Homebuyers in Salt Lake City could find themselves in a 2020 housing market where the median sales price for a single-family home is $400,000 and the median sales price for condominiums and town houses are $300,000.
According to a KSL.com interview
with James Wood, Ivory-Boyer senior fellow at the Kem C. Gardner Policy Institute, these prices represent a 5 percent year-over-year increase for single-family homes and a 10 percent spike for condominiums/town houses. Wood noted that the 2019 median sales price of single-family homes in Salt Lake County was $380,000, a 91 percent spike from 2011, while the statewide Utah housing market recorded 67 percent price increases during the past seven years.
“A lot of people don’t have much choice in the housing market,” Wood said. “The alternatives are pretty limited, particularly if you’re moderate income.”
Wood added that he did not predict a downturn in the local housing price levels.
“Economic growth, demographic growth and on the cost side with land, it’s just inevitable. You’re going to get a lot of upward pressure on prices,” Wood said. “There’s no way to avoid it.”