Salt Lake City, UT 84116 Real Estate Market Report

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

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Executive Overview

As of April 2026, the housing market in Salt Lake City, UT (ZIP: 84116) is characterized by a median sold price of $450,000, reflecting a cooling trend with prices trending down. This shift indicates a decrease in market value, which may suggest a transition towards a more balanced market as inventory levels rise. The median days on market stands at 280, indicating a slower sales velocity, which further supports the notion of a cooling market.

Despite these price adjustments, rental demand remains robust, with a median market rent of $1,840. However, the year-over-year trend for rent is also down, suggesting that while demand persists, new supply may be stabilizing rent growth. The overall market temperature is classified as neutral, indicating a balance between buyers and sellers, though moderate interest rate pressure at 6.17% may be influencing buyer behavior and market dynamics.

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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 Salt Lake City, UT 84116 are averaging 6.17% compared to 5.37% when loans originated in 2026.

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 $450,000 reflects a down trend in market value, indicating potential pricing friction for sellers.

2. With 280 days on market, the sales velocity is considered slower, which may suggest elevated inventory levels relative to sales activity.

3. The median market rent of $1,840 has also seen a down trend year-over-year, indicating stabilizing rent growth amid new supply.

4. Current interest rates at 6.17% exert moderate pressure on buyer affordability, potentially impacting transaction volumes.

5. The market temperature remains neutral, suggesting a balanced environment for buyers and sellers despite the cooling price trends.

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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.