Salt Lake City, UT 84118 Real Estate Market Report

ZIP Code: 84118
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 median sold price in Salt Lake City, UT (ZIP: 84118) stands at $429,700, reflecting a stable market despite a slight recent decline in this specific area. The neighborhood has decreased 8% since 2022, indicating a cooling trend in property values. While the broader Salt Lake City market is experiencing modest appreciation, the 84118 ZIP code is showing signs of adjustment, with elevated inventory levels contributing to this shift.

The market's velocity appears moderate, with properties taking a median of 198 days on market before sale. This extended duration suggests a slower transaction volume, potentially due to the excess supply relative to sales activity. The median listing price is currently $445,000, which indicates a pricing gap that may reflect seller expectations not aligning with buyer readiness in the current economic climate. Overall, the market remains hot, supported by positive economic fundamentals, but specific local conditions warrant close observation.

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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 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 UT 84118 market at 6.375% are slightly lower than the recent average origination rate of 6.61% seen across Utah.

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 $429,700 suggests a cooling trend, as the neighborhood has decreased 8% since 2022.

2. With a median days on market of 198, the market is experiencing slower sales velocity, indicating potential buyer hesitance.

3. The median listing price of $445,000 shows a notable gap compared to the sold price, suggesting pricing friction in negotiations.

4. Elevated inventory levels indicate excess supply relative to sales activity, which may pressure prices further.

5. The median market rent of $2,300 is rising, reflecting ongoing demand for rental properties despite the overall market adjustments.

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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.