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 couple hiking near red rocks
Fotoluminate LLC / Shutterstock
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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."