Salt Lake City, UT 84116 Real Estate Market Report

ZIP Code: 84116
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

---

Executive Overview

As of February 2026, the real estate market in Salt Lake City, UT (ZIP: 84116) is characterized by a median sold price of $450,000, reflecting a recent shift in market dynamics. The neighborhood has decreased 8% since 2022, indicating a downward trend in property values. This decline may suggest a cooling market as buyers adjust to elevated inventory levels and longer selling times, with properties now spending a median of 241 days on market before closing.

The current market conditions reveal a median listing price of $469,900, which highlights a notable gap between seller expectations and actual transaction prices. With moderate interest rate pressure and a neutral market temperature, the environment appears to be stabilizing, albeit with slower sales velocity and excess supply relative to demand. This normalization phase is supported by strong underlying demographic demand, despite some local economic headwinds.

---

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.

---

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.

---

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.

---

Property Taxes

---

Liquidity & Velocity

---

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 84116 area around 5.875% are notably higher than the historical low rate of 3.990% seen for similar loans.

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

---

Key Findings

1. The median sold price of $450,000 indicates a decrease in property values, reflecting a market adjustment.

2. Properties are taking a median of 241 days on market, suggesting a slower sales velocity and potential pricing friction.

3. The median listing price of $469,900 shows a significant gap compared to the sold price, indicating pricing challenges for sellers.

4. With moderate interest rate pressure, buyers may face caution in their purchasing decisions, impacting overall market activity.

5. The market temperature remains neutral, suggesting a balanced environment but with elevated inventory levels relative to sales.

---

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.