Is Salt Lake City a Buyer's or Seller's Market?

by Stephanie Morgan

Is Salt Lake City a Buyer's or Seller's Market?

In March 2026, Salt Lake City had 223 single-family homes on the market and 164 sales, resulting in 1.4 months of available inventory. Generally, fewer than five months of inventory is considered a seller’s market. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.

Are Salt Lake City Home Prices Dropping?

Prices Continue to Trend Up Year Over Year

The single-family home market in Salt Lake City continues its upward trajectory. The median sales price reached $660,000 in March 2026, reflecting a 12.8% increase from the prior year. Inventory has expanded to 1.4 months—down 11.6% year-over-year—while homes are now spending 54 days on market, a notable 24.8% increase. Despite the longer selling timeline, the market remains fundamentally healthy, balancing strong price appreciation with gradually improving inventory levels that favor a more competitive landscape for both buyers and sellers.

How Much Does a House Cost in Salt Lake City?

Depending on the size and type of home you choose, you can multiply the estimated square footage by avg. price per square foot to get an idea of how much a house might cost in Salt Lake City. The average square footage of a single-family home in Salt Lake City is approx. 2,000 Sq. Ft. while the average for condos & townhomes is approx. 1,200 Sq. Ft.

Is Now a Good Time to Buy a Home in SLC?

Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller's zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.

Freddie Mac, 30-Year Fixed Rate Mortgage Average in the United States
02/1/1971-02/1/2025

Is Now a Good Time to Sell a Home in SLC?

This is a great time to sell a home. There is still a high demand for housing and many buyers are looking to purchase immediately. Homes are selling at historically high prices.