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Salt Lake City, UT housing market
Housing market indicators
| Indicator | 2022 | 2023 | 2024 | 2025* | Change | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|
| Median Listing Price per Square Feet | $243 | $254 | $264 | $259 | 1.7% | 4.5% | 3.9% | -1.9% | |
| Active Listing Count | 2,289 | 2,223 | 2,388 | 3,427 | 233.7% | -2.9% | 7.4% | 43.5% | |
| Median Days on Market | 67 | 63 | 65 | 59 | 91.4% | -6% | 3.2% | -9.2% | |
| Share of listings with price increase | 2.1% | 1.9% | 1.8% | 2% | |||||
| Share of listings with price decrease | 20.6% | 21.4% | 21% | 24.8% | |||||
* last available value
Home prices
Short term housing supply drivers
Long term housing demand drivers
Long term housing supply drivers
Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED
Housing market overview
Salt Lake City, UT MSA Overview
- The Salt Lake City, UT Metropolitan Statistical Area (MSA) comprises Salt Lake County and Tooele County.
- Total MSA population estimated at 1.3 million in 2025, up from 1,257,936 in 2020.
- Key geographic areas include the urban core around Salt Lake City in Salt Lake County, western suburbs, southern valley extensions, and rural Tooele County to the west.
- Wasatch Front region contextually influences the MSA, stretching 80 miles with high growth.
Cities/Towns Table
| Area | City/Town | Population | Density | Income (high/low/...) | Quality of Schools (GreatSchools rating range) | Crime Level | Property Tax (%) | Comments |
|---|---|---|---|---|---|---|---|---|
| Urban Core | Salt Lake City | 204,000 (2023) | High (urban) | Median $74,925 | 4-8 | Moderate-high | 0.58% | State capital, diverse demographics, tech hub |
| Southern Suburbs | Sandy | 96,000 | Medium-high | High $100,000+ | 6-9 | Low-moderate | 0.58% | Family-oriented, retail centers |
| Southern Suburbs | Draper | 51,000 | Medium | High $120,000+ | 7-10 | Low | 0.58% | Silicon Slopes tech growth |
| Western Suburbs | West Valley City | 134,000 | High | Low-median $65,000 | 3-7 | Moderate-high | 0.58% | Industrial, diverse population |
| Western Suburbs | West Jordan | 116,000 | Medium-high | Median $85,000 | 5-8 | Moderate | 0.58% | Growing residential, logistics |
| Tooele County | Tooele | 35,000 | Low | Low $60,000 | 4-7 | Low-moderate | 0.58% | Rural, commuting to SLC, military base nearby |
| Southern Valley | Herriman | 55,000 | Medium | High $110,000+ | 6-9 | Low | 0.58% | Rapid growth, master-planned communities |
To view all table columns, please open this table on a laptop or desktop screen.
Citizens: Income and Education
- MSA median household income around $75,000-$85,000, varying by city: higher in suburbs like Draper ($120,000+), lower in urban core and Tooele ($60,000-$65,000).
- Personal median income in Salt Lake City $40,810 (2023).
- 37% of Salt Lake City population holds bachelor's degree or higher (2010 data, stable trend).
- Young median age of 33 in Salt Lake City, contributing to high workforce participation.
- 18.5% foreign-born in Salt Lake City, with 27% speaking non-English at home.
- Racial makeup: 65-70% White non-Hispanic, 20-22% Hispanic, 5% Asian, 2% Pacific Islander.
Key Economic Sectors
- Finance and professional services dominate, with GDP $215 billion (2022).
- Healthcare major employer, supporting population growth.
- Technology via Silicon Slopes in southern suburbs (Draper, Lehi adjacent).
- Logistics and manufacturing in western areas (West Valley).
- Government as state capital hub.
- Tourism and recreation tied to Wasatch Front mountains.
Housing Buying Market: Supply Drivers
- Zoning openness moderate: suburban areas allow single-family expansion, urban core restrictive with historic preservation.
- Regulatory strictness high in Salt Lake City due to environmental and seismic rules; faster approvals in Tooele County.
- Construction workforce costs rising 10-15% yearly due to labor shortages and in-migration demand.
- New builds concentrated in southern valley (Herriman, Draper) with 5,000+ units annually.
- Land scarcity in valley pushes development westward to Tooele.
- High entitlement costs delay projects 12-18 months in core areas.
Housing Buying Market: Demand Drivers
- Net in-migration for 17th straight year, driven by tech jobs in Silicon Slopes (growing 20%+ employment).
- High birth rates sustain young family demand.
- Remote work influx from California boosts high-end suburbs.
- Declining sectors minimal; construction and logistics growing but not housing-constraining.
- Population projected to double by 2040, intensifying demand.
- Housing prices up 6.2% in 2025 statewide, mirroring MSA.
Key Challenges on the Housing Market
- Affordability crisis: median home $500,000+, prices 8x median income in core.
- Supply shortage: only 1.5 months inventory, bidding wars common.
- Air quality and inversion worsen with growth, impacting livability.
- Water scarcity limits new development in arid valley.
- Labor shortages raise build costs 20% since 2020.
- Crime in urban core deters families to suburbs.
- Infrastructure strain from rapid growth (roads, schools).
Investment Potential Differences Table
| Area | Appreciation Potential | Risk | Key Drivers |
|---|---|---|---|
| Southern Suburbs (Draper, Herriman) | High | Low | Silicon Slopes tech boom, family migration, new construction |
| Urban Core (Salt Lake City) | Medium | Medium-high | Job density, urban renewal, but crime and density risks |
| Western Suburbs (West Valley, West Jordan) | Medium | Medium | Industrial growth, affordable entry, commute improvements |
| Tooele County | Low-medium | High | Spillover from valley, low costs, but rural isolation |
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