Salt Lake City’s Real Estate Market Sees Average Property Values Drop in 2023-24

The Salt Lake City real estate market is experiencing significant shifts, as average property values have dropped citywide. However, neighbourhood trends vary, with West Valley City seeing a slight rise in property values, while others like North Salt Lake show a decline. This fluctuation highlights the importance of localized analysis in real estate investment.

authorWritten by Manuel MartinezMar 29, 2024

Salt Lake City Real Estate: An Overview

Salt Lake City’s real estate market has witnessed a range of fluctuations, with notable patterns emerging in recent times. Traditionally known for its vibrant economy and spectacular mountainous backdrop, the market here is often indicative of broader trends in the Intermountain West. From August 2023 to February 2024, we observed an overarching downward trend in average property values. August 2023 saw a high with average property values reaching approximately $650,000. However, by January 2024, this figure had decreased to about $557,500. A slight uptick occurred the following month, with values climbing to around $577,500 in February 2024.

Real Estate Report Salt Lake City UT March 2024 - House Prices
Real Estate Report Salt Lake City UT March 2024 – House Prices

Keeping a close eye on per-square-foot values, these hovered around $453 in August 2023 and showcased a slight increase to approximately $458 by November 2023. There was a dip in December 2023 to about $455, before the numbers settled at around $448 in February 2024. Notably, the number of properties changing hands peaked in September 2023 with 4,309 sales before trickling down to 3,957 sales by February of the following year.

In Salt Lake City alone, the February 2024 data tells us that the average sale price was roughly $571,278, with a per-square-foot sale price of $448. With 174 properties available on the market and 3,957 properties sold, these numbers provide a glimpse into the supply and demand dynamics in the area.

Comparing Trends Across Nearby Cities

Adjacent to Salt Lake City, we witness varied trends across neighboring cities, each telling its own economic story. Midvale, for instance, has seen its average property values experience a slight upward trend overall. Notably, January 2024 saw a peak with average values at approximately $490,000, before a slight dip to $470,000 was noted in February 2024. Conversely, Bountiful’s average property values have been on a gentle decline, moving from $645,000 in March 2023 to $614,450 by February 2024. Likewise, the average property values in North Salt Lake have waned from $535,000 to $436,000 in the same period.

Park City stands out starkly with its significantly higher average property values. This luxurious enclave reached a high in December 2023, with average property values at an impressive approximately $2,349,000, although it did witness a decrease to $2,100,000 by February 2024.

West Valley City presents an anomaly where the average property values show a slight increase from March 2023 ($442,500) to February 2024 ($457,000). This could be indicative of a localized demand spike or particular developments influencing property attractiveness in West Valley City.

Even more granularity is seen in the average sale prices and the per-square-foot values as of February 2024. In Midvale, the average sale price was approximately $459,245 with a per-square-foot value of $380. Bountiful’s average sale price was about $529,757, and its per-square-foot value was $375. West Valley City’s figures stood at a sale price of approximately $435,204 and per-square-foot value at $362. North Salt Lake had an average sale price of $528,375 and a per-square-foot value of $332. Park City, maintaining its exclusivity, had an average sale price of about $1,433,372 and a commanding per-square-foot value of $872.

The property counts and sold property counts give a window into the inventory and sales velocity in these cities. With 259 properties sold in Midvale, 401 in Bountiful, 866 in West Valley City, 184 in North Salt Lake, and 938 in Park City, it’s apparent that Park City leads in transaction volume despite its high-end pricing.

Interpreting The Data: What Does It All Mean?

The data emerging from Salt Lake City and its neighboring areas paint a picture of a real estate market experiencing shifts and adjustment. It’s a market where certain areas are proving more resilient in maintaining or even increasing their property values, while others are seeing more pronounced declines. These disparities could be attributed to a variety of factors, such as local job growth, community developments, changes in interest rates, and broader economic conditions.

With the number of properties sold decreasing, and average values experiencing a downward adjustment, buyers in Salt Lake City might find more negotiating power. This could be an opportune time for first-time homeowners or investors looking to capitalize on the softened market situation.

Differences in the average per-square-foot values signify diverse market segments, with places like Park City maintaining a robust high-end market profile. Meanwhile, pockets like West Valley City show a different trajectory, hinting at market niches bucking the overall downward trend.

Conclusively, the Salt Lake City area’s real estate market is complex and nuanced. Careful analysis of the month-over-month metrics and comparative data provides insight into where the market may be heading and which areas are ripe for investment, growth, or possibly hold caution for potential buyers and sellers. Whether you’re a homeowner, investor, or just keeping an eye on real estate, understanding these trends is pivotal in navigating the terrain of property dealings in Utah’s capital region.

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