Utah is among the most expensive states in the nation to own a home, especially because of its skyrocketing housing prices in the past several years.
That’s according to a new report by the real estate website Agent Advice, which analyzed the typical price of homes throughout the country from March 2021 to March 2023 — years that will go down in history for their erratic impacts on the housing market.
Utah was named the sixth most expensive state to buy a home, with a typical home price of $506,072 as of this past March, according to Agent Advice’s analysis. The site used price and percentage increases in that three-year range for its rankings.
While housing prices appreciated rapidly amid the pandemic housing frenzy, more recently they’ve begun to taper and even decline in many areas — especially the overheated West — as the Federal Reserve battles to tamp down inflation.
Local data from the Salt Lake Board of Realtors show Utah prices bottomed this winter, but since then have been on an upward trajectory. In Salt Lake County the median price of single-family homes was $600,000 in June, up 12% from January when single-family home prices bottomed at $535,700.
Here’s how the top 10 rankings fell:
Hawaii, with a typical house price of $834,583. “It’s no secret that the ‘Aloha State’ is a hotspot for residents looking to buy their property,” Agent Advice wrote. “This is 146% above the national average — $338,649 — and a 25% increase from March 2021, setting house hunters back by an extra $166,777 and standing for the highest monetary increase in the United States.”
California, with a typical house price of $728,134. That’s “115% above the national average, according to Agent Advice. “This Western state also has the fourth-highest monetary increase in house prices, with a $95,228 rise between March 2021-March 2023. However, typical house prices also decreased by $18,573 and 2.5% between March 2022-March 2023.”
Washington, with a typical house price of $562,936. That’s 66% more than the national average and $72,533 more than the typical price in March 2021. However, Washington’s typical house price also fell by $17,938 and 3.09% between March 2022-March 2023, according to Agent Advice.
Massachusetts, with a typical house price of $558,313. That’s 65% more than the national average. The state saw a $54,476 rise in its typical home value between March 2021 and March 2023. “However, this only represents an 11% increase during that time, suggesting house prices were already high before 2021,” Agent Advice reported. “Typical house prices depreciated by $1,050 and 0.19% between March 2022 -March 2023, showing a slight decrease in the last year.”
Colorado, with a typical home price of $539,640. That’s 59% more than the national average, representing a $82,504 increase in property value. “Similar to Massachusetts, Colorado’s typical home values fell by $1,527 and 0.28% between March 2022-March 2023,” Agent Advice wrote.
Utah, with a typical home price of $506,072. That’s 49% above the national average, with prices rising by 20% and $86,071 between March 2021 and March 2023, the eighth-highest monetary increase, Agent Advice wrote. “However, Utah’s typical home cost fell by $10,849 and 2% between March 2022-March 2023, depicting a higher depreciation than Massachusetts and Colorado.”
Oregon, with a typical house price of $485,475. That’s 43% above the national average, with property values increasing by $56,730 and 13% between March 2021 and March 2023. However, Oregon’s typical home value has decreased by $11,998 and 2% from March 2022 to March of 2023.
New Jersey, with a typical home value of $451,559
Idaho, with a typical home price of $435,374
New Hampshire with a typical home price of $429,421
Original Article: [Source: www.deseret.com]
