Special Report

Home Values Are Surging in Salt Lake City, Utah

In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back — and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.

According to estimates from Zillow, a Seattle-based real estate data company, between January 2020 and January 2021, the typical single-family American home appreciated in value from $246,563 to $269,039, a 9.1% increase. Of course, housing markets also respond more to local forces, and not all parts of the country followed the national pattern.

In Salt Lake City, a city of about 197,800 residents in Utah’s Salt Lake County, home values are rising even faster than they are nationwide. The typical single family home in Salt Lake City was worth $474,416 as of January 2021, 13.4% more than what it was worth one year ago.

One factor that can contribute to rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. According to the most recent available Census data, over the last one-year period, Salt Lake City’s population increased by 1.1%.

Nationwide, the typical home value is about 4.3 times higher than the median household income of $62,843. In Salt Lake City, housing is generally less affordable. The typical single-family home value is about 7.8 times higher than the local median household income of $60,676.

Here are the 23 communities with populations of at least 35,000 in Utah where home values climbed the most in the last year.

This is How Much Home You Can Buy For 200K in Every State

Rank in state: Place: 1-yr. increase in typical home value: Current typical home value: 1-yr. change in median income: Current median household income:
1 Ogden 17.9% $275,451 7.0% $50,061
2 Roy 16.0% $319,792 2.4% $70,032
3 Layton 15.2% $386,572 3.4% $77,426
4 Kearns 15.0% $329,845 3.9% $64,337
5 West Valley City 14.7% $353,780 5.0% $66,342
6 Spanish Fork 14.7% $380,357 5.3% $78,490
7 Sandy 14.4% $499,118 2.4% $94,018
8 Taylorsville 14.2% $375,074 5.2% $66,311
9 West Jordan 14.0% $419,262 7.3% $80,955
10 Millcreek 14.0% $508,942 8.4% $72,134
11 Riverton 13.9% $487,987 2.7% $101,619
12 Pleasant Grove 13.6% $406,936 2.8% $72,327
13 Provo 13.6% $354,892 5.1% $48,888
14 Salt Lake City 13.4% $474,416 7.6% $60,676
15 Lehi 13.3% $448,197 6.8% $95,510
16 Murray 13.2% $424,416 3.7% $64,470
17 Orem 13.2% $378,797 5.2% $64,590
18 Bountiful 13.1% $429,931 6.9% $77,823
19 Herriman 12.9% $491,638 2.5% $101,460
20 Draper 12.4% $612,199 1.4% $117,266
21 South Jordan 12.3% $529,959 1.1% $104,597
22 Saint George 11.8% $366,831 5.8% $58,259
23 Logan 11.6% $277,139 5.3% $41,833

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