Home Values in Utah: 2024 Market Trends and Insights
Interested in knowing more about home values in Utah? Whether you’re planning a move, hoping to cancel PMI, or simply tracking property trends in the Beehive State, having an accurate valuation of your home is the best way to inform your future plans.
In this guide, we’ll discuss current home price trends in Utah, show you how to obtain a precise home value estimate, and share simple yet effective strategies to enhance your property’s worth. Additionally, we’ll introduce tools to help you achieve the best possible price when you decide to sell your Utah home.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Utah
Since 2020, median home values in Utah have increased by an impressive 50.2%. At the beginning of the decade, the average home sold for $335,000, but by May of this year, that figure had risen to $509,900, as reported by the Utah Association of Realtors.
The state of Utah has seen one of the most significant housing price increases since 2020, with only a handful of other states climbing by 50%. Additionally, Utah has the youngest-aged population in the U.S., at a median age of 31.1 years.
“Population growth in Utah has traditionally come from childbirth, but for the last two years, 61 percent of our population growth came from job-related in-migration, and this is really straining the market,” said Dejan Eskic, senior research fellow at the University of Utah’s Kem C. Gardner Policy Institute, in a recent report by Utah Business.
He adds that housing affordability continues to worsen in the state, with thousands of new residential units and households needing to be built in the next several decades to keep up with population growth.
“There is so much pent-up demand for housing in Utah, this new supply we anticipate coming to market over a 10-or-more-year period will probably not move the needle much, if at all. And it gets worse because those who do decide to downsize are going to have their eyes on the same starter homes as these first-time homebuyers.”
The table below illustrates the sharp rise in Utah home prices over the last five years:
Year
Median home price
Percent change year-over-year
2024 (May)
$509,900
+ 3.8%
2023
$490,000
– 9.3%
2022
$535,050
+ 23.0%
2021
$435,000
+ 29.9%
2020
$335,000
+ 4.3%
Source: Utah Association of REALTORS
This trend isn’t unique to the Beehive State; it’s evident across the entire country. A quick glance at the S&P CoreLogic Case-Shiller National Home Price Index reveals that U.S. home prices have climbed by over 50% since the start of 2020.
This drastic increase has allowed homeowners to accumulate significant equity in their properties, which can be used for various financial opportunities such as purchasing new homes, renovating existing ones, saving for retirement, or investing in other ventures. According to ICE’s Mortgage Monitor report, as of early 2024, the average homeowner with a mortgage currently holds $299,000 in equity.
For comparison, the table below shows median home prices in several of Utah’s largest cities:
City
Median home price
Population
Salt Lake City
$586,300
212,570
Park City
$1,482,900
8,200
Provo
$454,900
112,756
West Valley City
$469,300
132,635
St. George
$504,400
102,519
Saratoga Springs
$515,800
57,278
Eagle Mountain
$509,900
61,037
Orem
$491,900
94,548
West Jordan
$530,100
114,200
Ogden
$383,700
87,257
Home values averages of multiple public transaction sites
Population estimates from World Population Review
In the following section, we’ll guide you through how to estimate the value of your Utah home.
