Salt Lake County sees year-to-year home prices drop for first time since 2011
For the first time since 2011, Salt Lake County is seeing a decrease in year-to-year housing prices.
In December 2022, the median single-family home price for the county dropped to $541,900, 6% less than the previous year, making it the first time there’s been a decline in over a decade. Home sales in the county throughout all of 2022 were also down 26% from 2021, the single biggest year-to-year drop since 1997.
Prices of single-family homes in Salt Lake County initially increased to nearly 60% of their original price from March 2020 to May 2021 during the heat of the COVID-19 pandemic, but now, home buyers are noticing these rates slowly decreasing.
Rob Ockey, president of the Salt Lake Board of Realtors, says that the demand for housing is strong at the moment. With that in mind, it’s possible that the county will continue to see a decline in home prices to match that demand.