Utah Home Prices 9th Highest in the Nation for 2024

Housing costs in Utah remained high in 2024, while the number of home sales and listings increased according to a new report.

Utah’s housing market is tough on homebuyers and Utah is now 9th highest in median home prices in the country according to the Kem C. Gardner Policy Institute’s annual “State of the State’s Housing Market” report.

The report shows Utah’s median home price is $547,700, making it one of the most expensive housing markets in the country.

Top 10 states for median home prices in Q4 2024:

1. Hawaii: $1,012,500

2. California: $881,800

3. District of Columbia: $769,300

4. Massachusetts: $676,100

5. Washington: $669,400

6. Colorado: $616,200

7. New York: $563,200

8. Oregon: $561,300

9. Utah: $547,700

Historical data shows Utah housing costs have skyrocketed since 1970, with the biggest increases since 2020. While growth has slowed in 2024, prices are still at all time highs.

A chart illustrates how the median sale prices for single-family homes have increased across U.S. states since 1970. By the close of 2024, Utah ranked as the ninth most expensive state for homebuyers, according to data from the Kem C. Gardner Policy Institute.

The report shows home sales and listings are up, but residential construction is down as apartment development has slowed.

This housing cost pressure is still hitting Utah residents hard, especially first time homebuyers and those with moderate incomes.