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.
Have questions? I'll always make time for you.
Call or text me at 801-673-3333.
Home Prices, Sales Slid in April
Salt Lake County home prices seemed to be on a downhill slide in April compared to March 2023.
Some potential buyers have put the breaks on fulfilling the American Dream (primarily due to interest rates, but an uncertain global economy plays a part too). That lowers demand and consequently home prices. For years now sellers have enjoyed a rich Utah housing market. Buyers, it's your time to shine.
April 2023 home sales did a deep dive
In April 2022, 1,341 condos, townhomes, twin homes, mobile homes, and single-family homes throughout Salt Lake County sold for a median price of $555,000. In 2023 just 871 homes sold for a median price of $515,000.
Look, home prices are falling in some areas. In other areas, they are actually increasing. If you buy a discounted home (even with a higher rate) you will be ahead in the end. Rates will go down, they always do. Refinance your discounted home and save twice!
Sellers, you might have missed a window of prime pricing, but your home is still worth significantly more than it was five years ago.
Hold on to your hats.
We don't worry too much about a one-month decline in sales or prices, but we do like to keep an eye on market statistics. When we begin to see market trends, it helps us predict the future of real estate in Salt Lake County.
Check out our year-over-year quarterly comparison to look at the longer-term trend.
Demand for Utah Homes is Down
Home sales in Salt Lake County are down. When demand goes down, supply goes up. That means more options for home shoppers and in some cases, serious discounts.
First Quarter home sales totaled 3,258 in the county in 2022. This year, 2,461 were sold in Q1. That's nearly a 28 percent decrease.
The market is balancing out, that's a normal, natural, and healthy process. If you have real estate questions, let me be your answer man. Call or text 801-673-3333.
Compare Home Prices in Popular Salt Lake County Cities
Median Salt Lake County Listing Age
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.
Additional Salt Lake City Market Updates
Are there Still Affordable Homes for Sale in Salt Lake City?
It depends. Define affordable. Utah is one of the fastest-growing states in the country. Its vibrant four seasons, outdoor recreation, and a healthy economy have helped make it wildly popular. People tend to love Utah’s rich heritage. The Salt Lake City Metropolitan Area is diverse and a deep local appreciation for the fine arts, live … Read more
Stop Running from High Mortgage Interest
If you are putting off your new home purchase due to high interest rates, you could be missing out on some serious discounts. Interest rates are temporary. A home purchase is one of the most important investments a person will ever make. If the right home comes along, snag it regardless of the interest rate!
2022 Salt Lake County Sellers’ Market is on Fire
If you’re on the fence about selling your home, jump off! There’s still time to take advantage of record sales prices in the Salt Lake Valley. In this historic sellers’ market, we are seeing homes go for up to 10 percent above asking.