While Salt Lake City is best known for its religious history, culture, and tourist attractions, over 1.2 million people call the SLC metro area home. As a real estate professional, home buyer, or seller in Salt Lake City, it’s essential to understand the local market in 2025 

As the market shifts, an understanding of Salt Lake City’s real estate market becomes vital. Whether you’re a buying or selling agent, guiding your clients through the process with ease will set you apart, help you gain more leads and referrals, and remain successful throughout the year.  

Salt Lake City housing market in 2025

Currently, Salt Lake City’s housing market is slowly becoming more competitive, and there are 2,074 homes on the market with an average listing time of 43 days—nearly half of the listing time reported in 2023 at 83 days. It’s still a fairly neutral market, but continues to lean towards a buyer’s market with the increase in homes listed and time on market.

Getting more than one offer on a home is unlikely and tends to sell 2% below the asking price. If interest rates lower, the area could see a resurgence in competitive buyers.

Average home price in Salt Lake City

What’s the true cost of calling Salt Lake City home? While numbers vary, the average median housing price reported across sources lands near a considerable $526,279, prompting a closer look at the market’s dynamics.

  • Rocket Homes notes the median listing price for a home in Salt Lake City is $559,950, a 6.9% increase since its 2023 report.
  • Redfin notes the median sale price is $495,000. 
  • Zillow reports a median sale price at $523,879, and increase of 2.7% over the last year.

Salt Lake City rental market

The cost to rent a modest 1-bedroom apartment now averages a staggering $1,547, a jaw-dropping 20% surge since roughly 2022. For those needing more space, expect to shell out upwards of $2,125 for a 3-bedroom unit.

In this market, renters just barely hold the majority, with Zumper revealing 52% of housing units are occupied by those who lease, compared to 48% that are owner-occupied. For those seeking their next rental, Zumper’s portal currently lists 462 available apartments.

Salt Lake City neighborhoods 

For those exploring the Salt Lake City real estate market, the city boasts a variety of districts catering to both singles and families, with appealing cultural hubs, hiking trails, and excellent dining options scattered throughout its neighborhoods.

The Avenues and Capitol Hill

Want access to historic buildings and unique restaurants and sights? Living in The Avenues or Capitol Hill gives you access to local food favorites like Garage on Beck and Publik. You can also enjoy living near the Utah State Capitol Building or see a show at the Salt Lake Acting Company. However, with a walk score of 60, you’ll need to rely on car transportation a lot more than walking or biking. 

Central City

Looking for a family-friendly area? With attractions like Liberty Park and the Gilgal Sculpture Garden, Central City is the most walkable neighborhood in the Salt Lake City area, with an 87 walk score. It’s also highly bikeable and has access to many great international food options and great outdoor activities. 

Rio Grande

Looking to rent a condo or luxury penthouse? The Rio Grande District is mostly apartment complexes and condominiums, meaning you’ll have a harder time finding a home to own in this area. But the Clark Planetarium, Children’s Museum, and the home of the Utah Jazz basketball team are all within the neighborhood and worth visiting at least once. Rio Grande is also a highly walkable area with a score of 86. 

Sugar House

Love arts, culture, great food, and an amazing view thanks to Sugar House Park. The Sugar House neighborhood is located southeast of Salt Lake and is great for young couples and adventurous singles looking for a progressive and fun neighborhood. Sugar House has a walkability score of 61 and is the 11th most walkable city in Salt Lake. 

University-Foothill 

Located next to the University of Utah, college students and fresh graduates can find many opportunities by living in University-Foothill. Locals and college students love watching the sunrise and sunset from the many hillsides. Fair warning, the walkability score is only a 31, so you’ll need to drive or bike to most places. 

Salt Lake economy

Salt Lake was previously listed on Forbes’ roundups for Best Places for Business and Careers back in 2019. Top employers include Extra Space Storage, Sorenson Communications, and C.R. England. Residents can also find work at nearby colleges, universities, and affiliated healthcare centers.

Salt Lake City’s unemployment rate is 2.9%, indicating a fairly healthy economy. The average salary for someone living in Salt Lake City is $78,000. 

Salt Lake City’s cost of living

Salt Lake can be pricey, with a cost of living of 9% above the national average, depending on which section of the city you live in, your pay, and other economic factors. 

The sales tax of 7.75% is a combination of four different taxes: Utah’s 4.85% sales tax, Salt Lake County’s 1.35%, Salt Lake City’s 0.5%, and the 1.05% special district tax.

Navigating the evolving Salt Lake City landscape

The Salt Lake City real estate market is in transition, moving towards a more balanced state with increased inventory and longer listing times, offering opportunities for buyers. While rental costs remain high with a renter-majority, understanding these nuances—from price variations to neighborhood specifics—is crucial for real estate professionals. Staying informed and adaptable will be key to navigating this evolving market and effectively serving clients.

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FAQ

The Salt Lake City housing market in 2025 is currently leaning towards a buyer’s market due to increased inventory and longer listing times.

While varying across reports, the average median home price in Salt Lake City is around $526,279.

The average rent for a 1-bedroom apartment in Salt Lake City has seen a significant 20% increase since approximately 2022.

Renters slightly outnumber homeowners in Salt Lake City, occupying 52% of the housing units.

Central City stands out as the most walkable neighborhood in Salt Lake City, boasting a walk score of 87.