Salt Lake City ranks No. 1 for fastest-selling homes in the US
According to the latest RE/MAX National Housing Report, the average Salt Lake City home is currently selling in just 16 days, making it the No. 1 city in America for fastest-selling homes. (Photo: KUTV)
(KUTV) — It’s no secret that Utah’s housing market is on fire.According to the latest RE/MAX National Housing Report, the average Salt Lake City home is currently selling in just 16 days, making it the No. 1 city in America for fastest-selling homes.The report surveyed 53 metro markets throughout the U.S., including Salt Lake City.Boise, Idaho and Seattle, Washington tied at 17. The highest Days on Market averages were in Des Moines, Iowa at 94, Miami, Florida at 90, and New York, New York at 84.KUTV 2News did not commission or participate in this study and could not verify its results or findings.“In addition to the supply and demand reality, the market has been amplified by COVID,” Josh Horner of RE/MAS in Salt Lake City, said. “A new phenomenon occurred – multiple offers, all above ask price are being submitted for almost every home on the market. As REALTORS in Salt Lake and Park City, our new normal for all price ranges is competing against dozens of other offers, all of which are above the asking price and many times waive important due diligence or appraisal protections to make their offer stand out.
We recently found a home for a client looking in the $500k-$600k range; they had over 70 offers. Yes, 70 offers. The norm for a good home is 20-30 offers. There is a strong local demand for housing; however, we see more and more out-of-state money drowning out local buyers.
Additional findings for Salt Lake City include:
- Home sales are up 9.4% over last year.
- Home prices are up 17.8% over last year.
- Month’s supply of inventory is down 73% over last year.
