UNAFFORDABLE UTAH

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.

KSL 5 TV Live

Unaffordable Utah

A billboard advertising mortgage rates for buying a house in April 2024....

Daniel Woodruff

‘I got frustrated and gave up’: High mortgage rates keep some Utah homebuyers on the sidelines

Many Utah homebuyers are beginning to give up on owning a home as mortgage rates continue to gatekeep them.

35 seconds ago

FILE - Moab is pictured on Friday, Sept. 17, 2021. A trailer park in the city, referred to as the W...

Mary Culbertson

Moab trailer park residents forced into eviction by city after insurance complications

A community in a Moab trailer park is facing eviction, after they waited for six years for an affordable housing project to complete.

2 days ago

New townhomes...

Eliza Pace

Utah ranked No. 5 worst state to find a starter home

In a recent study, Utah was ranked the fifth worst state to find a starter home. Here's why.

12 days ago

Lehi homes...

Daniel Woodruff

Governor highlights bills to help Utah homebuyers, but will they make a difference?

Gov. Spencer Cox on Thursday highlighted several new bills he just signed into law that are aimed at getting more buyers into the market.

27 days ago

a sign announcing rent...

Daniel Woodruff

Utah senators kill compromise bill giving tenants more notice of rent increases

A Utah lawmaker’s push to give tenants more notice of rent increases hit a wall as Republicans on a Senate committee voted not to advance it.

2 months ago

Homes under construction...

Daniel Woodruff

Utah lawmakers eye changes to first-time homebuyer program

Utah's new first-time homebuyer program could soon be changing.

3 months ago

Sponsored Articles

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why Printer Security Should Be Top of Mind for Your Business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

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