Since 1991, Utah’s home prices have appreciated faster than any other state at 596%. Only Colorado and Montana were even close. The U.S. average has been 312% over the period.
Also since 1991, Salt Lake City had the highest metro appreciation at 656%. Only Austin, Denver, and Miami were even close.
That said, this past year has seen appreciation cool. In fact, Utah has had the fourth-slowest appreciation at 2%. The U.S. average over the year was 6.5%
Home Price Appreciation, 2023
Source: Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI ®), Quarterly Report, 2023Q4 & December 2023, February 27, 2024, https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/HPI_2023Q4.pdf.
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