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

House under construction...
Ladd Egan

Utah bill seeks to help first-time homebuyers

A bill making its way through the Utah Legislature would create a first-time homebuyer assistance program.
1 month ago
FILE: A for sale sign is pictured in Salt Lake City on Thursday, July 15, 2021. (Kristin Murphy/Des...
Britt Johnson, KSLNewsRadio

Utah ranks 45th in the country for affordable housing

It’s no surprise that housing is expensive right now, but it’s that way everywhere, right? Wrong.
1 month ago
Follow @KSL5TVLike us on Facebook...
Ladd Egan

Unaffordable Utah: Shift your budget to combat inflation

After battling high inflation for nearly two years and a rollercoaster of gas prices, experts say it’s time for Utahns to make some budget shifts to survive the persistent higher prices.
1 month ago
Follow @KSL5TVLike us on Facebook...
Tamara Vaifanua

Tips to reduce your utility bills this winter

A lot of Utahns are shelling out more to keep their homes warm this winter -- about 17% more due to inflation.
2 months ago
Brenda White cookies...
Matt Gephardt

Gephardt Busts Inflation: Rent prices down nationwide but very high in Utah

All over the country, the cost of rent is finally starting to go down. But that is not the case here in Utah.
4 months ago
Follow @KSL5TVLike us on Facebook...
Ladd Egan

Unaffordable Utah: Keep the holiday magic alive without breaking the bank

From the Thanksgiving turkey to the presents under the tree, the holidays are expected to be more expensive this year.
5 months ago

Sponsored Articles

Stack of old laptops with dark background...
PC Laptops

Old Laptop Upgrades You Need to Try Before Throwing it Away

Get the most out of your investment. Try these old laptop upgrades before throwing it out to keep it running fast and efficient.
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to Choose What MBA Program is Right for You: Take this Quiz Before You Apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
Close up of an offset printing machine during production...
Les Olson IT

Top 7 Reasons to Add a Production Printer to Your Business

Learn about the different digital production printers and how they can help your company save time and money.
vintage photo of lighting showroom featuring chandeliers, lamps, wall lights and mirrors...
Lighting Design

History of Lighting Design | Over 25 Years of Providing Utah With the Latest Trends and Styles

Read about the history of Lighting Design, a family-owned and operated business that paved the way for the lighting industry in Utah.
Fiber Optical cables connected to an optic ports and Network cables connected to ethernet ports...
Brian Huston, CE and Anthony Perkins, BICSI

Why Every Business Needs a Structured Cabling System

A structured cabling system benefits businesses by giving you faster processing speeds and making your network more efficient and reliable.
notebook with password notes highlighted...
PC Laptops

How to Create Strong Passwords You Can Actually Remember

Learn how you can create strong passwords that are actually easy to remember! In a short time you can create new ones in seconds.
Utah’s Median Home Price Climbs To $405K