Here’s a quick update on what’s happening in northern Utah real estate.
Almost every day, people ask me if the real estate market in northern Utah is still crazy.
To be sure, the real estate market continues to be strong in 2021. Currently here in northern Utah, a new listing stays on the market for about five days before it goes under contract. The biggest reason for that is our low inventory.
In Salt Lake County, inventory is down by 16%. The median sales price is currently $415,000, which is a 13% increase over this same time last year. In Davis County, inventory is down by 30% over last year. The median sales price is $400,000, which is 14% more than last year.
“Due to of our low interest rates, it’s still a great time to buy a home.”
In Weber County, inventory has dropped 33% year over year. The median sales price is $321,000, which is 18% higher than in 2020. The inventory in Box Elder County has seen a 7% drop year over year. The current median sales price there is $188,000, an 11% increase over last year.
Needless to say, we’re in a hot seller’s market right now. However, because of our low interest rates, it’s still a great time to buy a home.
If you have any questions about the stats I’ve shared today or you’d like more information about what’s going on in your neck of the woods, feel free to reach out to me. I’d love to help.
