Home Values Heating Up in Utah

At a time of low mortgage rates, see if homes in The Beehive State are a good deal.

Flags on a southern California street. Bill Chizek / Shutterstock

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Utah?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Utah is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Utah

Home values have been rising throughout Utah and are up 8.07% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $344,000 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home price for Utah at $344,000 , a representative monthly mortgage payment would be $1,581.43.

How the Utah housing market stacks up

Salt Lake City panorama
Joe Guetzloff / Shutterstock
Salt Lake City panorama

Property values in Utah are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Utah, they're expected to rise 3.41%.

Homes are going on the market in Utah at a median price of $239 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Utah home prices over the last 10 years

Year Avg. Price
2019* $347,588
2018 $319,550
2017 $284,017
2016 $259,425
2015 $240,783
2014 $229,200
2013 $213,167
2012 $197,442
2011 $199,000
2010 $214,767
2009 $231,858

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Utah is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $597,500
2018 $550,000
2017 $492,500
2016 $445,000
2015 $410,000
2014 $392,500
2013 $375,000
2012 $342,500
2011 $345,000
2010 $375,000
2009 $395,000

*2019 price average through August 2019.