Salt Lake County saw the median single-family home price fall to $582,500 in the second quarter of this year, representing a 7 percent decline from $623,138 in same quarter last year, according to new data released by UtahRealEstate.com.
But despite the drop in home prices, homeowners are sitting on plenty of equity, the report said. At the start of the COVID-19 pandemic in March 2020, the median single-family home price sat at $410,000 in the county. But by July, the median single-family home price had climbed to $610,000, a staggering 49 percent increase.
Recent data reveals that the most affordable{mprestriction ids="1,3"} single-family homes in the Wasatch Front region are in Salt Lake City’s Glendale community, within the 84104 ZIP code area. In this neighborhood, the median single-family home price dropped to $381,000 in the second quarter of 2023, marking a 7 percent decrease from the previous year’s median price of $409,000.
The other ZIP code areas rounding out the top five most affordable regions are South Ogden (84403) at $400,000, down 9 percent from last year; Roy (84067) at $410,000, down 8 percent; Kearns (84118) at $420,000, down 7 percent; and West Valley City (84119) at $420,000, down 4 percent.
Home sales fell to 2,161 units sold in the second quarter, down 25 percent from 2,864 units sold in the second quarter of 2022. Sales also fell in the surrounding Wasatch Front counties.
According to UtahRealEstate.com, one contributing factor to the drop in home prices across the Wasatch Front has been the rise in mortgage interest rates. Freddie Mac reports that the 30-year fixed-rate mortgage has now reached its highest level since 2001.
The story is similar in counties neighboring Salt Lake County. Tooele County experienced a 9 percent decline in single-family home prices while Utah County was down 7 percent, Weber Ccounty down 6 percent and Davis County saw a 5 percent decrease.
The median sale price for condominiums in Salt Lake County also fell, down 7 percent to $415,000 in the second quarter.
The report said homes in Salt Lake County remained on the market for an average of 37 days before going under contract in the second quarter, a notable increase from just 14 days in the same period of 2022.{/mprestriction}
