SANDY (Aug. 15, 2016) – The Wasatch Front’s surging economy and strong housing market is boosting the sale of million-dollar homes.
In 2015, there were 169 homes sold above the million-dollar mark along the Wasatch Front (Salt Lake, Davis, Tooele Utah, and Weber counties), a 32 percent increase from 128 sold in 2014.
“A rising economy helped boost home sales in all price categories, including million-dollar homes,” said Cheryl Acker, president of the Salt Lake Board of Realtors®. “However, it is important to realize that three of every four homes sold above $1 million were priced from $1 million to $1.5 million. It remains a challenge to sell a home above $1.5 million, even in today’s strong economy.”
Homes sold above $1 million in 2015 had a median price of $1.3 million up 2 percent from a median price of $1.2 million a year earlier. Million-dollar homes also are selling faster. In 2015, the typical million-dollar listing was on the market for 84 days, down from 100 days in 2014.
The rise of million-dollar home sales along the Wasatch Front comes on the heels of a separate national study that ranked Provo, Ogden, and Salt Lake City the top three “Metro Areas in America with the Most Mansions.”
The study, by SmartAsset, analyzed Census Bureau survey data on people living in America’s largest 100 metro areas. It calculated the percentage of owner-occupied homes that had at least five bedrooms and 15 rooms total. The total included living spaces only, not storage closets, bathrooms, and hallways.
In Provo-Orem, 2.42 percent of homes were considered mansions, way beyond the percentage of any other large U.S. metro. Ogden-Clearfield came in second place at 1.57 percent. Salt Lake City was No. 3 at 1.44 percent. Each Wasatch Front city boasted more mansions as a percentage of homes than Honolulu, Orlando, Fla., Dallas, New York City, and San Francisco. Only four other U.S. metros broke the 1 percent mark.
Acker added that Utah’s large families and booming economy are contributing to a rise in the construction of bigger homes.
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 better serve the public through continuing education, advocacy and a professional code of ethics.