Salt Lake City, UT 84123 Real Estate Market Report

ZIP Code: 84123
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of February 2026, the Salt Lake City market, specifically in the ZIP code 84123, reflects a median sold price of $538,000, indicating a stable market condition. The neighborhood has increased 15% since 2023, showcasing a positive trend in property values. Despite this appreciation, the market is experiencing a shift toward balance, characterized by 238 days on market, suggesting a slower sales velocity and a potential cooling from previous peaks.

Inventory levels are elevated, with current conditions indicating excess supply relative to sales activity. This dynamic may lead to pricing friction as buyers navigate a market with modest year-over-year price appreciation. The median listing price stands at $534,950, closely aligning with the sold price, which reflects seller expectations that are in line with market realities. However, the elevated interest rate pressure, with current mortgage rates averaging between 6.01% and 6.58%, continues to challenge affordability for potential buyers.

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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 area average around 6.01% to 6.58%, which is slightly higher or comparable to typical 2026 origination rates, suggesting minimal immediate refinancing opportunity based on rate movement alone.

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 $538,000 indicates a stable market with a 15% increase since 2023, suggesting a strengthening trend in property values.

2. With 238 days on market, the market is experiencing slower sales velocity, indicating a shift toward a more balanced state.

3. Elevated inventory levels suggest excess supply relative to sales activity, which may lead to pricing friction in the coming months.

4. The median listing price of $534,950 closely aligns with the sold price, indicating that seller expectations are generally in line with market realities.

5. Current interest rate pressure is elevated, with mortgage rates averaging between 6.01% and 6.58%, which may impact buyer affordability and overall market activity.

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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.