Median Home Price Climbs to $355,000
SANDY (Oct. 29, 2018) – Salt Lake County home prices continued to climb in the third quarter of 2018, according to the Salt Lake Board of Realtors®. The median single-family home price in the July-through-September period increased to $355,000, up 9.2 percent compared to a median price of $325,000 in last year’s third quarter.
“Strong demand for homes is being driven by new household formations and net migration,” said Adam Kirkham, president of the Salt Lake Board of Realtors®. “This has created a housing deficit that continues to push prices higher.”
Home prices increased across all Wasatch Front counties including: Davis, up 10.9 percent; Tooele, up 14.6 percent; Utah, up 11.3 percent; and Weber, up 9.6 percent.
The top 10 highest median prices in the third quarter by ZIP code area were:
1. Alpine (84004) $735,000
2. Emigration Canyon (84108) $635,000
3. Avenues (84103) $614,000
4. Holladay (84117) $562,089
5. Draper (84020) $541,836
6. Holladay (84124) $505,000
7. Eden (84310) $487,450
8. South Jordan (84095) $477,000
9. Sandy (84092) $474,750
10. East Millcreek (84109) $470,500
Sales of single-family homes in Salt Lake County were down 0.3 percent in the third quarter year-over-year, following a second quarter drop of 4.6 percent. Davis County saw sales fall 11.8 percent. Sales were flat in Tooele County. Utah County sales were down 1.4 percent. Sales in Weber County were up 9.6 percent.
The typical Salt Lake home was on the market 31 days in the third quarter before it sold, unchanged from 31 days on the market in last year’s third quarter.
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.