Salt Lake City Real Estate Market Report

Joel Carson

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: November 4, 2024

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

seller's market type
seller's market gauge

In October 2024, 352 single-family home listings were in inventory, while 140 sold. Salt Lake City 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

2.5

No change

October 2023 vs October 2024

Median Sales Price

$629,500

6.7% Increase

October 2023 vs October 2024

Days on Market

47

27% Increase

October 2023 vs October 2024

Are Salt Lake City Home Prices Dropping?

Prices have increased compared to 2023

The median sales price of single-family homes increased in October 2024 by 6.7% when compared to October 2023. There are still more buyers in the market than sellers. Inventory is holding steady compared to last year.

Salt Lake City Median Sales Price Past 5 Years

How Much Does a House Cost in Salt Lake City?

Depending on 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

$329

6.13% Increase

October 2023 vs October 2024

Condos & Townhomes
Price Per Sq. Ft.

$358

19.15% Increase

October 2023 vs October 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
11/1/1971-11/1/2024

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

This is a great time to sell a home. There is still a high demand for housing and many buyers are looking to purchase immediately. Homes are selling at historically high prices.

Salt Lake County Real Estate Market

In October 2024, 1,325 new listings were added to the MLS, and 947 homes sold, which means Salt Lake County currently has 2.7 months of single family, condo, and townhome inventory available. Salt Lake County is experiencing a robust seller's market.

Months of Inventory

2.7

9.6% Increase

Oct 2023 vs Oct 2024

Median Sales Price

$540,00

1.9% Increase

Oct 2023 vs Oct 2024

Days on Market

48

17.1% Increase

Oct 2023 vs Oct 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.

Median Sales Price
SFHs, Condos, & Townhomes

Salt Lake City

prices increased by
5.8%

Oct 2024 $529,000
203 homes sold
vs.
Oct 2023 $500,000
250 homes sold

Median Sales Price
SFHs, Condos, & Townhomes

West Valley City

prices increased by
11.3%

Oct 2024 $483,950
80 homes sold
vs.
Oct 2023 $435,000
81 homes sold

Median Sales Price
SFHs, Condos, & Townhomes

Sandy

prices increased by
3.7%

Oct 2024 $625,000
84 homes sold
vs.
Oct 2023 $602,500
85 homes sold

Median Sales Price
SFHs, Condos, & Townhomes

West Jordan

prices decreased by
2.8%

Oct 2024 $525,000
107 homes sold
vs.
Oct 2023 $540,000
75 homes sold

Falling Rates Could Mean Price Increases

The Fed cut interest rates on Sept. 19 by 50 basis points to a new range of 4.75%-5%. The Federal Reserve could announce another cut the the central bank's benchmark interest rate as it meets this week, Nov. 4 through 6.

 

If you've been waiting for a lower rate to buy, don't wait too long. Pricing is all about supply and demand. As rates decrease, supply increases and prices do too.

 

This year West Valley City saw an 11.3 percent price increase. Salt Lake City's median price range is up another 5.8 percent over last year. Sandy's median price is up 3.7 percent. We did see a slight dip (2.8 percent) in West Jordan's median home price, but sales soared at a rate 47.2 percent higher than in October 2023.

 

Get your ducks lined up! We're hoping for a healthy interest rate decrease again this month as inflation hovers near the target 2 percent.

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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