SALT LAKE CITY (ABC4) – If you think Salt Lake City’s real estate market is hot, you aren’t wrong.
The April 2021 national housing report from RE/MAX says homes in Salt Lake City are selling even faster than the previous month, and are on the market for only two weeks. Salt Lake City is tied for third place with Boise and Seattle for the fastest-selling homes in the U.S.
Only two other cities are seeing homes sell faster than Salt Lake City: Wichita, Kansas, and Omaha, Nebraska, at 12 and 13 days, respectively.
The report also found that, compared to last year, home sales in Salt Lake City are up nearly 30%, with sale prices up 20.5%.
RE/MAX reports the current median home sale price in Utah’s capital is $440,000.
Nationally, RE/MAX found April home sales, on average, took just 32 days from listing to going under contract. The median sales price also rose to $320,000. Both of these are new records in the 13-year history of the report.
RE/MAX says a limited inventory remains a primary issue in the current U.S. housing market. In April 2021, of the 53 metro areas surveyed, zero reported a months supply of homes at or over six, indicating a continuation of the buyer’s market. According to RE/MAX, a six months supply indicates a market balanced equally between buyers and sellers.