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

The median sold price in Salt Lake City, UT (ZIP: 84123) is $540,999.5, reflecting ongoing market activity despite elevated interest rate pressure. The market has experienced a year-over-year price trend that is up, indicating a resilient demand for homes. However, the market is characterized by slower sales velocity, as evidenced by a median of 241 days on market, suggesting that buyers are taking their time in making purchasing decisions amidst the current economic climate.

Inventory levels appear elevated relative to sales activity, contributing to a more balanced market environment. While the median listing price stands at $524,900, the gap between listing and sold prices may indicate some pricing friction as sellers adjust expectations. The overall market temperature is assessed as neutral, reflecting a stabilization phase as buyers gain slightly more footing in the market.

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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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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 84123 average around 5.75% to 6.25%, which is notably lower than the 6.25% to 6.75% range seen earlier 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 is $540,999.5, indicating strong transaction activity despite elevated interest rates.

2. With a median days on market of 241, the market is experiencing slower sales velocity, suggesting buyers are cautious in their purchasing decisions.

3. The median listing price of $524,900 shows a notable gap compared to sold prices, indicating potential pricing friction for sellers.

4. Inventory levels are elevated, suggesting excess supply relative to sales activity, which may lead to a more balanced market.

5. The median market rent is $2,360, reflecting an upward trend in rental prices, which may influence buyer behavior.

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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.