Salt Lake City ranks second in nation for increase in housing prices

SALT LAKE CITY – Property prices have skyrocketed across the country and Utah is not immune. Salt Lake City ranks second in the country for the largest increase in home sales prices, according to a new study by Remax.

According to their report, the average home sale price in Salt Lake is $ 490,000, which was the highest average of the 52 metropolitan areas studied. From September 2020 to date, the average house price in Salt Lake rose 27.3% and was only beaten by our northern neighbor in Boise Idaho, where prices rose 28.8%.

Josh Horner, a Salt Lake estate agent with Remax Master’s, said while the number of property listings has declined in recent months, demand is still strong.

“We believe this decline was due to a segment of buyers who at that point stopped looking for homes because they simply couldn’t compete,” Horner said.

“What remains, however, are the buyers who can really compete with cash or high offers, investors and even institutional buyers. It may be a smaller segment of buyers, but it’s the serious ones. The demand for housing from both local Utahners and buyers from abroad remains strong. We have listed and sold 13 homes in Sugarhouse and Park City in the past few months; all of which went under contract in 1 to 20 days. “

Horner added that continued Utah population growth, cheap business market, and low taxes keep the housing market hot.

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