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 |
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
