The Salt Lake County median home price declined in the 2nd quarter of 2023, but probably not as much as you would think. When compared to the same time last year the median sales price fell 6.53% to stand at $515,000, but this was actually an increase over the last quarter’s number ($500,000). The number of sales fell sharply dropping nearly 25%, while the median days-on-market which tells us how fast homes are moving rose 183% to stand at 17 days.
The median sales price for a single-family home was $595,000 down 6.56%. Sales declined 24.82% and the median days on market was 15 (up 150%).
Again while prices were down year-on-year, when compared to the last quarter prices rose (up from $560,750).
Best Performing Single-Family Home Zip Codes
84108 Salt Lake Up 7.11% to $1,017,500
84117 Holladay Up 5.87% to $897,261
84065 Riverton Up 0.7% to $717,500
Condo prices dropped 4.05% to $355,000 in the 2nd quarter of 2023, while sales declined 27.95% and the time taken to sell a condo went up 340% to 22 days.
Best Performing Condo Zip Codes
84115 South Salt Lake Up 16.87% to $377,500
84103 Lake City Up 8.88% to $413,750
84108 Salt Lake Up 8.08% to $495,000
When compared to the same time last year home prices fell across the board in the 2nd quarter of 2023, but we are seeing a rebound when we compare them to the last quarter.
The good Salt Lake area economy and the higher interest rates mean that people are reluctant to list their homes for sale, keeping the number of homes for sale at a deflated level and helping prices stay elevated.
See a full breakdown of the Salt Lake Real Estate performance by zip code.