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WORDS OF WISDOM Real Estate News and Tips

Archive: August 2017

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CURRENT REAL ESTATE MARKET

Most Salt Lake County Homes Sell for Under $350,000

Salt Lake home prices have increased 29 percent in the past 10 years and are at an all-time high, even when adjusted for inflation. Yet, the best selling price range remains homes priced under $350,000. In the second quarter, 56 percent of all existing single-family homes sold in Salt Lake County closed under $350,000. Twenty-eight percent of all home sales were priced from $350,000 to $499,999. Just 14.4 percent of sales were for homes from $500,000 to $999,999. Only 1.3 percent of sales were $1 million or above. The monthly mortgage payment (including taxes and insurance) on a $350,000 home for a household earning $70,000 a year would be roughly $1,800 (assuming a 10 percent down payment at a 3.875 percent interest rate).

Copyright. Salt Lake Board of Realtors®. August 2017.