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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.

Introduction

The real estate market is constantly evolving, influenced by a combination of economic factors, buyer demand, interest rates, and inventory levels. Staying informed about these trends is essential for making confident real estate decisions. Whether you are looking to buy your first home, sell your property for maximum value, or invest in real estate, understanding the latest market data gives you an edge in navigating the shifting landscape.

This market report provides up-to-date insights into the Salt Lake County real estate market, backed by data from the WFR-MLS. My goal is to break down the numbers, explain what they mean for you, and help you develop a strategy that aligns with your goals.

The trends we discuss today may look different next month or next quarter, as housing markets are fluid and can shift based on factors such as interest rate changes, seasonal fluctuations, and broader economic conditions. By staying informed, you ensure that you are always positioned to make the best real estate decisions.

Page updated on April 17, 2025

Single Family Homes

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Single Family Homes

The Salt Lake County market for single-family homes in March 2025 shows a balanced yet evolving landscape, with increased inventory but steady pricing. The median sales price remains at $600,000, unchanged from March 2024. New listings are up 14.5% to 1,016, and inventory has surged 42.8% to 1,342 homes, pushing the months supply of inventory to 2.2—a 66.6% increase. However, closed sales dropped 14.3% to 618, and homes are selling at 97.8% of their original list price, down 0.7%. Average days on market also increased 8.5% to 51, signaling a slower pace compared to last year.

Buyers in areas like Holladay or West Valley are seeing more opportunities with the rise in inventory and new listings, offering greater choice and negotiating power—especially since homes are selling at a slight discount from the asking price. Sellers in neighborhoods like South Jordan or Sandy can still benefit from stable prices, but the longer days on market and lower list-to-sale ratio mean competitive pricing and strong staging are key to attracting buyers in a market with more options. Investors might find this an opportune time to buy, as motivated sellers could be open to deals with closed sales down; focusing on high-demand areas for rentals or flips can maximize returns.

Condos & Townhomes

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Condos and Townhomes

In Salt Lake County, the condo and townhome market in March 2025 reflects a slight softening with increased inventory and longer selling times, though prices are holding steady. The median sales price rose 3.4% to $439,652 from $425,000 in March 2024, but the price per square foot dipped 1.41% to $295. Average days on market climbed 24.5% to 61 days, indicating a slower pace. New listings increased 11.7% to 477, and the months supply of inventory grew 39.9% to 2.9 months, showing more options for buyers. Closed sales saw a modest 1% uptick to 306, suggesting stable demand despite the shifts.

Buyers looking in areas like Draper or Murray will find more condos and townhomes to choose from, with the rise in inventory and new listings offering better selection. The longer days on market give you room to negotiate, especially since prices per square foot are slightly down, but the median price increase means well-located properties still hold value. Acting decisively on move-in-ready units can help you secure a good deal before competition picks up.

Sellers in neighborhoods like Cottonwood Heights or Taylorsville can capitalize on the median price growth, but the slower market pace calls for competitive pricing and strong marketing to stand out. Investors might see opportunities in this market, as the slight increase in closed sales and growing inventory could lead to deals from motivated sellers; focusing on rentals in high-demand areas can offer steady returns given the stable demand.

Interest Rates

Interest Rates & Market Impact

Interest rates in March 2025 are shaping Salt Lake County’s real estate market, with borrowing costs slightly up from last year. The U.S. weekly average 30-year fixed-rate mortgage rose to 6.83%, a 0.20-point increase from March 2024’s 6.63%, while the 15-year fixed rate climbed to 6.03%, up 0.24 points from 5.79%. The Federal Funds Rate dropped to 4.5% after a 0.25-point cut in December 2024, signaling potential future easing. For a $600,000 median-priced single-family home with a 20% down payment, the monthly principal and interest payment at 6.83% is about $3,157, excluding taxes and insurance.

Rates have edged higher into April, hitting 6.96%, and forecasts suggest they’ll stay between 6.3% and 6.8% through 2025, possibly dipping to 6.3% by year-end as the economy cools. This impacts affordability for buyers in areas like Murray, where a $3,157 monthly payment might stretch budgets, though future rate cuts could spur demand. Sellers in Taylorsville may face cautious buyers, but stable demand keeps the market competitive. Investors in Draper can leverage the Fed’s signal of lower rates, making financing for rentals more attractive, though tariff-driven inflation could push rates up if economic growth persists.

Conclusion: Where the Market is Heading

The Salt Lake County housing market in March 2025 is balancing steady prices with growing inventory, setting the stage for an evolving landscape over the next year. Home prices for single-family homes ($600,000 median) and condos/townhomes ($439,652) are holding firm, but increased inventory (2.2 months for single-family, 2.9 for condos) and longer days on market (51 and 61 days) suggest a shift toward buyer-friendly conditions. Interest rates, with the 30-year fixed at 6.83%, are projected to ease to 6.3%-6.5% by year-end 2025 [Web ID: 0, Web ID: 1], potentially boosting demand if economic growth slows.

Looking ahead, lower rates could bring more buyers into the market by spring 2026, increasing competition and nudging prices upward, especially if inventory growth slows. However, if inflation pressures (e.g., from tariffs) persist, rates might stabilize higher, keeping inventory elevated and giving buyers more negotiating power. Sellers will need to price competitively and market effectively to stand out as buyer options expand. Investors should watch for opportunities to buy at favorable terms, particularly if sales pace remains slow, with rental demand likely to stay strong amid affordability challenges. Staying informed will be key to navigating these shifts successfully.

Compare Home Prices in Nearby Counties

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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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