2021 Year End Market Report

Summit Sotheby's International Realty takes an in-depth look at historic real estate market data from across Utah from Park City and the Wasatch Back to the Salt Lake Valley, St. George and Southern Utah. Catch a glimpse of current average property prices, days on market, and months supply of inventory in this comprehensive annual report from 2021.
 
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Utah is becoming a magnet for in-migration, many looking to improve their quality of life and enjoy the lower overall cost of living. Realtor.com has ranked Salt Lake City as the No. 1 housing market poised for growth in 2022, projecting a 15.2% year-over-year increase in sales and a further 8.5% increase in prices. Utah also boasts the nation's strongest pace of job growth, and record unemployment.
 
Statewide, housing prices have increased by 27% in 20221. Along the Wasatch Front the average sold price has increased YOY by 25.1% to $570,893, 32.1% in Southern Utah to $577,930, and 39.3% along the Wasatch Back to $2,014,661. The median home price in Salt Lake County increased to $499,000 at the end of 2021, up 26% compared to $394,252 a year earlier. The average in Salt Lake County has now soared past the half a million mark to $570,893, up 25%. Standing inventory statewide is less than half of what was available in January 2021(11,396 properties), with December 2020 marking the lowest inventory in two years with only 5,171 properties listed along the Wasatch Front, Wasatch Back, and Southern Utah.

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