Top 10 Highest Median Single-Family Home Prices along the Greater Wasatch Front
Salt Lake County home prices climbed to an all-time high in the third quarter, according to the Salt Lake Board of Realtors®. The median single-family home price in the July-through-September period reached $381,500. That’s up 7.5 percent compared to a median price of $355,000 in last year’s third quarter. Just three years ago, the median single-family home price reached $300,000, which was then an all-time high price. The previous peak home price was in the third quarter of 2007, when home prices topped $256,000 (or $298,085 in inflation-adjusted dollars). Home prices increased across all Wasatch Front counties including: Davis, up 6.2 percent; Tooele, up 2.6 percent; Utah, up 4.4 percent; and Weber, up 10.3 percent. Sales of single-family homes in Salt Lake County were flat (up 0.7 percent) in the third quarter year-over-year. Davis County saw sales increase 9.8 percent. Sales in Tooele County were up 4.7 percent. Utah County sales were up 11.8 percent. Sales in Weber County were up 12.1 percent. In the third quarter, the typical Salt Lake home was on the market 37 days before it sold – six days longer than the average time for a home to sell during the third quarter of 2018
2025 Housing Market Forecast for Buyers & Sellers
2025 housing market: moderate rise in home sales, stabilized mortgage rates, and slower price increases. All-cash buyers make up 26% of sales, driven by increased homeowner equity.
Home Prices Stay High, Buyers Wait for Relief
In October, the combination of rising mortgage rates and high home prices has slowed home sales to a 14-year low.New single-family home sales ↑ 4.1% MoM, signaling potential market recovery.
How To Use the 28/36 Rule To Determine How Much House You Can Afford
The 28/36 rule is a guideline for determining how much house you can afford. It states that your total housing costs should not exceed 28% of your gross income, and your total debt should not exceed 36%. This rule helps ensure that you don't take on too much...
Governors of Western states consider public lands for developing affordable housing
Colorado Gov. Jared Polis and other Western governors are exploring the use of federal lands to address the affordable housing crisis in the region. In Nevada, officials are leveraging a federal law to acquire land for development at reduced prices, while...
Household debt in Utah rising at one of the fastest rates in the nation
A report reveals that Utah has one of the highest rates of household debt growth in the U.S., with residents adding over $1 billion in debt between the second and third quarters of 2024. The average household increased its debt by more than $1,000, ranking just behind...
Tips for Cutting Costs: Boost Savings for Home Buying!
Create a budget by listing income sources, tracking spending, and identifying non-essential expenses to reduce. Set financial goals by researching housing markets, breaking down savings into monthly or yearly targets.
Will You Owe Taxes When You Sell Your Home?
Homeowners may owe taxes if their profit exceeds the exclusion limits when selling their home. Single filers can exclude up to $250K in profits; couples filing jointly can exclude up to $500K.
Mortgage Calculator: How Much You Need To Buy a Home in Utah at a Rate of 6.60%
The average rate on a 30-year mortgage has decreased to 6.60%. In Utah, the median home price is $595,000, requiring a 20% down payment of $119,000, resulting in a monthly payment of $3,040. With a 10% down payment, the upfront cost is $59,500, leading to a monthly...
How to Maximize Profit When Selling a Damaged House
Selling a damaged house can still be profitable if you follow certain strategies. Start by staging the property to highlight its best features. Make necessary repairs without overspending. Improve curb appeal by cleaning up the exterior. Depersonalize and deep-clean...
Realtor.com 2025 Housing Forecast
In 2025, home prices are projected to rise by 3.7%, with mortgage rates averaging 6.3%. The housing market may experience shifts due to potential regulatory and tax changes under a Trump administration. Home sales are expected to increase by 1.5%, while for-sale...