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.

 

Today’s Top Stories

All News

Easton Oliverson, a member of the Snow Canyon Little League all-star team, is in the hospital after...
Aimee Cobabe and Linday Aerts

Member of Utah Little League team injured in fall from bunk bed

The Utah Little League all-star team scheduled to play in the Little League World Series, beginning Friday, had one of its players hospitalized after a fall from a bunk bed.
18 hours ago
Kraft Heinz is issuing a voluntary recall of 5,000 plus Capri Sun products after they were found to...
Devin Oldroyd

Some Capri Sun products being recalled by Kraft Heinz

Kraft Heinz is issuing a voluntary recall of 5,000 plus Capri Sun products after they were found to be contaminated with a cleaning solution.
18 hours ago
Provo university...
Amanda Dickson

Provo university hopes to reduce shortage of mental health practitioners

Rocky Mountain University of Health Professions, in Provo, graduated its first class of counselors this year.
18 hours ago
Recall on more than two million Mamaroo and RockaRoo infant swings and rockers...
Alejandro Lucero

4moms infant swings and rockers recalled over strangulation danger

A recall of more than 2 million MamaRoo infant swings and RockaRoo infant rockers has been issued due to a fatal infant strangulation.
18 hours ago
powell plane crash...
Associated Press

Investigation continues after plane plunges into Lake Powell, killing 2

The plane with seven people aboard reportedly was submerged in the lake after the crash on Saturday.
18 hours ago
Traffic moves along I-15 during rush hour in Salt Lake City on Friday, July 1, 2022. (Mengshin Lin/...
Heather Kelly

Preparing transportation plans in case of an emergency

Emergency preparedness means anticipating what you'll need in the future. By planning out transportation, you'll be one step ahead.
18 hours ago

Sponsored Articles

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