Strong median sales price increases driven by a shortage of inventory and pent-up buyer demand were the story of the 2020 Salt Lake housing market. While the market did take a breather during the initial impact of COVID19 it finished the year strong, with the median sales price for a Salt Lake County home standing at $378,000, which was an impressive 10.53% gain for the year.

Single-Family Homes

The median sales price for a single-family home finished above the $400,000 level for the first time. The 11.84% rise set a new record of $425,000.

There were 2 Salt Lake Zip Codes that saw 20%+ sales price increases. Sandy 84092 came out top with a 23.43% increase, and the other was Holladay 84117 which had a 22.78% increase.

Best Performing Single-Family Home Zip Codes
84092 Sandy Up 23.43% to $640,000
84117 Holladay Up 22.78% to $622,500

Condos

Unlike single-family homes where the number of sales fell, the condo market saw a sharp climb in sales as well as prices. The median sales price for a condo climbed to $250,000, which was over a 9% increase, will sales surged over 19%.

The areas of South Salt Lake (84115), Riverton (84064), and Taylorsville all saw sales prices increase over 20% in the year.

Best Performing Condo Zip Codes
84115 South Salt Lake Up 27.21% to 288,120
84064 Riverton Up 25,60% to $288,887
84123 Taylorsville/Murray Up 21.74% to $347,000

Summary

COVID19 did not appear to have a negative impact on the 2020 Salt Lake County housing market. Both the single-family homes and condo markets saw strong sales price increases, with the inventory levels for single-family homes rapidly falling and the number of condo sales rising rapidly. We currently have a shortage of homes for buyers to select from, especially in the starter home segment, which means upward price pressure will likely continue in the short term.

See a full breakdown of the Salt Lake Real Estate performance by zip code.