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Residential Home Prices

The number of single-family homes sold in Salt Lake County in the second quarter of 2008
increased to 2,581 homes, a 39 percent increase (725 more homes sold) compared to 1,856 homes sold during the first quarter in 2008, according to a report today by the Salt Lake Board of REALTORS®.
This year’s increase in home sales follows a period of declining home sales that began in the second half of 2007 and resulted in a bottoming out in January, an eight-year low in monthly sales. Since the end of January, Salt Lake home
sales have climbed consistently over the past five months.
Home sales in the second quarter of this year were down 28 percent compared to the same quarter a year ago (2,581 sales versus 3,590 sales). 

The median sales price of single-family homes sold in Salt Lake County during the second quarter increased to $249,900, up 3 percent compared to a median sales price of $242,000 in this year’s first quarter, but down 2 percent compared to a median sales price of $254,000 in the second quarter of 2007.

A representation of home prices and apartment rental rates are listed in the charts below. 

Location Median Listing
Draper $435,414.00
Sandy $373,350.00
Avenues-lower $285,500.00
Avenues-upper $381,750.00
Cottonwood Heights $327,000.00
West Valley City $166,000-$195,000
West Jordan $222,250-$275,000
South Jordan $374,484.00
Riverton $300,000.00
Midvale $218,400.00
Murray $226,000.00
Magna $169,000.00
Source: Salt Lake Board of Realtors, July 2008
 
Apartment Rental Rates 2007 2008
Studio $495 $558
1 Bedroom, 1 Bath $644 $703
2 Bedroom, 1 Bath $695 $760
2 Bedroom, 2 Bath $842 $915
3 Bedroom, 2 Bath $950 $1066
Source2008 Mid-Year Report, Commerce CRG.
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