UNAFFORDABLE UTAH

Utah’s Median Home Price Climbs To $405K

Apr 26, 2021, 7:36 PM | Updated: 11:14 pm

SANDY, Utah – Home prices in Utah continued moving higher as the median sales price reached a record high of $405,000 in March, according to data compiled by the Utah Association of Realtors.

That equates to a price increase of nearly 20%, compared to March of 2020 when the median home sales price was $338,000. In March of 2019, the median sales price in Utah was $305,000.

“It’s insane,” said Dave Robison, the owner of goBE Realty, to describe Utah’s housing market. “It’s unheard of. It’s unprecedented. We’ve never seen anything like it.”

Rising prices didn’t stop buyers from completing purchases in March. In fact, Utah set a record for the most homes sold (4,390 homes) during any March since the association’s records started in 2003.

The association’s March report said new homebuilders were working to add homes to the market, but that supply chain issues and rising construction prices were limiting new home construction.

“Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months,” said the March “Monthly Indicator” that was released on April 23.

Robison said Utah’s housing shortage has made it especially difficult for first-time buyers who are competing against dozens of other potential buyers.

“You may have to put offers on 30 homes, or something, if you’re in that lower price bracket,” he said.

Robison, who was the 2020 president of the Utah Association of Realtors, said some of his clients were getting priced out of the market.

“That’s probably the hardest conversation to have is to tell someone, ‘Guess what? You can’t afford a home now,’” he said.

Current interest rates have helped buyers absorb the rising home prices, Robison said. He worries about future generations being able to stay in Utah.

“The public as a whole is really being hurt by this right now because it affects our entire culture,” Robison said. “It affects everybody. We really need a lot more housing and we need it more affordable.”

KSL 5 TV Live

Top Stories

Unaffordable Utah

County leaders broke ground Friday to transform two public housing buildings into modern affordable...
Jed Boal, KSL TV

Work begins on 300 affordable housing units for Salt Lake seniors

Salt Lake County made a big move Friday to preserve and improve nearly 300 affordable housing units for seniors.
2 months ago
...
Ladd Egan, KSL TV

Home valuations jump dramatically, but watchdog group says to expect modest increase in property taxes

Assessors across Utah are finishing up home valuations for upcoming property tax notices, and two counties are already reporting big increases in values.
2 months ago
Utah's hot housing market...
Ladd Egan, KSL TV

Utah housing expert predicts pullback in activity because of mortgage rates

An expert in Utah’s housing market expects that rising mortgage rates will cause a pullback in real estate activity and a slowdown in home price increases.
2 months ago
...
Lauren Steinbrecher, KSL TV

SLC neighborhood townhall raises questions over Affordable Housing Incentives proposal

Thursday night, concerns arose at a community townhall in a Salt Lake City neighborhood over an affordable housing incentives proposal, that some worry is deeply flawed.
2 months ago
...
Ladd Egan, KSL TV

Unaffordable Utah: Budget-friendly family summer fun

After two summers of pandemic restrictions, Utah families are itching to have some fun. If inflation, gas prices, and sky-high plane tickets are taxing your budget, don't worry! KSL has the solutions.
3 months ago
...
Ladd Egan, KSL TV

National home builder confidence drops to two-year low

For the fifth straight month, national home builder confidence fell, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
3 months ago

Sponsored Articles

tips how to quit smoking...

7 Tips How to Quit Smoking | Quitting Smoking Might be One of the Hardest Things You Ever Do but Here’s Where You Can Start

Quitting smoking cigarettes can be incredibly difficult. Here are 7 tips how to quit smoking to help you on your quitting journey.
Photo: Storyblocks...
Blue Stakes of Utah 811

Blue Stakes of Utah 811: 5 Reasons To Call 811 Before You Dig When Working in Your Yard

Call before you dig. Even at home, you could end up with serious injuries or broken utilities just because you didn't call Blue Stakes of Utah 811.
Days of...
Days of '47 Rodeo

TRIVIA: How well do you know your rodeo? Take this quiz before you go to the Days of ’47!

The Utah Days of ’47 Rodeo presented by Zions Bank is a one-of-a-kind Gold Medal Rodeo being held July 20-23, 25 at 7:30 PM. The Days of ’47 Rodeo How well do you know your rodeo trivia? Take the quiz to test your know-all before heading out to the Days of ’47 Rodeo at the […]
cyber security through multi factor authentication setup...
Les Olson IT

How multi factor authentication setup helps companies stay safe

Multi factor authentication (MFA) setup is an important security measure that every company should implement for their workers. It’s also wise to install it for your personal and home accounts.
...
Lighting Design

Check out these stunning lamps with stained glass shades

Lamps with stained glass shades are statement pieces that are more than simply aesthetic. They also meet a functional requirement: to light up a room.
Address Bar of internet browser shows internet access...
AARP Utah

Utah voters 50+ support increased access to Internet

The AARP surveyed Utah voters aged 50 plus about internet access and if they support the expansion of broadband, especially in rural areas currently lacking it.
Utah’s Median Home Price Climbs To $405K