Estimated read time: 2-3 minutes
- Utah's fall housing market saw a 12.5% sales increase despite higher prices.
- Salt Lake City's home prices rose 7.3%, with a 4.8% decline in sales.
- Salt Lake City ranks as the eighth most in-demand city in the West, despite high rental interest.
SALT LAKE CITY —Utah's fall housing market this year was slightly more successful than in 2023, even though prices were higher on average. Prices in October increased by 1.6% compared to last year, yet sales increased by 12.5%, with 3,096 reported home sales, according to Redfin.
The median home price in Utah for October was $553,100.
Looking more in-depth, Salt Lake City's housing market has higher prices than most cities in the state, making the market steeper for residents looking to enter the area. In Utah's capital, home prices increased by 7.3% year over year. With an average home price of $550,000, the number of homes sold in October was down 4.8% compared to 2023.
High prices aside, Salt Lake City remains a sought-after place to call home, a recent RentCafe report found. Ranked 35th out of 150 of the most populated cities in the country, it was also reported as the eighth most in-demand place in the West, Esther Urmosi, RentCafe's communication specialist, told the Deseret News in an email.
Top five places to rent in the U.S.:
- Washington, D.C.
- Minneapolis, Minnesota.
- Cleveland, Ohio.
- Detroit, Michigan.
- Atlanta, Georgia.
"The strong year-round interest from renters in Salt Lake City is evident in the 21% drop in available listings on RentCafe.com compared to one year ago. Most of the demand comes from local residents looking for new rental options," per Urmosi's in-depth email on Utah.
"During the offseason, renters often take more time to weigh their options, explore winter deals and contact properties directly. This trend is clear in Salt Lake City, where there's been a noticeable drop in metrics such as apartments added to favorites, saved personalized searches and listing views."
In a separate report on the most livable cities in the U.S., Salt Lake City and two other Utah cities ranked top five in the socioeconomic category.
"Those hunting for metro areas that offer city living without breaking the bank should head west. Topping the charts at No. 1 and No. 2 are Utah gems Ogden and Provo," per the report. "Here, the cost of living and steady income growth makes these places wallet-friendly choices for residents."
Top five metro areas by socioeconomic factors:
- Ogden.
- Provo.
- Boise, Idaho.
- Green Bay, Wisconsin.
- Salt Lake City.
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Emma Pitts
