Continued historically-low interest rates and a strong rebound from the pandemic suggest that 2021 could be another record-breaking year for the Salt Lake County real estate market. The total number of sales will reach 19,500, finally breaking the 19,000 barrier. Sales of single-family homes will be up nearly four percent to 14,000 units, and condominium/townhome units will set another record with 5,500 in sales, an increase of six percent.

Anecdotes from Realtors® and home builders indicate an increase in out of-state buyers due to growing opportunities for remote work. The size of this new market segment is unknown, but it could support higher levels of sales and put upward pressure on prices in 2021. In contrast, high home prices will exclude some potential buyers from the market. Affordability issues will temper price increases in 2021. Another year of a double-digit increase is unlikely. Expect the median sales price of a single-family home to increase by 6%-8% to $455,000, and the price of condominiums/ townhomes to increase by 9%-10% to $335,000.