Utah is among the most expensive states in the nation to own a home, especially because of its skyrocketing housing prices in the past several years.
That’s according to a new report by the real estate website Agent Advice, which analyzed the typical price of homes throughout the country from March 2021 to March 2023 — years that will go down in history for their erratic impacts on the housing market.
Utah was named the sixth most expensive state to buy a home, with a typical home price of $506,072 as of this past March, according to Agent Advice’s analysis. The site used price and percentage increases in that three-year range for its rankings.
While housing prices appreciated rapidly amid the pandemic housing frenzy, more recently they’ve begun to taper and even decline in many areas — especially the overheated West — as the Federal Reserve battles to tamp down inflation.
Local data from the Salt Lake Board of Realtors show Utah prices bottomed this winter, but since then have been on an upward trajectory. In Salt Lake County the median price of single-family homes was $600,000 in June, up 12% from January when single-family home prices bottomed at $535,700.
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Source: www.deseret.com
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Sandstone Group
