The Salt Lake area real estate market continued with its seemingly endless climb in the 3rd Quarter of 2019. Both single-family homes and condos saw record median Salt Lake County sales prices, along with a new overall record high price for all home types which hit $348,000. This strong performance was aided by the fact that there were fewer listings coming onto the market, in fact new listings dropped over 8% in the quarter. Even with this limited number of new listings, the number of properties sold in the quarter climbed slightly, with 5,079 sales.
Single-Family Homes
The median sales price for a single-family home in Salt Lake County was $385,000, an increase of 6.94%.
All but 2 zip codes saw their median sales prices increase in the quarter, with just 84108 down 1.18% (Salt Lake City) and 84117 down 6.60% (Holladay) declining.
Best Performing Single-Family Home Zip Codes
84092 Sandy Up 16.02% to $551,950
84107 Murray Up 15.32% to $357,500
84115 South Salt Lake Up 16.36% to $345,000
Condominiums
The Salt Lake Condo real estate market was even stronger than the single-family home market in the 3rd quarter. The median price for a condo climbed 9.30% to sit at $230,663. The number of new condominium listings in the quarter saw a dramatic decline of over 18%.
All but 1 zip code saw their median sales prices increase in the quarter, with just 84111 down 14.81% (Salt Lake City) declining.
Best Performing Condo Zip Codes
84047 Midvale Up 20.32% to $225,000
84107 Murray Up 14.71% to $195,000
84115 South Salt Lake Up 14.36% to $223,000
Housing Market Summary
The recent lower interest rates have certainly seemed to kick start an already strong Salt Lake real estate market. This combined with fewer homes coming onto the market, continued to apply upward pressure on prices.
While overall homes did take slightly longer to sell, the market continues to be very competitive for first time buyers, who continue to struggle facing tough competition and increased prices. The traditional strong areas like Sugarhouse also remain very competitive, with new listings often receiving multiple offers within hours of going on the market.
See a full breakdown of the Salt Lake Housing Market performance by zip code.
