The median price of a single-family home in Salt Lake County hit an all-time record of $645,000 in the second quarter of 2026, the Salt Lake Board of Realtors reported Tuesday, July 21. That's a 4.9% jump from a year earlier, driven by demand that keeps outpacing supply even as 30-year fixed mortgage rates hover near 6.55%.

For Draper residents, the countywide figure understates local sticker shock. No Draper-specific breakdown was included in the Q2 2026 report, but the most recent figures available show the city's market running far higher: Mayor Troy Walker cited a median between $820,000 and $1 million in his January 2026 State of the City address, and the Salt Lake Board of Realtors reported Draper's 84020 ZIP code at about $1 million as of August 2025.

The board attributed the countywide record to persistent buyer demand despite elevated borrowing costs. Homes also took longer to sell, with average days on market rising from 45 to 48.

Condos offered a cheaper entry point. In Salt Lake County, 862 condos sold during the quarter, up 4.1% from a year earlier, but the median condo price fell 2.8% to $417,900, about $227,000 less than the single-family median.

Draper's housing pipeline in context

The affordability squeeze lands as Draper weighs several development decisions. The city had 3,345 entitled but unbuilt residential units as of May 1, 2025, according to its Moderate Income Housing Report, though only 362 had received utility will-serve letters (confirming water and sewer capacity).

The City Council approved a development agreement with Edge Homes on Tuesday, June 17, 2025 for a 20-acre site near the Kimballs Lane station: 500 to 540 townhomes and condos at 25 to 27 units per acre. The city is also loosening rules on accessory dwelling units, though only five ADU permits were issued between August 2024 and July 2025.

At the state level, Gov. Spencer Cox set a goal in 2024 of 35,000 starter homes built by 2028. As of July 21, the state's tracking dashboard showed about 7,412 built toward that target, with most concentrated in Utah County. A state first-time homebuyer program offers up to $20,000 in zero-interest loans for newly built homes priced at $450,000 or less, a ceiling that falls well below Draper's market.

Mayor on affordability limits

"Draper has amazing connectivity with light rail, FrontRunner and I-15 as well as open space and parks," Walker told the Draper Journal in December 2025, after the city's median reached $1 million. "It's a desirable place to live but with a limited supply of housing."

Walker has been blunt about the limits of city action. In his January 2026 State of the City speech, he said government has "a narrow lane" and expressed skepticism about officials promising to lower housing costs in a market economy. Three of his own adult children live under his roof because they cannot afford to buy in Draper, he said in December 2025.

What's next

Draper's Truth in Taxation hearing is scheduled for Tuesday, August 12 at 6 p.m. at Draper City Hall, where residents can weigh in on proposed property tax rates for the fiscal year 2027 budget. Budget adoption is set for Tuesday, August 18. The Community Reinvestment Agency meets Monday, August 4 to review ADU rule changes and the Jenson Farms Phase 4 single-family development.

Draper officials were not reached for comment on the Q2 2026 countywide data.