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: February 10, 2025

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

seller's market type
seller's market gauge

In January 2024, 159 single-family home listings were in inventory, while 139 sold. Salt Lake City has 2.0 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

2.0

31.8% Increase

Jan. 2024 vs Jan. 2025

Median Sales Price

$537,500

2.4% Decrease

Jan. 2024 vs Jan. 2025

Days on Market

56

1.8% Decrease

Jan. 2024 vs Jan. 2025

Are Salt Lake City Home Prices Dropping?

Prices have decreased compared to 2024

The median sales price of single-family homes decreased in January 2025 by 2.4% when compared to January 2024. 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. 1,950 Sq. Ft. while the average for condos & townhomes is approx. 1,640 Sq. Ft.

Single Family Homes
Price Per Sq. Ft

$310

4.9% Increase

January 2024 vs January 2025

Condos & Townhomes
Price Per Sq. Ft.

$354

6.3% Increase

January 2024 vs January 2025

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 January 2025, 1,139 new listings were added to the MLS, and 644 homes were sold, which means Salt Lake County currently has 3.1 months of single family, condo, and townhome inventory available. Salt Lake County is experiencing a robust seller's market.

Months of Inventory

3.1

41.6% Increase

Jan. 2024 vs Jan. 2025

Median Sales Price

$528,500

4.7% Increase

Jan. 2024 vs Jan. 2025

Days on Market

59

5.4% Increase

Jan. 2024 vs Jan. 2025


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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
4.2%

Jan 2025 $517,875   |  152 homes sold
vs.
Jan 2024 $497,000  |  61 homes sold

Median Sales Price
SFHs, Condos, & Townhomes

West Valley City

prices increased by
4.0%

Jan 2025 $449,900   |  59 homes sold
vs.
Jan 2024 432,500   |  56 homes sold

Median Sales Price
SFHs, Condos, & Townhomes

Sandy

prices increased by
10.3%

Jan 2025 $637,000 |  62 homes sold
vs.
Jan 2024 $577,500   |  60 homes sold

Median Sales Price
SFHs, Condos, & Townhomes

West Jordan

prices increased by
3.8%

Jan 2025 $539,900 |  55 homes sold
vs.
Jan 2024 $519,995   |  58 homes sold

Some SL County Cities See Price Inclines

Home prices raised in Sandy, West Valley City, and West Jordan in January compared to the same month in 2024.

While prices increase, it is imperative to take into consideration the type of properties being averaged. In Salt Lake City, the median listing price for single-family homes has declined, while prices for single-family homes, townhomes, and condos together have a higher median sales price.

Overall- Salt Lake County saw a slight hike in median home prices, 4.7 percent. As inventory creeps up (it's still inadequate for the growth here) homes seem to stay on the market 5.4 percent longer than they did last year.

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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