A typical single-family home in Draper now costs $925,000, according to Salt Lake Board of Realtors data released Tuesday, July 28. That's $280,000 above the Salt Lake County median of $645,000, itself a record.
The Q2 2026 figures for Draper's 84020 ZIP code also show condos at a $475,000 median. Both numbers land in a market that Board president Scott Colemere, a broker with 30 years in real estate, calls "bipolar."
"I think what our market is right now, honestly, is bipolar," Colemere told the Deseret News. Sellers still expect pandemic-era prices, he said, while buyers squeezed by mortgage rates above 6% are either lowballing or waiting for a crash. The average discount from listing price sits around 2% to 3%, which Colemere described as neither a buyer's nor a seller's market.
As we reported July 22, the countywide record of $645,000 represented a 4.88% year-over-year increase. Draper's $925,000 figure puts it alongside South Jordan (also $925,000) and well above Sandy's two ZIP codes ($810,000 and $860,000) and Riverton ($740,000). Only Alpine, in Utah County, ranked higher at $1,545,000.
What's driving the numbers
Countywide, 2,334 single-family homes sold during April through June, up 4.62% from the same quarter in 2025. Colemere said the uptick signals returning buyer confidence after roughly two and a half years of flat prices. But he cautioned that consumer confidence remains fragile. High gas and grocery prices could flatten appreciation to just 1% to 2%, he said, calling the current gains potentially "just a blip."
The 30-year fixed mortgage rate averaged 6.58% for the week ending Friday, July 24, per Freddie Mac. Rates had briefly dipped below 6% in February for the first time since 2022, but the Federal Reserve has not cut rates since December 2025.
Colemere called 5% annual appreciation "a very normal, healthy real estate market" and described the broader outlook as "a gradual and careful improvement."
What rising values mean for Draper tax bills
Those climbing home values feed directly into Draper's property tax base. Mayor Troy Walker is proposing a 25% increase in the city's property tax rate for fiscal year 2026–27, according to the city's website. The city says property taxes currently cover less than 50% of public safety costs, and Draper maintains one of the lowest tax rates in Salt Lake County at 0.000936.
A Salt Lake County notice pegs the average Draper home value at $941,000 for tax purposes and estimates the annual city tax bill would rise from $466.83 to $583.80, an increase of about $117 per year. The city's own estimate, using an $807,000 average value, projects a monthly increase of $8.66.
Residents can weigh in at the Truth in Taxation public hearing on Wednesday, August 12, at 6 p.m. in City Council Chambers, 1020 E. Pioneer Road. Final budget adoption is scheduled for Tuesday, August 18, at 7 p.m.
