biggest gain since March 2014.

Home prices in Utah are also setting records. In March, 2021, the state’s median home price reached a record high of $405,000, nearly a 20% increase from the year before reported the Utah Association of Realtors.

Why the Salt Lake housing leaps and bounds?

In KSL Newsradio’s recent series, Priced Out, Finding an Affordable Home in Utah, one thing became more clear. While it’s often said that those from other states, namely California, are moving to Utah and bringing their willingness to pay higher home prices with them, the Utah Foundation said the crunch is more about a unique trait belonging to Utahns: they don’t leave the state.

“So people stopped leaving Salt Lake City and the Salt Lake City metro area at the same rates they had over previous years, y’know, back to 2015,” Senior Research Analyst Christopher Collard told KSL-TV, “and that put some additional pressure on the housing markets.”

And one of the reasons that so many Utahns stay and others want to come in also contributes to what’s happening in the Utah housing market: Utah’s consistently strong economy. 

You can read all of our special coverage on the Utah housing boom here.

 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

All News

SLCPD cruiser...
Chandler Holt

SLCPD officer witnesses wrong-way drunk driver crash into embankment

At around 6:30 a.m. Sunday morning, an SLCPD officer witnessed a 2009 black Ford F-150 traveling at a high rate of speed in the wrong lane. 
13 hours ago
This photo purports to show the suspected Chinese balloon flying over Mills River, North Carolina, ...
Heather Chen and Wayne Chang, CNN

China says it ‘reserves the right’ to deal with ‘similar situations’ after US shoot down suspected spy balloon

China says it "reserves the right" to deal with "similar situations" following the United States' decision to shoot down its high-altitude balloon.
13 hours ago
In the golden age of space exploration we live in, cosmic revelations seem to occur more frequently...
Ashley Strickland, CNN

Cosmic seaplanes and self-growing bricks could help us explore other worlds

In the golden age of space exploration we live in, cosmic revelations seem to occur more frequently than ever before.
2 days ago
The Chinese national flag is seen at the entrance to the Zhongnanhai leadership compound in Beijing...
By Zachary Cohen, CNN

A look at China’s history of spying in the US

The suspected Chinese surveillance balloon that violated American airspace this week has fueled a diplomatic crisis with the postponement of Secretary of State Antony Blinken's planned trip to Beijing.
2 days ago
Around 3:15 p.m. Saturday, February 4, a 34-year-old female sustained critical injuries after being...
Waverly Golden

AirMed responds to tubing accident in Peter Sinks, Logan

Around 3:15 p.m. Saturday, February 4, a 34-year-old female sustained critical injuries after being struck by a snowmobile.
2 days ago
A balloon flies in the sky over Billings, Montana, U.S. February 1, 2023, in this picture obtained ...
Zachary Cohen, CNN

US military has shot down the Chinese spy balloon off US East Coast, US official says

The US military has shot down the suspected Chinese surveillance balloon over the Atlantic Ocean off the Eastern Seaboard, a US official said Saturday.
2 days ago

Sponsored Articles

Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer, the tests that can warn women about potential cancer, and the importance of vaccination.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy. This year the event will be held from January 27-29 at the Utah Bear Lake State Park Marina and Sunrise Resort and Event Center in Garden City, Utah. 
happy friends with sparklers at christmas dinner...
Macey's

15 Easy Christmas Dinner Ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy. Choose from the dishes we’ve highlighted to plan your meal or start brainstorming your own meal plan a couple of weeks before to make sure you have time to shop and prepare.
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
Salt Lake City houses selling in half the time they were last year