Number of Salt Lake homes selling above listing price could continue to drop

SALT LAKE CITY — Just under 30% of homes in Salt Lake are selling above their listing price. Data from Redfin shows that’s a 6.5% decrease from this time last year.

Russell Faucette, owner of The Stern Team, said Utah’s housing shortage is driving the decrease. 

“If there were more homes on the market, there would be more choices for buyers, and we wouldn’t end up in the multiple offer situation.”

Faucette also said it’s homes in the lower price ranges that are selling for more.

“Anything under $500,000, if it’s in good condition, is more than likely going to go multiple offers and sell above list price.”

If interest rates drop in the next few weeks, it’s likely that even fewer homes will sell for more than their listing price in Salt Lake.

“That could actually cause a lot of people that have been sitting on the fence, waiting for this moment, to get back into the market and start shopping,” Faucette said.

Related: 

• West side housing project looks to add more low-income apartments to Salt Lake City
• Housing market slows down, but expert says that won’t decrease prices
• “Priced out and Fed Up”: survey finds issues with housing affordability