Price of Salt Lake Homes Hits New High

Price of Salt Lake Homes Hits New High

The price of a single-family home has increased to its highest point ever before, according to the Salt Lake Board of Realtors®. In the July-August-September quarter, the median price of a Salt Lake County single-family home increased to nearly $330,000, a 10 percent rise year-over-year and a 67 percent climb (nominal dollars) compared to the third quarter of 2011 when home prices bottomed at $197,000. Adjusted for inflation, home prices today are 54 percent higher than in 2011. The top 10 most expensive Wasatch Front ZIP codes in the third quarter were:

  1. TheAvenues(84103) $608,000, up 22%
  2. Emigration Canyon (84108) $550,000, up 16%
  3. Alpine (84004) $497,000, up 5.9%
  4. Draper (84020) $465,000, up 5.0%
  5. Holladay (84117) $465,000, up 21%
  6. Eden (84310) $460,900, up 7%
  7. Holladay (84124) $456,000, up 11%
  8. Sandy (84092) $449,000, up 12%
  9. South Jordan (84095) $441,592, up 8%
  10. Canyon Rim (84109) $428,850, up 6%

Sales of single-family homes in Salt Lake County fell to 3,442 units sold in the third quarter, a 9 percent drop compared to sales a year ago during the same period. Home sales were down 1 percent in Davis County, down 2 percent in Tooele County, down 4 percent in Utah County, and up 0.4 percent in Weber County.

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