There is a trend in the housing market and it has been going for 12 consecutive months! What is it? Increasing home prices. That's right, for the past year each month has had higher home prices than the previous year.
How much? The average single-family home price in Salt Lake County has increased 20% from last year. That brings the median price up to $228,750 (compared to last year's $192,500). Salt Lake County isn't the only one seeing this increase! Davis County had a 12% increase, along with Utah and Weber counties which each had double digit increases.
What does this increase mean for you? If you're thinking about selling your home this is great news. Low inventory is one of the driving factors of increasing home prices. You can capitalize on this opportunity by listing while the market is hot. As more people are able to sell, the supply of homes will increase which could impact your sales price.
Check your home's sell-ability here
Where are homes selling? In the past 3 months, Clearfield had the most homes sell (173) with South Jordan coming in second (160) and Lehi a close 3rd (154). The most expensive homes selling this year were in Alpine. The median sold price in Alpine was $404,600. So how did your city do? Give me a call and speak with the real estate expert in your area.
Here is a complete list of the housing market statistics by ZIP code provided by the Salt Lake Board of Realtors.
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