In the last year, median home sales prices are up over 27% in SLC

Having ranked No. 2 in terms of population growth from 2020 to 2021 according to the U.S Census Bureau, Utah’s populace boom is resulting in a housing shortage in Salt Lake County. Photo: Salt Lake City Mayor Erin Mendenhall

SALT LAKE CITY — In RE/MAX’s latest National Housing report released this week, data shows that median home sales prices in Salt Lake City rose 27.3%, from $385,000 in September 2020 to $490,000 in Sep. 2021.

For all of the 52 metro area sales prices in the report, prices overall were up 12.5% compared to Sep. 2020.

“Utah currently has a very durable economy and real estate market,” Josh Horner with RE/MAX in Salt Lake City told the Deseret News.

Salt Lake City ranked third overall in the largest year-over-year decrease in home sales since Sep 2020, at -14.9%.

“This was the second-most active September for sales in 14 years, trailing only 2020, which was an outlier in many ways,” said Nick Bailey, President of RE/MAX.

“Affordability remains a challenge in most metros, where tight inventory continues to push prices. Homebuilders are trying to fill the gap – especially with multi-family home construction – but many of them are held up by shortages in labor and materials. That said, the market’s still active – just not quite at the pace we saw earlier this year.”

Boise, Idaho has seen the largest median sales price increase in the last year, with a year-over-year change of 28.8%.

Additionally, it was ranked fifth overall for the largest sales volume decrease, at -13.6% since Sep 2020.