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Salt Lake City Real Estate Market Report

This market report includes up-to-date information on the Salt Lake City Metro Area courtesy of the WFR-MLS as provided by Joel Carson, Salt Lake City's #1 real estate agent. Last Updated: May 3, 2024

Is Salt Lake City a Buyer's or Seller's Market?

seller's market type
seller's market gauge

In April of 2024, there were 243 new single family home listings and 202 sold, which means that Salt Lake City currently has 2.5 months of inventory available (under 5 months available inventory is considered a seller's market). This places us firmly in a seller's market, as demand continues to outstrip supply.

Single Family Homes

Months of Inventory

1

0% Decrease

April 2023 vs April 2024

Median Sales Price

$626,000

15.9% Increase

April 2023 vs April 2024

Days on Market

37

7.5% Decrease

April 2023 vs April 2024

Are Salt Lake City Home Prices Dropping?

Prices have increased in comparison to last year.

The median sales price of single-family homes rose in April of 2024 by 17.1% when compared to April of 2023. Prices in Salt Lake City metro continue to rise, as there are more buyers in the market than available inventory.

Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States
4/1/1971-4/1/2024

How Much Does a House Cost in Salt Lake City?

Depending upon the size and type of home you choose, you can multiply the estimated square footage by avg. price per square foot to get an idea of how much a house might cost in Salt Lake City. The average square footage of a single family home in Salt Lake City is approx. 2,000 Sq. Ft. while the average for condos & townhomes is approx. 1,250 Sq. Ft.

Single Family Homes
Price Per Sq. Ft

$268

4.29% Increase

April 2023 vs April 2024

Condos & Townhomes
Price Per Sq. Ft.

$356

7.9% Increase

April 2023 vs April 2024

Is Now a Good Time to Buy a Home in SLC?

Although we are technically in a seller's market, it may still be a good time to buy. Many people are sitting on the sidelines hoping for mortgage interest rates to fall. If rates dip steeply, you will see more buyers enter the market, driving up home prices further. Buying today and refinancing at a lower interest rate when rates drop, can be a wise strategy.

Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States
4/1/1971-3/1/2024

Is Now a Good Time to Sell a Home in SLC?

Spring is when the real estate market naturally begins to pick up. There is still a high demand for housing and many buyers are looking to purchase right away. Homes are selling at historically high prices as a result.

Salt Lake County Real Estate Market

In April of 2024, 1,480 homes were listed and 990 homes sold, which means Salt Lake County currently has 1.7 months of single family, condo, and townhome inventory available. Salt Lake County is experiencing a robust seller's market.

Months of Inventory

1.7

20.3% Increase

April 2023 vs April 2024

Median Sales Price

$546,000

9.2% Increase

April 2023 vs April 2024

Days on Market

43

2.3% Decrease

April 2023 vs April 2024


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Compare Home Prices in Popular Salt Lake County Cities

A year-over-year comparison of all dwelling types: Single family homes, condos, and townhomes show that the most populated cities in Salt Lake County are still seeing a steady increase in prices, with West Valley City being the only exception.

Median Sales Price
SFHs, Condos, & Townhomes

Salt Lake City

prices increased by
17.1%

April 2024 $568,500
242 homes sold
vs.
April 2023 $485,400
274 homes sold

Median Sales Price
SFHs, Condos, & Townhomes

West Valley City

prices increased by
4.7%

April 2024 $450,000
66 homes sold
vs.
April 2023 $430,000
72 homes sold

Median Sales Price
SFHs, Condos, & Townhomes

Sandy

prices increased by
10.2%

April 2024 $677,500
68 homes sold
vs.
April 2023 $615,000
63 homes sold

Median Sales Price
SFHs, Condos, & Townhomes

West Jordan

prices increased by
3.1%

April 2024 $537,500
96 homes sold
vs.
April 2023 $521,250
78 homes sold

Salt Lake Metro Properties Still Hot

Supply and demand can be tricky. Utah's economy is one of the best in the nation. While it might seem like housing prices should plummet following a bad bout of inflation, a pandemic, and out of control costs - well, that's not what happened here. Higher mortgage interest rates have only made buyers' hearts grow fonder of the limited inventory for sale today.

 

With only 1.7 months of inventory in the county, home buyers are getting more and more willing to pay higher prices. Some sellers can can make enough profit to compensate them for the higher rates they will have to pay for awhile. The great news is, refinancing is easy when rates do decrease and today's buyers will avoid the predictable rush.

 

The hope is that rates will come down, our inventory will grow as sellers get ready to let go, and the market will mellow out after a brief rush of buyers take advantage of rate savings.

 

Hang on for the ride!

All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy.

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