The Salt Lake City housing market is in an interesting spot this August. The latest numbers from July show a market that is cooling just enough to give buyers some breathing room while still holding plenty of opportunities for sellers. With prices easing, inventory climbing, and homes taking a little longer to sell, the balance of power is shifting.
Prices: A Small Step Back
In July, the median sales price came in at $565,000, which is about 2.6 percent lower than last year. That dip may not seem huge, but it matters in a city that has consistently pushed higher year after year. For sellers, it is a reminder that today’s buyers are more cautious and willing to walk away if a property feels overpriced. For buyers, it is a small but meaningful sign that affordability is improving, even if only slightly.
Inventory: Options Are Expanding
Salt Lake City ended July with 842 homes on the market, a jump of 33.7 percent compared to last year. This is the biggest change we’re seeing right now. More homes available means buyers have real choices again. It also means sellers are facing competition and need to bring their best game to the table. Homes that shine with good presentation and smart pricing will stand out, while those that miss the mark risk sitting.
Homes Taking Longer to Sell
The average days on market reached 46 in July, up from 40 a year ago. That 15 percent increase shows that buyers are moving more carefully. Instead of rushing into multiple-offer battles, they are taking the time to compare and negotiate. For sellers, this means being patient and realistic about timelines. For buyers, it means more room to breathe and make thoughtful decisions.
Buyer’s or Seller’s Market?
Salt Lake City is moving closer to a balanced market. Inventory is up, homes are taking longer to sell, and buyers have more leverage than they did even six months ago. That said, homes in top neighborhoods that are priced well can still draw strong interest. The frenzy has cooled, but opportunity remains for both sides.
Interest Rates: Still the Wild Card
Mortgage rates in the mid-6 percent range continue to shape the conversation. Higher rates do make affordability tougher, but the increase in inventory helps ease some of that pressure. For buyers who are prepared, this mix of more choices and slightly cooler pricing creates a window of opportunity.
Neighborhood Spotlight
Every part of Salt Lake City tells its own story. In Sugar House, walkable streets and parks are keeping demand steady. In The Avenues, historic homes still attract attention, though higher price tags mean some listings take longer to move. And in Rose Park, first-time buyers continue to find some of the most approachable options in the city. Each neighborhood has its rhythm, but together they add up to a market that is leveling out.
The Bottom Line
The Salt Lake City market is shifting. Prices have eased a bit, inventory has surged, and buyers are approaching the process with more patience. Sellers who price smart and present well still have the chance to secure strong offers, but the days of automatic bidding wars are behind us. Whether you are buying in Rose Park or selling a home in The Avenues, success this season comes down to strategy and timing.
