Morgan’s $72.5 million mansion isn’t in one of Utah’s seven-figure housing price ZIP codes

Likely to become Utah’s highest-priced residential property sale at $72.5 million, the Sheep Creek Canyon Ranch near Morgan has a 6,000-square-foot home, a three-bedroom guest house and more than four miles of stream frontage. (Courtesy Swan Land Co.)

If you think you’ve seen the price of Utah homes jump in the past year, there’s at least one recent report that says you’re right.

Six of the roughly 100 ZIP code areas along the Wasatch Front now have median home prices above $1 million — a sharp jump from just two ZIP codes a year ago, according to a new report from the Salt Lake Board of Realtors.

In the second quarter of 2024, only Huntsville and Eden had median home prices above $1 million. Today, Alpine tops the luxury market at $1.218 million, followed by Eden at $1.1 million and Emigration Canyon at $1.083 million. Rounding out the current high-end markets are Holladay ($1.025 million), the Avenues ($1.005 million) and Draper ($1 million). Huntsville, meanwhile, dropped out of the tally as it saw its median price slip to $990,000 in the second quarter.

Meanwhile, a mansion at Sheep Creek Canyon Ranch near Morgan is set to become the highest-priced residence ever sold in Utah — and its ZIP code isn’t in the million-dollar club. If the home sells for near the $72.5 million listing price, it will eclipse the current record-holder by more than $10 million.

The rustic Sheep Creek home sits on a 7,000-acre estate and includes a more-than-6,000-square-foot house with five bedrooms and seven bathrooms; a three-bedroom, two-bath guest house; and a campground. With more than four miles of stream frontage and several bodies of water, the home is a rebuild of a previous hunting lodge, according to Swan Land Co., the Wyoming-based brokerage that has listed the property.

Coming back to Earth, the Salt Lake Board of Realtors reports the median price of a single-family home in Salt Lake County decreased slightly to $620,000 in the second quarter — down 1 percent from $625,000 a year earlier. A separate report from the National Association of Realtors ranked the Salt Lake Metropolitan Area as the 30th-most-expensive metro in the nation among 228 markets surveyed.

Second-quarter home sales in Salt Lake County rose modestly, with 2,381 single-family homes sold in the quarter — a 4 percent increase from 2,291 sales a year earlier. The typical home spent 24 days on the market before selling, compared to 17 days last year.

“Prices across the Wasatch Front surged during the pandemic, driven by limited housing supply and strong demand from remote and high-income buyers,” said Claire Larson, president of the Salt Lake Board of Realtors. “Combine that with Utah’s booming economy, steady job growth and unmatched quality of life, and it’s clear why demand — and prices — remain strong.”

Founded in 1917, the Salt Lake Board of Realtors represents approximately 20,000 real estate professionals along the Wasatch Front and is the largest shareholder of UtahRealEstate.com, a leading multiple listing service and real estate data provider in the United States.