ALL NEWS

Median home sale price in Utah reaches $450K

Jul 14, 2021, 3:19 PM

salt lake tiny home...

FILE - Due to the high cost of apartments and houses, Salt Lake City officials are asking residents for ideas on how to solve the housing shortage. .

SALT LAKE CITY– July isn’t the month the average price of a Utah home drops. The median sale price of homes in Utah is up to $450,000, the Utah Association of Realtors reported Wednesday. That’s 30% higher than it was in June 2020, when the median sale price was $345,000. 

Additionally, the number of homes for sale in June declined about 53% compared to June of last year. The report includes home sales in both urban and rural areas of the state of Utah.

Average Utah home price poses problems for some 

Out-0f-state buyers, low-interest rates and low unemployment are all cited as reasons for skyrocketing home prices in Utah.

But for those who are trying to buy homes, the situation is increasingly difficult.

“Those who are left behind are about 30% of households in Utah. That’s the renter population,” said James Wood with the Kem Gardner Institute at the University of Utah.

Adam Kirkham with the Realtors Association says one potential answer to rapidly rising home prices in Utah is increasing the number of new homes.

“We are always keeping our minds and our goal on helping builders build new homes, which will keep with the demand of new family household creation,” Kirkham told KSL Newsradio.

Wood says that appears to be happening this year.

“For much of the past decade,” Wood said, “we had periods where we had a lot more households than we were getting new housing units because of, really, the Great Recession and how long it took to recover from that.”

According to Wood, roughly 35,000 new housing units are under construction and about 28,000 new households are expected to need a place to live.

Related:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

All News

The OLRGC released an analysis of the expected topics to be discussed during a special session of t...

Simone Seikaly

Extending state flooding emergency, firearm restrictions, among topics for Utah special session

The OLRGC released an analysis of the expected topics to be discussed during a special session of the legislature.

11 months ago

A video recorded by Facebook user Larry Jacquez shows the police response following the shooting in...

Jamiel Lynch, CNN     

At least 3 people killed and 2 officers wounded in a shooting in Farmington, New Mexico, police say

Multiple people were shot and at least three killed in a shooting in Farmington, New Mexico, police said in a Facebook post.

11 months ago

A new release from Intermountain Healthcare shows that younger adults are becoming more susceptible...

Waverly Golden

Younger adults are becoming more susceptible to strokes

A new release from Intermountain Healthcare shows that younger adults are becoming more susceptible to stroke.

11 months ago

If you plan to camp over Memorial Day Weekend, you may want to begin the planning process now....

Allessandra Harris

Camping over Memorial Day Weekend? Plan ahead

If you plan to camp over Memorial Day Weekend, you may want to begin the planning process now.

11 months ago

slcpd on the scene of the deaths...

Josh Ellis

Police: Teen killed by father in murder-suicide in SLC office building

Police responded to the office complex near 3000 S. Highland Drive on Saturday after emergency responders received a call from a community member who reported finding a body.

11 months ago

Melissa Coleman crouches next to her husband, , Brad Coleman, of North Ogden, who sits in a wheelch...

Jenny Carpenter, KSL.com

Young stroke victim survives with quick, lifesaving treatment in northern Utah

After a 36-year-old man had a stroke, he and his wife say to be aware of the signs of stroke and that young people are also at risk.

11 months ago

Sponsored Articles

close up of rose marvel saliva blooms in purple...

Shannon Cavalero

Drought Tolerant Perennials for Utah

The best drought tolerant plants for Utah can handle high elevations, alkaline soils, excessive exposure to wind, and use of secondary water.

Group of cheerful team members high fiving each other...

Visit Bear Lake

How To Plan a Business Retreat in Bear Lake This Spring

Are you wondering how to plan a business retreat this spring? Read our sample itinerary to plan a team getaway to Bear Lake.

Cheerful young woman writing an assignment while sitting at desk between two classmates during clas...

BYU EMBA at the Marriott School of Business

Hear it Firsthand: 6 Students Share Their Executive MBA Experience at BYU’s Marriott School of Business

The Executive MBA program at BYU offers great opportunities. Hear experiences straight from students enrolled in the program.

Skier being towed by a rider on a horse. Skijoring....

Bear Lake Convention and Visitors Bureau

Looking for a New Winter Activity? Try Skijoring in Bear Lake

Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and gates.

Banner with Cervical Cancer Awareness Realistic Ribbon...

Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer.

Kid holding a cisco fish at winterfest...

Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy.

Median home sale price in Utah reaches $450K