Current home values in Utah

Since 2020, median home values in Utah have increased by an impressive 50.2%. At the beginning of the decade, the average home sold for $335,000, but by May of this year, that figure had risen to $509,900, as reported by the Utah Association of Realtors.

The state of Utah has seen one of the most significant housing price increases since 2020, with only a handful of other states climbing by 50%. Additionally, Utah has the youngest-aged population in the U.S., at a median age of 31.1 years.

“Population growth in Utah has traditionally come from childbirth, but for the last two years, 61 percent of our population growth came from job-related in-migration, and this is really straining the market,” said Dejan Eskic, senior research fellow at the University of Utah’s Kem C. Gardner Policy Institute, in a recent report by Utah Business.

He adds that housing affordability continues to worsen in the state, with thousands of new residential units and households needing to be built in the next several decades to keep up with population growth.

“There is so much pent-up demand for housing in Utah, this new supply we anticipate coming to market over a 10-or-more-year period will probably not move the needle much, if at all. And it gets worse because those who do decide to downsize are going to have their eyes on the same starter homes as these first-time homebuyers.”

The table below illustrates the sharp rise in Utah home prices over the last five years:

This trend isn’t unique to the Beehive State; it’s evident across the entire country. A quick glance at the S&P CoreLogic Case-Shiller National Home Price Index reveals that U.S. home prices have climbed by over 50% since the start of 2020.

This drastic increase has allowed homeowners to accumulate significant equity in their properties, which can be used for various financial opportunities such as purchasing new homes, renovating existing ones, saving for retirement, or investing in other ventures. According to ICE’s Mortgage Monitor report, as of early 2024, the average homeowner with a mortgage currently holds $299,000 in equity.

For comparison, the table below shows median home prices in several of Utah’s largest cities:

In the following section, we’ll guide you through how to estimate the value of your Utah home.