What Do Record-High Prices Mean for the Market?

Here’s my breakdown of the recent headlines about our median sale price.

It’s the end of April, and another article has come out that gives a lot of us heartburn. The headline reads, “Median Home Prices Exceed $600,000 for the First Time in Salt Lake County.”

Essentially, the article explains that in the last 12 months, we’ve seen our median home price rise almost 26%. A home that was $500,000 last year is worth over $600,000 right now. Today I wanted to offer some context for the data.

Feel free to watch the full video or use these timestamps to browse specific topics at your leisure:

0:00 — Introduction to today's topic

1:28 — What are the numbers really telling us about this market?

2:30 — How migration, employment, and microdata play a role in the SLC market’s health

3:14 — What the data I’m tracking has been telling me lately

4:12 — My market predictions for 2022 and beyond

5:35 — Final thoughts for buyers and sellers

If you have any questions about buying, selling, or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.

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