Just for fun, I wanted to share a bit of the rabbit hole I found myself in this morning as I delved into some million dollar homes sales in our area (For our discussion, million dollar homes are any homes that have sold for more than a million dollars).
Utah county has sold 100 million dollar homes in the past year, while Salt Lake county has sold 292, nearly three times as many. What’s interesting, though, is how these sales have gone historically.
In 2010, there were 13 million dollar homes sold in Utah county. That number went up to 34 in 2015, and now finally up to 100 in this past year. It’s clear to see that the million dollar home market is growing in Utah county. On the flip side, in 2010, Salt Lake county had 62 million dollar homes sold, 114 in 2015, and 292 in the last year. So, while their market has grown, you can see that it is leveling off and has capped a bit, while the market in Utah county is continuing to grow.
Most of those million dollar homes sold in Utah county were in Highland, Alpine, and Lehi, with a few in Orem and in Sundance. In fact, there were only ten sales in Sundance in the last twelve months and seven of those sales were homes that were over a million dollars. Interestingly enough, only Eagle Mountain and Santaquin had no million dollar homes sales in Utah county in the past year.
In Salt Lake county, most of the million dollar homes sold were in the city of Salt Lake itself. Another interesting comparison between the two counties is that most of the million dollar homes in Salt Lake are between 4,000 and 6,000 square feet, while most of the million dollar homes in Utah county are between 6,000 and 8,000 square feet.
Having access to information like this is just one small kickback I love about being a Realtor! If you’re ever interested in knowing the stats about any particular segment of the housing market, just let me know and I’d love to share information with you!