Salt Lake City, UT 84108 Real Estate Market Report

ZIP Code: 84108
Report Date: March 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of March 2026, the real estate market in Salt Lake City, UT (ZIP: 84108) is characterized by a median sold price of $982,000, reflecting a competitive environment. The market has shown a year-over-year price trend that is up, indicating ongoing demand despite challenges in affordability for younger buyers. The substantial gap between the median listing price of $1,250,000 and the median sold price suggests pricing friction, with sellers potentially needing to adjust expectations to align with buyer capabilities.

The market is experiencing elevated inventory levels, with a median days on market of 287 days, indicating slower sales velocity. This extended timeframe may suggest a shift towards a more balanced market, as elevated inventory relative to sales activity could lead to greater negotiation power for buyers. While interest rates remain elevated at around 6.50% APR, they are projected to ease, which may support future market stabilization and enhance buyer accessibility.

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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

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Salt Lake City area average around 6.50% APR, which is 0.41% higher than the average rate recorded just one week ago.

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 $982,000 indicates strong market activity despite affordability challenges.

2. Elevated inventory levels suggest a potential shift towards a more balanced market, with 287 days on market indicating slower sales velocity.

3. The median listing price of $1,250,000 reflects pricing friction, as it significantly exceeds the median sold price.

4. Current interest rates are 6.50% APR, which is elevated and may impact buyer demand in the short term.

5. Year-over-year trends show that both home prices and rents are up, indicating sustained demand in the housing market.

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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.