Salt Lake City Utah Real Estate Market Trends & Key Statistics
- Competitive Market: Homes in Salt Lake City typically receive about two offers.
- Median Sale Price: The median sale price of homes recently stood at approximately $520K.
- Price Decrease: There’s been a 5.5% decrease in median home sales prices compared to 2023.
- Sale Price per Square Foot: The median is around $307, showing a 2.2% decrease since last year.
- Above National Average: Salt Lake City’s median sale price is 28% higher than the national average.
- Market Velocity: Homes generally sell for about 2% below list price.
- Average Days on Market: Homes go pending in around 36 days, with hot homes closing in about 14 days.
- Median Sale to List Ratio: As of October 31, 2023, it was 0.998.
UT Housing Market Dynamics and Trends
- Sales Over List Price: Approximately 29.6% of sales were over list price as of October 31, 2023.
- Sales Under List Price: About 49.1% of sales were under list price as of October 31, 2023.
- Market Balance: Current data suggests a balanced market with opportunities for buyers and sellers.
- Average Home Value Decrease: A 1.1% decrease has occurred over the past year.
- One-Year Market Forecast: A modest increase of 0.3% as of November 30, 2023.
SLC Real Estate Inventory Data
- For Sale Inventory: As of November 30, 2023, there are 3,191 homes on the market.
- New Listings: In November 2023, there were 988 new listings.
- Median Sale Price (October 2023): $504,244.
- Median List Price: As of November 30, 2023, it was $570,000.
SLC Utah Economic and Mortgage Rate Trends
- Mortgage Rate Trends: Continued upward trend in the third quarter of 2023.
- Economic Factors: A persistently positive economy impacts mortgage rates.
- Mortgage Rate Prediction: Rates are expected to hold at current levels before trending down.
- Price Growth Slowdown: Due to higher mortgage rates and more market choices.
Salt Lake City Market Performance and Selling Trends
- Average Days to Sell a Home: Rose by 17 days compared to the same period in 2022.
- Fastest Selling Area: Salt Lake County homes sold the fastest.
- Market Time Decrease: Average market time fell by three days from the second quarter of 2023.
The market’s competitiveness, indicated by homes typically receiving around two offers and selling for about 2% below the list price, suggests a healthy demand for properties. However, the recent 5.5% decrease in median sale prices compared to the previous year and a slight overall decline in average home values could mean sellers may need to adjust their price expectations.
For property investors, the statistics offer a mixed outlook. The modest forecasted increase of 0.3% in the housing market, coupled with a balanced market scenario, indicates stability but also underscores the need for careful investment strategies. The rising mortgage rates, mirroring national economic trends, might deter some buyers, potentially affecting the liquidity in the real estate market. However, the steady job growth in sectors like technology, healthcare, and tourism, combined with Salt Lake City‘s high quality of life and limited housing supply, continue to attract new residents. This ongoing demand bodes well for long-term investment prospects.
Additionally, the demographic trends in Salt Lake City, particularly the influx of young professionals and families, suggest a sustained demand for housing. This demographic shift could provide opportunities for investors in both the purchase and rental markets. However, the varying days on the market across different counties in Utah indicate that location will be a crucial factor in investment decisions.
While the Salt Lake City, Utah, real estate market shows signs of slowing price growth and increased days on the market, its underlying fundamentals — such as a strong job market, limited housing supply, and demographic appeal — maintain its attractiveness to home sellers and property investors. Investors should focus on long-term gains and be prepared for the impacts of current economic factors, including mortgage rates and market liquidity.
Cited Sources:
- https://www.redfin.com/city/16657/UT/Salt-Lake-City/housing-market
- https://www.noradarealestate.com/blog/salt-lake-city-real-estate-market/
- https://www.realtor.com/realestateandhomes-search/Salt-Lake-City_UT/overview
- https://www.apartmentlist.com/renter-life/cost-of-living-in-salt-lake-city
- https://www.daybreakutah.com/whats-happening/55-active-adult/good-place-to-retire/
- https://www.movoto.com/salt-lake-city-ut/market-trends/
- https://www.rockethomes.com/real-estate-trends/ut/salt-lake-city
- https://www.windermere.com/market-update/utah
- https://www.rate.com/research/salt_lake_city-ut