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Salt Lake City real estate market overview
- Average Monthly Rent: $1,664
- Home Price/Value Percentage Change: -1.50%
- Median Home Value: $536,909
- Best Time To Sell a Home: December
- Affordability Index: Low
- Days To Sell a House: 46
- Job Market: Fair
- Public School Ranking: 13
Location and weather
Salt Lake City is known by its picturesque location on the Jordan River at the southeastern end of Great Salt Lake and surrounded by the Wasatch Mountain Range which rises a mile above the Salt Lake Valley floor. The city was originally founded by Brigham Young and continues to be the world headquarters of the Mormons. With over a dozen ski areas nearby, Salt Lake City is a major tourist destination for winter sports.
Salt Lake City's warm season is from mid-June to mid-September with average high temperatures in the 80's. The lower evening temperatures are in the low 60's. The cold season is from late November through February with average high temperatures below 47 degrees and low's in the low 20's. From summer through winter, Salt Lake City is an ideal location for outdoor activities with it's majestic scenery and many trails and parks including Wasatch National Park.
Population, job market and cost of living
Salt Lake City's population in 2023 is 203,707 with an annual growth rate of 0.66%.
The job market has decreased by -1.38% over the last year. 10-year future job growth is predicted to be 39.93%. Mining operations nearby contribute to the job growth. As a regional trade and transportation center with a major airport, Salt Lake City, is poised for continued growth. Major companies include Super Value Inc, Intermountain Healthcare, Wealth Generators LLC, Smith's Food and Drug and EnerBank USA.
The cost of living is high due to the Salt Lake City real estate market and higher cost of homes. With its majestic mountain scenery, universities and cultural scene, well-known and sought out winter skiing and substantial job growth, Salt Lake City will continue to be a sought-out city to work and play.
Salt Lake City real estate market details
- Rose Park
- Fairpark
- Downtown
- Liberty Wells
- The Avenue
The average monthly rent in Salt Lake City is $1,664 for an average apartment size of 829 sq. feet.
There has been a -1.5% decrease in median home value over the last year. As of 2023, the median home value is $536,909.
On average, homes in Salt Lake City sell after 46 days on the market.
The best time to sell a home for the highest valued sale is during December. For the quickest sale, homeowners should sell in December.
The affordability index Salt Lake City is 122. This number indicates low affordability in this city.
The top ranked public schools are Cottonwood School, Howard R. Driggs School, Eastwood School, Uintah School and Bonneville School. This information is based on data measuring academic performance and equity.