Salt Lake home prices tick up despite high mortgage rates, now 38% more expensive than nation

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Home prices ticked up in Salt Lake County in the third quarter despite a rapid slowdown in home sales driven by interest rates that are at their highest point in the past two decades.

The median single-family home cost $594,125 between July and September, 1 percent higher than the same time in 2022, according to UtahRealEstate.com. That’s 38 percent more than the national median sales price for single-family homes, according to the Federal Reserve.

The median price for condos fell 1 percent, to $410,000 in Salt Lake County.

On the year, median home sales prices in Salt Lake County are 3.1 percent lower than they were in 2022.

The stubbornly high prices follow a nationwide trend. Home sales are down sharply compared to last year, but low inventory driven in part by homeowners with historically low mortgage rates obtained during the pandemic has prevented prices from falling sharply.

Home sales in Utah are down 16 percent this year compared to 2022, according to the Utah Realtors.

Still, when they’re listed, homes in Salt Lake County go fast. Windermere Real Estate reports an average of 35 days on market for home in the county. The brokerage reports that Utah is now in a balanced market between buyers and sellers.

Prices also rose in Weber County, climbing 2 percent to $445,000, according to the report.

Prices fell 1 percent in Davis County, 4 percent in Utah county and 5 percent in Tooele County, according to the Salt Lake Realtors.

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Posted by Taylor Anderson

Taylor Anderson grew up near Chicago and made his way West to study journalism at the University of Montana. He's been a staff writer for the Chicago Tribune, Bend Bulletin and Salt Lake Tribune. A move from Portland, Oregon, to Salt Lake City opened his eyes to the importance of good urban design for building strong neighborhoods. He lives on the border of the Liberty Wells and Ballpark neighborhoods.