2022 Salt Lake County Sellers’ Market is on Fire

Joel Carson

If you’re on the fence about selling your home, jump off! There’s still time to take advantage of record sales prices in the Salt Lake Valley. In this historic sellers’ market, we are seeing homes go up to 10 percent above asking.

Sound too good to be true? It’s not. Homes for sale are in short supply. Low inventory plus eager buyers equal premium prices paid for available homes. I’ve worked in the real estate market for 30 years and I have never seen it like this before.

You know, two weeks ago I listed five homes. Every one of them went under contract. The next week, I listed five more – under contract, everyone. This week I have listed six homes. They will be gone by the end of the week. Are you starting to sense a theme here? I regularly receive 18 (plus) viable offers and the accepted offer is more often than not 10 percent above the asking price. Competition is fierce. It’s true that sometimes a home for sale doesn’t appraise for what buyers are willing to pay. Stand back, buyers are prepared to make up the difference in cash.

Salt Lake County home prices gone wild

Remember the good old days – back in 2019 – when a person could buy a home for right around $325,000 in Salt Lake County? Those days are gone. The first quarter of 2019 wrapped up with a median price of $325,000. The median price is the middle point for real estate prices. The median price is in the middle of a data set, with exactly half of the houses priced for less and half-priced for more.

The first quarter of 1920 saw an 11 percent increase over the previous year. The median price jumped to $362,900.

The next year many looked for prices to settle. They are still looking. By the end of the first quarter of 2021, the median price leaped 14.36 percent to $415,000.

This year? Wow. The first quarter ended with a median price of $521,000 – a 25.54 percent increase.

When comparing the median home price in the first quarter of 2019 to 2022, Salt Lake County saw a 60.31 percent increase. Unbelievable.

Taylorsville is in the Lead

Salt Lake County’s largest cities by population are as follows:

  1. Salt Lake City
  2. West Valley City
  3. West Jordan
  4. Sandy
  5. South Jordan
  6. Millcreek
  7. Taylorsville
  8. Herriman
  9. Draper
  10. Murray

Of those 10 cities, Taylorsville has seen the highest increase in first-quarter median sale prices from 2019 to 2022. In four years, Q1 median prices went up from $271,250 to $460,000. That’s a 69.59 percent increase!

There are many variables to be considered here. Today we’re just looking at the raw data and by any measure, it’s astounding.

Let Me Make it Easy For You

Many homeowners consider selling but feel completely overwhelmed by the process. I often hear people say, “I want to sell, but my home isn’t ready.” They say, “I’m embarrassed to have anyone walk through my home right now.” Or they say, “I can’t physically do the work my home needs and I just can’t afford to hire anyone right now to help.”

My “Completely Turn-Key Seller Program” takes into account the possibility that you might have some hurdles to hop over before you can sell. Sometimes the yard needs cleanup and maintenance. From time to time junk removal is necessary. We see walls that are scarred or need paint. We’ve seen it all and to ease the pain, I include a host of services absolutely free when I list a home.

As your listing agent, I know it’s my responsibility to make you AND your house look good. Take a look at the services we offer at joelcarson.com and give me a call at 801-673-3333. I will pull together a comparative market analysis (CMA) for you. Then, I’ll hand deliver it. We’ll walk through your home together to identify ways my full-time staff can help you get your home in tip-top shape before it is listed. This program is wildly popular and a great way to make sure you get the best possible price for your home without the stress and worry.

Joel Carson - Utah's # real estate agent

Joel Carson is the President and Principle Broker of Utah Real Estate with over 30 years of experience buying and selling real estate in the greater Salt Lake City area.

Have questions? Call or text me at 801-673-3333

Article Last Updated: October 26, 2023

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