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Salt Lake City ranks second in nation for increase in housing prices

Oct 18, 2021, 11:08 AM | Updated: Oct 19, 2021, 6:33 am

The median price of a home in the United States just went down for the first time in 10 years. ...

A “for sale” sign is displayed outside of a house in Layton. Median price of a home just went down for the first time in 10 years. A Utah realtor joined KSL at Night to discuss what this means for Utah. Photo: Shafkat Anowar, Deseret News

SALT LAKE CITY — Home prices across the country have been skyrocketing and Utah isn’t immune. According to a new study by Remax, Salt Lake City has ranked second in the nation for the largest increase in home-sale prices.

According to their report, the median home sale price in Salt Lake is $490,000, which was the highest average of the 52 metro areas they looked at. From September 2020 until now the average priced home in Salt Lake rose 27.3% and was only beat by our neighbor to the north in Boise Idaho where prices jumped 28.8%.

Josh Horner, a Realtor with Remax Master’s in Salt Lake, said while the number of offers on properties has dropped in the last few months, the demand is still strong.

“We believe this drop is due to a segment of buyers who stopped looking for homes at this time because they simply couldn’t compete,” Horner said.

“Remaining, however, are the buyers who can really compete with cash or high offers, investors and even institutional buyers. It might be a slightly smaller segment of buyers but they’re the serious ones. The demand for housing from local Utahns as well as out-of-state buyers remains strong. We’ve listed and sold 13 homes in the last few months in Sugarhouse and Park City; all of which went under contract in 1 to 20 days.”

Horner added that Utah’s continued population growth and the favorable business market and low taxes are keeping the housing market hot. 

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Salt Lake City ranks second in nation for increase in housing prices