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: February 7, 2024
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Salt Lake County Prices Fell 2.6% in January
Salt Lake County home sales and prices slowed in January compared to December 2023. It's natural for the market to chill in the cold winter months. High interest rates are still a factor impacting prices which are down 2.6 percent.
Remember, these are month-to-month figures. That's a short period to determine a serious downtrend.
The market has been hot, hot, hot for a few years now. A little cooling helps bring the balance required for a truly healthy market.
January sales were higher this year than last year. Still, the number of homes sold this year is 27 percent lower than in January 2022. Following are comparative January home sales by year throughout the county:
- January 2024: 676
- January 2023: 603
- January 2022: 927
- January 2021: 1,068
- January 2020: 985
Why are we seeing this significant decrease? High interest rates contribute to the decline but a severe lack of inventory is also to blame.
Many sellers are still holding tight to their homes and their low mortgage rates with the hope the Federal Reserve Chairman will decrease rates as the United States economy grows stronger.
What kind of home should I buy?
The best type of home for your next investment depends on various factors like your financial goals, market conditions, and personal preferences. Each type of property has its pros and cons.
Single-family homes: Typically appreciate well and provide more privacy, but maintenance and expenses fall entirely on the owner.
Townhomes: Often more affordable than single-family homes, and they usually come with a homeowners association (HOA) that may cover some maintenance.
Condos: Can be lower maintenance with shared amenities, but HOA fees and potential restrictions should be considered.
Mobile homes: Generally more affordable, but may not appreciate as much as other types of homes.
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.
Buying or Selling Your Home in Salt Lake City? Here are a Few Helpful Articles:
Are you planning to sell your home in Salt Lake City? If you have the luxury of waiting for the optimum time to sell, congratulations! Not everyone does. Sometimes life circumstances change in the blink of an eye and a home seller needs to make a fast transaction to get to a new job, to get out of debt, or to care for a sick or aging family member. There are many reasons people need a fast sale and that’s okay. With more than 30 years of experience in the real estate industry, I can help you make the most of any market.