The annual housing market data is out for Salt Lake County in 2022 and for the first time in several years, we are seeing signs of declining home prices. The annual median sales price for a home was $527,640 a 14.70% increase, which seems pretty good on the surface. There were some not-so-good numbers, total sales fell 25.57% and it did take longer to sell a home 11 days (an increase of 83% but still a very good number).

The numbers do not look so good when we start looking at quarterly numbers. The peak sales price was in the 2nd quarter at $551,000, by the 4th quarter this had dropped to $500,000.

Single-Family Homes

The median sales price for a single-family home was $606,000 in 2022, up 13.70%. Sales declined 24.56% and the median days on market was 11 (up 83%).

If we look at quarterly numbers the peak was $637,000 in the 2nd quarter, this had dropped to $561,925 by the 4th quarter.

Best Performing Single-Family Home Zip Codes
84115 South Salt Lake Up 22,25% to $513,438
84093 Sandy Up 18.99% to $805,000
84111 Salt Lake City Up 17.33% to $540,000

Condos

Condo prices rose 17.07% in 2022, sales declined 32% and the time taken to sell a condo went up 28% to 9 days.

Best Performing Condo Zip Codes
84129 Taylorsville Up 47.53% to $343,000
84104 Salt Lake City Up 35.29% to $230,000
84096 Herriman Up 31.97% to $386,000

Summary

While annual home prices climbed year on year when we start to look at quarterly numbers we see that they are off their peak.

The total sales fell sharply with sellers being reluctant to list their properties in the current market. This could be because they don’t want to accept lower prices, are underwater, or do not want to buy another property at a much higher interest rate.

New construction property has also slowed sharply with builders cutting back on building spec homes and offering more incentives for buyers.

See a full breakdown of the Salt Lake Real Estate performance by zip code.