2021 Housing Market Comparison
The start of 2021 brought one of the largest increases in home values in years!
Last year realtors – our team included – were amazed as housing prices quickly rose fueled by reduced inventory and increased buyer interest. we could not believe it when Utah ‘s median days on market dropped to 12 then 7 as the year came to an end. Of course things only became more tight when the days on market bottomed out at 5 in April of 2021.
While the Median Days on Market for Utah properties has begun to increase (currently 12), it still has a long way to go to get back up to previous reported metrics which hovered in the mid to low 30’s.
The reduction in days that homes stayed on market was one of the many factors that led to the increase in property values. Since October 2018, property values in Utah have risen bringing the median sold price up over $200,000 in just a few years. The data shows a median of $414,000 in October 2018 and a median of $646,000 was observed at the time of this report (Oct 6, 2021).
Appreciation Reports by Market
Across the state, homes have appreciated dramatically over the last few years as noted above. Data from the Utah MLS shows that since 2018, Utah properties have increased in value by 63.9%! To put that in perspective, a home valued at $250K at the start of 2018 would be valued at nearly $410K today ($409,750). The graphs included in this section show property value appreciation from all of Utah and segmented data showing property reports for Salt Lake, Utah, Davis, and Wasatch Counties.
Strong annual appreciation is anticipated to continue through the end of the year and well into the next making now an excellent time to invest or upgrade your home!