Utah has more ‘million-dollar cities’ as home prices climb

Apr 3, 2024, 5:57 PM | Updated: 6:37 pm

SALT LAKE CITY — The American Dream is getting further out of reach for many Utah families.

Home prices are climbing again in our state – and elsewhere. According to Zillow, there are now a record 550 cities across the U.S. with typical home prices of at least $1 million.

Utah has six of these “million-dollar cities,” according to the study, which puts it in the top 15 for the entire country. Those cities include Park City, Alta, Granite, Alpine, West Mountain (in southern Utah County), and Kamas.

But that doesn’t mean other places in Utah are markedly less expensive.

An example of a house listed at over $1 million in Salt Lake City, Utah on April 3, 2024. (Mark Wetzel, KSL TV)

“A lot of cities didn’t make the list, but they were pretty dang close,” said Dejan Eskic, housing analyst at the Kem C. Gardner Policy Institute at the University of Utah.

It’s all part of a housing market where prices are climbing.

“Honestly, I still can’t believe it given how high interest rates are,” Eskic said, noting housing prices in Utah are up year over year.

Eskic also pointed out a million-dollar home today is older and smaller than it used to be.

Justin Hutchins, a real estate broker, said it’s “not surprising” to see an increasing number of cities with million-dollar average prices.

“It’s not just out-of-staters that are coming and dropping cash – money bags – on these million-dollar homes,” Hutchins said. “It’s people within the state.”

Hutchins acknowledged that news like this “can be daunting, especially for first-time homebuyers” dealing with affordability concerns. He said those buyers need to be patient and realistic as they navigate this competitive market.

“Starting out in something like a condo or a townhome isn’t the worst idea as you can build equity,” Hutchins said.

There are a few silver linings for buyers. Eskic said the supply of homes for sale is improving, and interest rates are still widely expected to improve at some point later this year.

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Utah has more ‘million-dollar cities’ as home prices climb