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