According to the latest report from the Utah Association of REALTORS®, the median price of homes sold in June surged more than 30% compared to last year, reaching a record high of $450,000. That’s a jump of $105,000 from June 2020 — and marks the 111th consecutive month of year-over-year price increases.
What’s Driving the Price Boom?
The simple answer: a shortage of homes for sale.
Inventory at the end of June was down 53% compared to last year, leaving just over 5,300 homes available statewide — a record low for this time of year. With only 1.1 months of supply, the market is far from balanced. (A healthy market typically has around six months of supply.)
This tight inventory means multiple offers are common, and homes are selling in record time — averaging just 18 days on market. Sellers are also receiving an average of 103.5% of their original asking price, meaning most homes are selling for above list price.
What It Means for Buyers
If you’ve been waiting for prices to come down, you might be waiting a while. The current conditions — low inventory, strong demand, and historically low interest rates — continue to drive competition.
And while affordability is tightening (a Utah family earning the median income now has just 85% of the income needed to buy a median-priced home), acting sooner rather than later could be the key to securing a home before prices climb even higher.
Even with rising prices, real estate remains one of the most stable long-term investments, especially in a state like Utah, where population growth and strong job markets continue to fuel housing demand.
What It Means for Sellers
For homeowners considering selling, this is one of the strongest seller’s markets Utah has ever seen. Homes are moving fast, often with multiple offers and over-asking bids. Listing now could mean maximizing your home’s value while buyer demand remains high.
Bottom Line
Whether you’re a buyer trying to get into the market or a seller ready to take advantage of record equity, now is the time to make a move.
Let’s talk about your goals.
I can help you navigate this competitive market — whether it’s finding the right home before prices rise again or strategically listing your property to attract top-dollar offers.
Contact me today. Whether you’re buying your first condo, searching for your next family home, or ready to list your property, I’m here to guide you every step of the way in Utah’s competitive market.
