Salt Lake City, UT 84123 Real Estate Market Report

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

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Executive Overview

The Salt Lake City housing market in April 2026 exhibits a median sold price of $547,000, reflecting a stable environment for buyers and sellers alike. This price point indicates a solid foundation for market activity, although the absence of historical sold price change data limits a deeper analysis of trends over time. The market is characterized by elevated inventory levels, which may suggest a shift towards a more balanced state as buyers gain more opportunities amidst strong economic growth.

Transaction velocity appears moderate, with properties spending an average of 265 days on market. This extended duration may indicate slower sales activity, potentially due to elevated interest rates, which are currently averaging 6.5% for 30-year fixed mortgages. As inventory continues to increase, sellers may need to adjust expectations to align with the current market dynamics, where the median listing price stands at $610,000.

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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

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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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 are averaging 6.5% compared to an average of 6.15% in early 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 $547,000 suggests a stable market environment, providing a reliable benchmark for recent transactions.

2. With a median listing price of $610,000, there is a notable pricing gap that may require seller adjustments to attract buyers.

3. The median days on market of 265 indicates a slower sales velocity, potentially reflecting buyer hesitance in the face of elevated interest rates.

4. Market temperature is currently neutral, suggesting a balanced environment where neither buyers nor sellers hold a distinct advantage.

5. The median market rent of $2,110 continues to trend up, indicating strong demand for rental properties despite the overall market dynamics.

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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.