Home Prices Still Rising

Home Prices Still Rising

SANDY (July 26, 2018) – Salt Lake County home prices continued to climb in the second quarter of 2018, according to the Salt Lake Board of Realtors®. The median single-family home price in the April through June period increased to $352,500, up 7.8 percent compared to the median price of $327,000 in last year’s second quarter.

“The Wasatch Front’s strong economy continues to attract thousands of people,” said Adam Kirkham, president of the Salt Lake Board of Realtors®. “Net in-migration combined with household formations are creating a housing deficit that is likely to continue for several more years.”

Home prices increased across all Wasatch Front counties including: Davis, up 9.8 percent; Tooele, up 20.9 percent; Utah, up 10.1 percent; and Weber, up 9.6 percent.

The top 10 highest median prices in the second quarter by ZIP Code were:

  1. Alpine (84004) $720,000
  2. Emigration Canyon (84108) $604,000
  3. Avenues (84103) $590,000
  4. Holladay (84117) $442,500
  5. Holladay (84124) $540,000
  6. Draper (84020) $510,000
  7. Sandy (84092) $490,000
  8. South Jordan (84095) $479,000
  9. Eden (84310) $476,000
  10. Canyon Rim (84109) $469,000

The median sales price of a Salt Lake County condominium also increased in the second quarter to $237,300, up 5.5 percent compared to a median price of $225,000 a year earlier. Condo prices also saw big gains in other Wasatch Front counties.

Sales of single-family homes in Salt Lake County during the second quarter fell 4.6 percent. Davis County saw sales fall 0.7 percent. Sales were down 8.8 percent in Tooele County. Utah County saw sales rise 3.2 percent. Sales in Weber County were up 4.3 percent.

There were 6,608 new listings in the second quarter, down 1.4 percent compared to 6,700 listings in the second quarter 2017. The median days on the market before a listing sold was 30 days in the second quarter, unchanged from a year ago.

About the Salt Lake Board of REALTORS®
The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. Established in 1917, the Salt Lake Board of Realtors® is a leader in protecting private property rights. As Utah’s largest real estate trade association, the Salt Lake Board of Realtors® assists its members to serve the public through continuing education, advocacy and a professional code of ethics.