Salt Lake City, UT Housing Market
AI-powered market intelligence for the Salt Lake City-Murray, UT metro area.
PropertyIQ Scores
Salt Lake City, UT Market Analysis
Market Overview
Salt Lake City’s housing market presents a contrast between above-average fundamentals and weakening momentum, reflected in a PropertyIQ Score of 21 out of 100. At $566,207, the median home value is $26,258 above the Utah state average of $539,949. The rent index of $1,647 is $242 above the state average of $1,405, and the median household income of $95,045 is $3,295 above the state benchmark of $91,750. Unemployment is 3.6%, exactly matching the state average. These figures suggest an economically stable but relatively expensive market.
Despite those strengths, the low score is driven by cooling price movement and slower selling conditions. The 12-month home value momentum is positive at 3.79%, but the 3-month momentum is negative at -0.76%. The median days on market is 54 days, and 27.0% of listings have had a price cut. Home value year over year is essentially flat, down just $3. This combination points to a market where earlier price growth has stalled and sellers are adjusting to softer buyer demand.
Overall, Salt Lake City can be positioned as a moderating market rather than a strongly weak one. It is not showing severe distress because unemployment and incomes remain steady, but the PropertyIQ Score of 21 signals that near-term conditions favor buyers more than sellers.
Key Trends
The first trend is a sharp slowdown in home value momentum. Over the past 12 months, values rose 3.79%, but the 3-month momentum is -0.76%, and the year-over-year median home value change is -$3. That means longer-term gains are being erased by recent flat-to-down movement.
A second trend is rising seller competition. There are 3,571 homes for sale, with a median days on market of 54 days and 27.0% of listings showing a price cut. These figures indicate that homes are taking longer to sell and that many sellers are reducing asking prices to attract buyers.
Affordability is another key trend. The median home value of $566,207 is high relative to the median household income of $95,045, producing a price-to-income ratio of roughly 6.0. The rent index of $1,647 is $242 above the state average of $1,405. While household income is above the state average, the gap may not fully offset the higher cost of housing.
Finally, the job market remains stable. The unemployment rate of 3.6% is equal to the state average, and median household income is above the state benchmark. However, population growth data is not available, so there is no direct measure of demographic-driven demand.
Who Is This Market For
This market is best suited to patient buyers and long-term rental investors who can accept limited near-term price appreciation. The rent index of $1,647, well above the state average of $1,405, suggests some rental income potential, while the median home value of $566,207 requires significant buying power. The 27.0% share of listings with price cuts and 54 days on market may give buyers more room to negotiate.
First-time buyers may find entry challenging because the median home value is high relative to the median household income of $95,045. Move-up buyers with existing equity may be better positioned to manage the higher price point. Investors seeking short-term gains are likely to face headwinds given the negative 3-month momentum of -0.76% and the essentially flat year-over-year change of -$3. Long-term investors focused on rental income and patient equity building are a more natural fit.
Outlook
The near-term outlook is cautious. The negative 3-month home value momentum of -0.76%, the flat year-over-year change of -$3, and the 27.0% share of listings with price cuts suggest that prices may remain flat or face modest downward pressure. The 12-month momentum of 3.79% shows that the market had strength earlier, but recent data points to cooling. With 3,571 homes for sale and a median of 54 days on market, buyers are likely to retain negotiating leverage. Stable unemployment at 3.6% and an above-average median household income of $95,045 should provide a floor under demand, but the lack of population growth data leaves an important part of the demand picture unknown. Unless the 3-month momentum turns positive or the share of price cuts declines, expect continued softness in the near term.
AI-generated analysis based on current market data. Last updated August 18, 2026.
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Salt Lake City, UT market data
Salt Lake City, UT Housing Market Overview
Salt Lake City, UT's median home value is $566K, up 3.8% over the past year. Homes here sell in a median 54 days. Its PropertyIQ Score of 21 sits below the state average of 50, marking a market positioned to lag its state over the next three years.
Whether you're considering buying a home, investing in rental property, or weighing entry timing in the Salt Lake City, UT area, the PropertyIQ Score gives you a single, data-first read on relative market strength. It is validated against actual market outcomes from 2001 to 2023, with a positive score-to-return relationship in every validated year across UT and every other US state.
Mountain West markets combine outdoor lifestyle appeal with booming tech and remote-work migration. Cities across Colorado, Utah, Arizona, and Nevada have experienced some of the nation's fastest appreciation, though rising interest rates have introduced new dynamics to these previously red-hot markets. Within the Mountain West, Salt Lake City, UT's PropertyIQ Score of 21 runs below the Mountain West norm.
The PropertyIQ Score for the Salt Lake City, UT market is built from four inputs: Zillow home-value momentum over twelve months, Zillow home-value momentum over three months, the median days listings spend on the market (Realtor.com), and the share of listings with a price cut (Realtor.com). The score runs on a 1 to 99 scale computed across all metro markets nationally and calibrated so 50 equals the state average — a score above 50 means this market is positioned to outperform its state, and a score below 50 means it is set to lag. Momentum here has been positive, with home values up 3.8% over the past year.
Explore the interactive map to see how Salt Lake City, UT compares to neighboring metros, or view the full market dashboard for detailed analytics including time-series trends, score breakdowns, and AI-generated market reports.
Counties in the Salt Lake City, UT metro area
ZIP codes in the Salt Lake City, UT metro area
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Market data through July 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Salt Lake City, UT a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Salt Lake City, UT currently scores 21, a weak-momentum reading that leaves it positioned to lag its state over the next three years. For buyers, cooling demand usually brings more inventory, longer sale times, and real leverage to negotiate on price. Backing that up, the median home value here is $566K, up 3.8% over the past year. So whether Salt Lake City, UT is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Salt Lake City, UT?
Salt Lake City, UT's PropertyIQ Score is 21, indicating weak momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 21 places Salt Lake City, UT below its state benchmark.
Are home prices in Salt Lake City, UT rising or falling?
Home prices in Salt Lake City, UT are rising. Over the past year, the median home value increased 3.8%, reaching $566K. Over the latest three months, values slipped 0.8%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Salt Lake City, UT's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Salt Lake City, UT?
In Salt Lake City, UT, homes sell in a median of 54 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 27% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Salt Lake City, UT market data is refreshed on a monthly cycle, with the latest figures current through July 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.