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Salt Lake County home buyers spent $120K more on houses than a year ago

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Home prices across Salt Lake County have skyrocketed as sales have plummeted by double-digit percentages since last year, according to UtahRealEstate.com.Within Salt Lake County, experts say the median single-family home price increased to $550,000 in the third quarter of 2021, which is a new quarterly high. At the same time in 2020, the median price was $430,000, 28% lower than it is today. This means homebuyers paid $120,000 more than they did a year ago.

 

Salt Lake County wasn’t the only county in Utah to reach new quarterly highs. Median single-family home prices in Davis, Utah, Tooele and Weber counties also broke records.

 

As home prices are soaring, sales are tanking. UtahRealEstate.com says single-family homes in Salt Lake County fell to 3,469 units sold, which is down 20% from a year earlier. Davis, Utah and Weber counties also experienced double digit declines in sales.

 

While sales have been declining and prices have been reaching new heights, experts say 2021 is on track to be Utah’s second-best year in overall home sales.

Tyler Hewitt is the web/social media assistant at UPR. He writes stories every day, updates the website and manages the station's Twitter and Facebook pages. Tyler is a senior at Utah State University and is studying public relations, marketing, and psychology. He loves to write, listen to music, play video games, play tennis and hang out with his fiancé and cat, Juno. He is a great plant dad and recently started collecting vinyl records!