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: November 6, 2023
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Salt Lake County Median Home Price Steady at $515K
Salt Lake County Utah home prices held steady in October. The median sold price hung on at $515,000 (the same as in September).
The U.S. Federal Reserve met on Nov. 1 and decided not to increase interest rates further. They are already at a 22-year high, so that's great news.
This is the second time the Fed declined to rock rates with another hike.
Consumer confidence will likely increase as the economy shows hints of continuing recovery.
Cottonwood Heights is one community to watch on the Wasatch Front. Despite high-interest rates, home prices in that city increased by an impressive 29.5 percent.
South Salt Lake experienced a 38.7 percent drop in median home prices from $491,000 in September to $301,000 in October. Remember, we're looking at a short time period when we study the numbers month-to-month. Time will tell how the market can hold up to painful rates and limited inventory.
Because inventory is low, this is a great time to get your home on the market.
Hang on for the ride.
Market Summary Shows Home Sales Slowing
On Nov. 6, Salt Lake County home buyers had access to 2,410 home listings. The lowest-priced home was listed at $38,000. The highest-priced home in the county can be yours for just $10 million.
The median home listed price was $589,250. The average price was $775,906. Keep in mind, this median price is different than the "Sold" price. These homes have yet to sell, so there is no final price to report.
Active homes were on the shelf for a median of 48 cumulative days (CDOM).
Compare Home Prices in Popular Salt Lake County Cities
Median Salt Lake County Listing Age or CDOM (Cumulative Days on Market)
Real estate professionals monitor the median age of listings (and many other factors) because it is an indication of the housing market's health, and level of activity. To calculate the median age, consider the lowest number of days (1) and highest number of days (100+) it took for a listing to sell. Next, find the number exactly in the middle. That is the median number.