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Market Report

Stay ahead of the market with real-time data, expert insights, and trends impacting buyers, sellers, and investors in Salt Lake County.

Salt Lake County Market Report - August 2025

The Utah real estate market is constantly evolving, and right now is no exception. Whether you’re buying, selling, or investing, understanding the latest trends gives you the upper hand. I track the numbers closely every month so you don’t have to—then break them down into what they actually mean for you.

Let’s dive into this month’s Salt Lake County market update and see where the opportunities are.

Data current through August 2025 — updated monthly with WFR-MLS data.

Quick Snapshot: Where the Market Stands

Single Family Homes

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Single Family Homes

Median sales price for single-family homes sits at $634,250, down just 1.7% from last July. While prices have softened slightly, the price per square foot has actually increased to $261.29, up 1.4%. That means buyers are still willing to pay for quality, well-presented homes.

Homes are taking longer to sell, with 46 average days on market, a 35% jump from last year. Inventory has also grown significantly—3.10 months’ supply, up 44.5%. More inventory means more options for buyers, but sellers should be strategic with pricing and presentation.

New listings are up 12.3% to 1,041, while closed sales dipped slightly to 768. This hints at a more competitive environment where buyers have choices and sellers need to stand out.

Condos & Townhomes

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Condos and Townhomes

Condos and townhomes are holding strong in price per square foot ($261.29, up 1.4%), but the median sales price is now $410,000, a 3.4% decrease from last year.

Days on market average 57, up nearly 24%, which mirrors the single-family trend toward slower sales. Inventory levels are at 3.10 months’ supply—the same as single-family homes—up 44.5% from a year ago.

With new listings up 5.8% and closed sales down 6.8%, buyers here also have more negotiating power, and sellers need to be competitive.

Interest Rates

Interest Rates & Market Impact

Mortgage rates remain a key factor in the market’s pace. The 30-year fixed rate is now 6.58%, a slight increase from last month, and the 15-year fixed rate is at 5.71%.

The Federal Funds Rate currently sits at 4.25%–4.5%, following a 0.25-point decrease in December 2024. Any future rate cuts could inject more energy into the market by improving affordability.

What This Means for You

If you’re buying: You have more options and slightly more negotiating room than last year. Rates are still higher than historic lows, so locking in the right financing strategy matters.

If you’re selling: Inventory growth means competition. Professional staging, strategic pricing, and high-quality marketing are more important than ever.

If you’re investing: Price per square foot increases show strong long-term potential. Focus on properties with high rental demand or value-add opportunities.

Compare Home Prices in Nearby Counties

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Let’s Talk Strategy

Markets like this create both challenges and opportunities—and the right move depends entirely on your goals. I’m here to help you navigate the numbers, the timing, and the negotiations to make sure you win in this market. 

 

Contact me today for a custom neighborhood report or a one-on-one strategy session.

Thank You!

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Contact Details

Nick Booth Real Estate

Phone

(801) 980-2058

Email

[email protected]

Address

400 East 5900 South Salt Lake City, UT 84107

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