What kind of house can $500,000 get you in today’s market?

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It’s not just your imagination. Utah’s population has been on a steady upward trajectory over the last few years — and home prices have gone up with it. In December 2019, pre-pandemic home prices were much lower than they are now. The median sold price back then was $320,000, according to the Utah Association of Realtors.

Fast forward to December 2022 and the median sold price for homes has gone up to $510,000. That’s a significant increase in just a few years.

Given the sharp rise in home prices, you might be wondering what kind of home you can buy at each price point in Utah. Here are a few examples on the market today.

$300,000–$400,000

This price point includes perfect starter homes for anyone looking to do some DIY projects on the weekend. This charming three-bedroom property in Layton is a great example. It’s located in a quiet neighborhood next to good schools and even includes a full treehouse in the backyard.

$400,000–$500,000

Even at this price point, you will still find some higher quality condos, just like this one in Millcreek. As you enter through the vestibule, you’ll be greeted by a spacious family room with a picturesque skylight and cozy gas fireplace. Two staircases add to the practical and airy layout of the home. The kitchen has been stylishly updated with modern appliances, including a glass-top electric stove and a newer dishwasher.

$500,000–$600,000

Now you’re at the median sales price of sold homes in 2022. For $500k you can expect a beautiful home like this one that’s located in Riverton. Starting with the heart of the home, you’ll adore the updated kitchen that comes complete with sleek granite countertops, modern appliances and ample storage space. Add to that a fully finished basement, an oasis-like master bedroom, easy access to Bangerter Highway and the fact that it’s nestled in a peaceful cul-de-sac and you’ve got yourself a dream home.

$600,000–$700,000

If your budget allows you to stretch beyond the median sales price, $600k to $700k will get you this picturesque, single-family rambler in Syracuse. Located just three-quarters of a mile from the future West Davis Corridor Highway, this 0.42-acre corner lot comes with six bedrooms, three full bathrooms and one half bathroom. Enjoy an open kitchen with granite countertops, a gas stove, an upgraded refrigerator and a roomy pantry. The large master bedroom lets in plenty of natural light and includes a separate shower, walk-in closets and a jetted tub. To see what else this home offers, be sure to check the listing. (Hyperlink)

$700,00–$900,000

If you like being close to all the downtown action, this Salt Lake home near the University of Utah campus is a great find. It’s within walking distance of Trax, so you’re just minutes away from being in the heart of town. New windows, a new furnace and a washer and dryer are included along with four parking spots and an enclosed backyard. This could be a perfect rental investment home, as the home has plenty of individual rooms and parking spaces.

$900,000–$1 million

On the Cottonwood Creek waterfront sits this elegant home that’s recently been fully remodeled inside. This is the forever home that people dream of their entire life. With airy spaces and large bedrooms, you’ll feel at home and relaxed. The five bed three bath home is a sprawling 3,220 square feet and has a private entrance to the basement.

$1–$2 million

One look at this Highland home and you’ll be smitten. Enter your home through your four-car garage and cook up something delicious in your gourmet kitchen that’s complete with double ovens, granite countertops, two dishwashers and top-of-the-line stainless steel appliances. Then take a load off in the luxurious master bedroom or any of the other rooms, each of which has its own walk-in closet. When you’re ready to entertain, your covered patio and fully fenced yard are ready for you.

$2–$3 million

Located in Lindon, this gorgeous rambler sits on more than an acre of land with views of the mountains in the backyard. For the chefs and kitchen aficionados, the chef’s kitchen and prep kitchen are a huge perk. The three bed five bath house features floor-to-ceiling windows and a master bedroom suite you won’t soon forget. It has a separate shower and tub, a large walk-in closet, a private walkout to the deck and a private hot tub.

$3–$4 million

Feast your eyes on this stunning piece of real estate in Salt Lake. This 11,860-square-foot home features six bedrooms (each with its own bathroom), a home gym, a pool, a private backyard oasis and several other amenities that will have you feeling like royalty. The heated driveway will be a welcomed perk if the following winters prove to be similar to this year’s.

More than $4 million

Should you be able to buy a home exceeding $4 million, this $6.9 million Hobble Creek estate is calling your name. The 12,904-square-foot home was made for anyone whose dream is to get away from it all — without being too far from it all.

If the masterful craftsmanship doesn’t win you over, perhaps the archery range, theater room or home gym will. And if you have occupants who need their own separate space, they’ll enjoy the mother-in-law setup above the garage. This barely scratches the surface, so be sure to check out the listing for a full list of amenities.

The Stern Team is here to help

If the homes listed in each budget range don’t check all of your boxes, there are plenty more to choose from and the Stern Team can point you in the right direction. With a proven track record of helping clients every 25 hours, The Stern Team can help you find the right Utah home for your needs. To get started, call 801-877-0891 or visit sternteam.com today.