The Salt Lake Real Estate Market continued to show signs of slowing in the 3rd quarter of 2022. Prices did show an increase year on year, increasing 9.71% to stand at $525,000. But there were fewer sales which fell by over 30% and it was taking longer for homes to go under contract.
Single-family home sale prices fell from $637,272 last quarter to $600,000 (still 9.09% higher than last year). The total number of sales fell 29.48% and it took a median of 22 days to sell a home (still a very good number).
Best Performing Single-Family Home Zip Codes
84115 South Salt Lake Up 23.17% to $505,000
84093 Sandy Up 22.17% to $812,400
84107 Murray Up 14.60% to $573,000
Condo sales cratered in the quarter, declining 36.20%, but prices still held up well climbing 15.54% to $355,000.
Best Performing Condo Zip Codes
84117 Holladay Up 33.33% to $370,000
84096 Herriman Up 31.23% to $382,000
84103 Salt Lake City Up 21.48% to $410,000
The market is slowing but still remains resilient, especially in the lower price ranges. New home builders are certainly seeing the signs of a slowdown and have started to offer incentives to try and attract buyers. The market will continue to show signs of uncertainty in the near term, as you would expect when interest rates continue to come under upward pressure.
See a full breakdown of the Salt Lake Real Estate performance by zip code.