What can $500,000 buy you in today’s Utah housing market?

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Half a million dollars sure sounds like a lot of money, but what exactly can $500,000 buy you in today’s market? If you’ve been looking for a house, you’re probably aware that the current real estate market in Utah has been strained by record population growth over the last few years.

According to a recent KSL article, three counties—all belonging to the Wasatch Front—have experienced the most growth between 2021 and 2022. Utah County saw the most gains, with Salt Like County and Davis County in second and third.

All this growth means one thing: real estate prices have skyrocketed. In 2019 the median sale price was $308,480. By 2022, the median sale price had jumped to $503,000. That’s a staggering 38% increase in just three years. Here’s what you can currently buy in the Beehive State at a variety of price points.

$300,000-$350,000

Potential homebuyers in this price range are usually looking for either a starter home or a fixer-upper they can make their own. This charming property in Tooele fits the bill for both types of buyers and is a fantastic deal!

This two bedroom, one bath home is great for people who are looking to downsize to one floor or for someone looking to purchase their first home.

The kitchen and bathroom have been recently updated, and new carpet is going in throughout the home. You’ll also have plenty of front and backyard space to start a garden, entertain, or just relax on your own property.

$350,000-$400,000

This cozy dwelling is perfect for those looking for a family home in this price range. It offers a comfortable atmosphere with many inviting features. As you walk in the home, you’re greeted with a cozy and roomy living room area. Off of that space is a small dining area that blends into a recently updated kitchen. The white shaker cupboards and granite countertops are appealing to anyone looking for the airy, fresh kitchen aesthetic.

Whether it’s you and your partner or your small family, there’s room for everyone in this two bedroom, one-bath home. The fully fenced backyard makes it a great place to let your kids and dogs run free in the grass. The charming pergola on the back patio is a nice touch for outdoor meals and entertaining.

$400,000-$500,000

This price is right at the median sale price of homes sold in 2022, so this home is one possibility of what investing $500,000 looks like.

This stunning residence in Stansbury Park offers a bit of luxury and generous living areas, with a seamless flow between the living room, dining room, and kitchen. If one phrase could describe this house, it would be: natural light. Nearly every space of the home is flooded with windows and soft natural light pouring in. This is especially true of the serene sunroom leading into the backyard.

This three-bed, two bath home boasts more than 3,000 square feet. There’s also an unfinished basement that can be your next home project, giving you tons more space for bedrooms, play rooms and more.

The two car garage and spacious backyard give you the privacy and freedom you’ll want in your family’s home.

$500,000-$600,000

The market opens up considerably once you hit the $500-$600k range. This West Jordan residence near the Mountain View Corridor gives you easy access to both Salt Lake and Utah Counties. You’ll be situated near new shopping and dining so you don’t have to drive far to enjoy a night on the town.

Key features of the home include laminate wood flooring, quartz countertops, and a newly finished basement. The specious bedroom allow for a bed and furniture while still giving you room to freely move around. The 3.5 bathrooms are all updated with white cabinets and sparkling countertops. All 2,386 square feet of this home is updated and finished, waiting for a new family to step in.

$600,000-$700,000

You’ll find larger homes in this price range, like this Grantsville property with an impressive 60×40 feet detached 8-car RV garage. There’s plenty of space for vehicles, equipment, and toys!

The home has an open floor plan with five oversized bedrooms, including a huge master suite with a walk-in closet and luxurious bathroom. The kitchen has numerous upgrades including Silestone countertops and top-of-the-line stainless steel appliances. You’ll also be a fan of the newly finished walk-out basement, spacious patio, and fully fenced yard in a peaceful neighborhood.

$700,000-$900,000

This Bluffdale home is truly impressive. If you’re looking in the $700k range, this home has it all. When you walk in, you’ll notice the open-concept design. The gourmet kitchen features quartz countertops with complementary dark cabinetry and a huge stainless steel farmhouse kitchen sink.

You’ll also take note of the soaring two-story ceilings in the family room with an inviting gas fireplace.

The spacious primary suite features a separate tub and shower, dual vanities, and a generous walk-in closet. There’s also an abundance of natural light throughout the home, especially in the master suite and living areas.

The basement has a second entrance and kitchen, so this home has excellent potential for additional income opportunities.

Whether it’s just you and your partner or a family with a few teens, there are plenty of spaces to park in the massive garage.

$900,000-$1 million

You can own your own slice of heaven near Pineview Reservoir in Huntsville. This stunning 6-bed, 4-bath ranch-style home boasts a newly remodeled open floor plan, two master bedroom suites, and a fully finished walk-out basement.

You’ll marvel at the breathtaking views from every angle and enjoy space for both entertainment and tranquility. This property is ready for a new owner with a redesigned and upgraded interior, including new cabinets, granite countertops, and widened windows.

The solar panels installed on the roof keeps the energy bill low, which is a welcome relief in this economy. Additionally, the yard is equipped for farm living. It has a barn with feeding stalls and a tack room with water and electricity. It’s an equestrian’s dream!

$1-$2 million

If you’re ready to experience luxury living, check out this home. This 6-bedroom, 4-bathroom Millcreek house offers everything you need and more, with ample space to build or enjoy the half-acre property as is.

The interior boasts features like a spacious open concept living room, dining room, kitchen area, and a movie room downstairs. Each of the spacious rooms has large closets, and the master bedroom has built ins to make your storage and decorating effortless.

Additionally, there’s a third car garage tall enough to store your boat — a welcome convenience for the area.

You’ll see breathtaking views of Mount Olympus every day in this conveniently located home that is within walking distance of dining and shopping. For hikers and outdoors enthusiasts, nearby canyon entrances and easy freeway access are a huge plus!

$2-$2.5 million

This extravagant, 8,270 square feet luxury rambler in Lindon boasts more than an acre of property—a rare find! Indulge in a chef’s dream kitchen equipped with a Thermador refrigerator, a separate prep kitchen, and double islands, dishwashers, and sinks.

Enjoy breathtaking mountain views through the great room’s floor-to-ceiling windows. Retire to the newly renovated master suite complete with a cozy fireplace, and private walkout to the deck and hot tub.

Up to six cars effortlessly fit in the attached and detached garages which are complemented by a circular driveway. Additional features include two junior suites downstairs and an unfinished accessory apartment.

$2.5-$3 million

Experience opulent living in the heart of West Jordan. This home is perfect for both hosting and unwinding, boasting three kitchens, a spacious great room with vaulted ceilings and built-in cabinetry, and a sunlit music room/office/formal dining area.

The lower level features 10-foot ceilings and an entertainment space with a theater, shuffleboard, and pool table.

The kitchen is equipped with top-of-the-line Wolf appliances and even an ice cream machine! Head outside to enjoy a covered patio, full swim spa, and a built-in cabana. Then pick up your racket or basketball and play on the professional-size tennis and multisport court. Additionally, the Jordan River Trail is just steps away, meaning you can walk or bike right from your backyard.

Tour your new home today

If you see something you’d like to walk through, contact The Stern Team. They can work with your budget to find the perfect place for you. Contact them today to get started.