SALT LAKE CITY – Home prices in Salt Lake County are higher than ever before.
According to the Deseret News, a home in Salt Lake County now has a median price of $386,000, an increase of $100,000 from five years ago.
President of the Salt Lake Board of Realtors, Scott Robbins, told the paper a key factor is people moving to Utah from other states. He just helped a couple sell their 1,300 square foot home in Los Angeles for $1.1 million. They turned around and bought a home nearly four times the size for $700,000 in Draper, Utah.
According to Robbins, Utah’s growing national profile and lower cost of living attracts people who don’t want to pay Seattle or San Francisco real estate prices, but the higher cost may be pricing out young couples or families, who are moving to Utah County or Tooele instead. The number of sales has gone down as the median price increased in Salt Lake County. Other young people are choosing to rent instead of buy.
Inventory is the lowest it’s been in 20 years, Robbins said. The high demand and low availability of homes keeps pushing prices up.
Listen to Scott Robbins speak live with Tim and Amanda on Utah’s Morning News below.
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