That’s a new high — and a 28% jump from the median price of $430,000 in the same time period from 2020.
But the number of home sales has plummeted by double-digit percentages.
The year 2021 is still pacing to be the No.
In 2021, Ulrich said realtors are still seeing multiple offers on homes.
The site found Salt Lake City had an average home price of $485,813 in 2021 compared to an average household income of $92,900, and a house-price-to-income ratio of 5.2.
have a house-price-to-income ratio lower than or equal to the maximum recommended ratio of 2.6: Pittsburgh, Pennsylvania; Cleveland, Ohio; Oklahoma City; St.
The Salt Lake City metro area saw the biggest decrease in underwater mortgages in the nation: a jaw dropping 1,081% decrease from 18.5% in 2015 to 1.6% in 2020, according to the report.
In Utah, experts continue to say they do not see a “bubble” waiting to pop on the state housing market’s horizon, though they do warn of a “severely imbalanced” housing market, especially when it comes to affordability.