Salt Lake City, UT 84104 Real Estate Market Report

ZIP Code: 84104
Report Date: March 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in the Salt Lake City, UT 84104 area is $405,500, reflecting a market that has seen a localized price softening. This indicates a shift in buyer sentiment, as the market has decreased 8% since 2022. The elevated inventory levels suggest a buyer's market, characterized by longer selling times and a cooling trend toward balance despite strong economic fundamentals. The median days on market stands at 264 days, which points to slower sales velocity and may indicate that buyers are taking their time in making purchasing decisions due to elevated interest rate pressure.

In terms of market dynamics, the median listing price is $380,000, which creates a notable gap between asking and selling prices. This discrepancy may reflect seller expectations that are not aligning with current market realities. The overall market temperature is described as neutral, suggesting that while there is some price adjustment occurring, the market is not experiencing extreme fluctuations. The median market rent is $2,061, which has shown an upward trend year-over-year, indicating potential resilience in rental demand even amidst the cooling sales environment.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Salt Lake City UT 84104 area average around 6.375%, which is comparable to typical 2026 origination rates in the 5.625% to 6.875% range.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The median sold price of $405,500 indicates a decrease in market value since 2022, suggesting a shift in buyer sentiment.

2. With 264 days on market, properties are experiencing slower sales velocity, reflecting a cautious approach from buyers in the current economic climate.

3. The median listing price of $380,000 compared to the sold price indicates a significant pricing gap, suggesting pricing friction in the market.

4. The market temperature is currently neutral, indicating a balance between supply and demand, though elevated inventory levels suggest potential excess supply relative to sales activity.

5. Despite the cooling sales environment, the median market rent has increased to $2,061, indicating a growing demand for rental properties.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.