It depends. Define affordable.
Utah is one of the fastest-growing states in the country. Its vibrant four seasons, outdoor recreation, and a healthy economy have helped make it wildly popular. People tend to love Utah’s rich heritage. The Salt Lake City Metropolitan Area is diverse and a deep local appreciation for the fine arts, live theater, pro sports, and concerts add to the refined ambiance here. The high-tech industry seems to find Northern Utah very appealing. That means great-paying jobs. In truth, that really good news is also really bad news if you’re planning to buy an affordable home for sale in Salt Lake City. It’s all about supply and demand, baby. When demand goes up, so do prices. When inventory goes down, demand exceeds supply.
Once again, what is affordable to you? As of March 27, 2023, there are 1,388 homes for sale in Salt Lake County. That takes into account single-family homes including mobile homes, condos, townhomes, and twin homes. Short sales are not included in the count or pricing scale.
So, just how much are homes in Utah?
The median price range for a home in Utah is $627,460. Median means there are just as many homes priced lower (the lowest is $34,900) as there are homes priced higher (the highest is $12,950,000).
If you were to add all the prices of homes for sale in Utah and divide that number by 1,388, you would come up with an average price of $809,853. The most popular price range is $450,000 – $499,999 and there are 145 listings in that category. Keep in mind that one $12 million home can significantly increase the average/median numbers. There are 225 homes priced at or above $1 million in Utah.
The state of real estate around Salt Lake City
Home prices tend to be higher in the heart of the city. The closer the home is to the city center, the more you can expect to pay per square foot. There are, of course, neighborhoods that tend to cost more per square foot than others like Harvard-Yale, Capitol Hill, The Avenues, Sugar House Park, Liberty Park, and 15th & 15th.
Right now (March 27, 2023) there are 293 homes for sale in Salt Lake City. Following is a table of prices in Salt Lake and various incorporated cities surrounding it. The acronym DOM means “days on market.” That number is relevant to the age of a listing.
When you’re ready to buy, consider what you want, what you need, and what you won’t live without. Research many neighborhoods and get a letter of pre-approval before you go. Your ability to borrow will help determine in which communities you want to shop. Sometimes you have to sacrifice size, location, lot size, etc. to purchase a home that’s affordable to you.
Patience is a virtue when it comes to buying an affordable home
While it is true that home prices in Salt Lake City have steadily increased, there are still many affordable options available. Here are some of the factors that contribute to the availability of affordable real estate in Salt Lake City:
One of the most important factors to consider when looking for affordable real estate in Salt Lake City is the neighborhood in which you want to live. While some of the more desirable neighborhoods in Salt Lake City can be expensive, many neighborhoods offer more affordable options (which might or might not be affordable for you).
Another way to find affordable real estate in Salt Lake City is to look for up-and-coming areas that are experiencing growth and development. These areas often offer more affordable options than established neighborhoods, as they may not yet have the same level of demand.
Another way to find affordable real estate in Salt Lake City is to look for fixer-upper properties that require some work. While these properties may require some investment and renovation, they can often be purchased at a significantly lower price than move-in-ready properties.
Creative Financing Options
Finally, another way to find affordable real estate in Salt Lake City is to explore creative financing options. For example, some buyers may be able to qualify for government-backed loans, such as FHA loans, that require a lower down payment than traditional mortgages. Others may be able to take advantage of seller financing options or rent-to-own agreements that can help make homeowners. I should note, seller-financing is not easy to find because sellers don’t generally need to add extra incentives when demand is high.