Home Values Rising in Utah Amid Coronavirus Crisis
See how the housing market is doing in the Beehive State during COVID-19.
Current home values in Utah
Home values have been rising throughout Utah and are up 1.7% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $816,622, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Utah: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $816,622 home at 3.33% would give a typical Utah homebuyer a monthly payment of $2,872, assuming a 20% down payment.
How the Utah housing market stacks up
Older couples can take a day trip to go hiking in Utah
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Utah, they're predicted to rise 3.7%.
Homes right now are going on the market in Utah at a median price of $174 per square foot, versus $134 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 |
|---|---|
| 2020* | $353,639 |
| 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 |
*2020 price average through March 31, 2020.
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 |
|---|---|
| 2020* | $435,620 |
| 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 |
*2020 price average through March 31, 2020.
