Denver vs Salt Lake City: Two Mountain West Markets, Very Different Trajectories

Denver and Salt Lake City are both Mountain West metros with similarly priced homes and similarly challenging affordability pictures. As of February 2026, their PropertyIQ Scores tell different stories.

The Scores (as of February 28, 2026):

• Denver, CO: 76 out of 100
• Salt Lake City, UT: 64 out of 100

The big number: Denver jumped 23 points in January to February 2026 alone -- from 53 to 76 in a single month. That is the most significant single-month score movement among major western metros in the February 2026 data. Here is what is behind it.

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Denver (Score: 76)

Denver's score recovery is driven primarily by absorption speed. Homes in Denver average 38 days on market as of February 2026 -- one of the fastest rates among major western metros. Phoenix averages 55 days and Salt Lake City averages 49 days.

Home sales are up 10.47% year over year as of February 2026. Month-over-month, listing prices gained 2.73%. The pending-to-active ratio is 0.47 -- nearly half of all active listings are under contract at any given time.

The year-over-year numbers are still negative: home values are down 1.31% year over year as of February 2026. Inventory is up 15.86% year over year. These are the remnants of the 2024 correction. The February month-over-month data and the sales volume increase suggest the correction is decelerating.

The caveat: significant overvaluation. Denver is approximately 56% overvalued relative to local fundamentals as of February 2026. The income needed to buy at the current median price of $564,995 is approximately $150,173. Denver's median household income is $102,339 (2023 Census). Zillow forecasts -1.0% near-term appreciation as of December 2025. Average rent: $1,846 per month as of December 2025.

The 5-year picture. Denver's 5-year home value appreciation is 4.66% as of February 2026 -- one of the lowest among major metros that were once considered growth markets.

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Salt Lake City (Score: 64)

Salt Lake City scores 12 points lower than Denver, and the score is trending down: -3 over the past 3 months as of February 2026.

The primary driver is a surge in new supply. New listings in Salt Lake City jumped 26.85% year over year as of February 2026 -- the steepest increase among the markets tracked this month. More supply entering a market that already had soft demand is a direct score headwind.

Home values are down 2.64% year over year and flat month-over-month as of February 2026. The demand score is 7.4 out of 100. Days on market: 49.

The overvaluation reading is severe. Salt Lake City is approximately 66.7% overvalued relative to local fundamentals as of February 2026. The income needed to buy at the median listing price of $550,000 is approximately $146,188. The median household income is $95,045 (2023 Census). Average rent: $1,611 per month as of December 2025 -- $235 per month less than Denver despite similar home prices.

The 5-year picture. Salt Lake City's 5-year home value change is -4.74% as of February 2026 -- meaning prices today are below where they were five years ago. Zillow forecasts +1.4% near-term.

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Head to Head (as of February 28, 2026)

| Metric | Denver | Salt Lake City | |---|---|---| | PropertyIQ Score | 76 | 64 | | Score Trend | +23 in Feb | -3 over 3 mo | | Listing Price | $564,995 | $550,000 | | Values YoY | -1.31% | -2.64% | | Overvalued | 56% | 66.7% | | Days on Market | 38 | 49 | | New Listings YoY | +8.1% | +26.9% | | Avg Rent/mo | $1,846 | $1,611 | | Zillow Forecast | -1.0% | +1.4% |

Denver's higher score reflects faster absorption and improving momentum. Salt Lake City's lower score reflects a new-supply surge hitting a low-demand environment with a steeper overvaluation problem.

PropertyIQ scores as of February 28, 2026. Listing and inventory data as of February 1, 2026. Rent and forecast data as of late 2025. All data for informational purposes only.