Salt Lake City, UT 84109 Real Estate Market Report

ZIP Code: 84109
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 Salt Lake City, UT (ZIP: 84109) is $797,500, reflecting a stable market with slight overall price appreciation year-over-year. This price point suggests a resilient demand for single-family homes, despite the elevated interest rate pressure currently influencing buyer behavior. The market has shown an increase in inventory levels, which may indicate a shift towards a more balanced market, although the current sales activity remains moderate.

With a median days on market of 250, the sales velocity appears slower, suggesting that buyers are taking more time to make purchasing decisions. The elevated inventory relative to sales activity indicates a potential for pricing friction, as sellers may need to adjust expectations to align with buyer sentiment. Overall, the market temperature remains neutral, indicating a stable yet cautious environment for both buyers and sellers.

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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

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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 market average around 6.375% to 6.875%, which is higher than some reported 2026 historical averages near 5.250% to 5.500%, indicating current property owners locked in a favorable rate.

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 $797,500 indicates a stable market with slight appreciation year-over-year.

2. With 250 days on market, the sales velocity is slower, suggesting buyers are taking more time to finalize decisions.

3. Elevated inventory levels relative to sales activity may lead to pricing friction as sellers adjust expectations.

4. The median market rent is $2,700, reflecting a growing rental market amidst rising property prices.

5. Current interest rate pressure is elevated, influencing buyer behavior and overall market dynamics.

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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.