Salt Lake County home prices continued to surge in the first three months of 2018, according to the Salt Lake Board of Realtors®. The median single-family home price in the first quarter climbed to $340,000, up 13.3 percent compared to the median price of $300,000 in last year’s first quarter.
Salt Lake County’s median home price is the highest ever recorded and is 11 percent higher than the previous peak in home prices, which occurred in the summer of 2007 when the median single-family home price reached $306,624 (inflation adjusted dollars).
The Top 10 most expensive Wasatch Front areas in Q1 by median home price:
1. $600,000—Emigration (84108) up 19.5 percent
2. $555,000—The Avenues (84103) up 20.4 percent
3. $522,000—Alpine (84004) up 7.4 percent
4. $501,500—Holladay (84124) up 14.7 percent
5. $486,000—Draper (84020) up 3.5 percent
5. $486,000—Holladay (84117) up 10.2 percent
6. $465,000—South Jordan (84095) up 16.7 percent
7. $456,400—Sandy (84092) down 7.4 percent
8. $440,550—East Central SLC (84102) up 31.3 percent
9. $437,000—Eden (84310) down 3.4 percent
10. $431,000—Canyon Rim (84109) up 3.9 percent
“Higher home prices are becoming a hurdle for many first-time home buyers,” said Adam Kirkham, president of the Salt Lake Board of Realtors®. “Demand for homes continues to outpace supply. The shortfall in housing units is likely to continue for several more years.”
A new report by the University of Utah’s Kem C. Gardner Policy Institute said that since 1991 the increase in housing prices in Utah ranked fourth highest in the nation. Population increases and net in-migration are driving home prices and sales higher. The number of existing single-family homes sold in Salt Lake CTop ounty in the first quarter increased 4.7 percent year-over-year. Condominium sales during the same period jumped 10.9 percent.
Across the Wasatch Front area the median home price in the first quarter increased to $315,000, up 12.5 percent year-over-year. There were 6,072 single-family homes sold in the five-county area, up 8.5 percent from 5,592 homes sold during the same quarter last year. The median days a home was listed on the market was 24 days, down from 27 days a year ago.
Source: Salt Lake Board of Realtors