While Salt Lake City is best known for its religious history, culture, and tourist attractions, over 1.9 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 2023.
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 2023
Currently, Salt Lake City’s housing market is not very competitive, and there are 358 homes on the market with an average listing time of 83 days. It’s a neutral market leaning towards a buyer’s market. Getting more than one offer on a home is unlikely and tends to sell 3% below the asking price. If interest rates lower, the area could see a resurgence in competitive buyers.
Average home price in Salt Lake City
Rocket Homes notes the median listing price for a home in Salt Lake City is $559,950. According to Redfin, the median sale price is $495,000.
Salt Lake City rental market
The average rent for a 1-bedroom apartment is $1,295, with no significant changes since 2022. You can expect to pay up to $2,725 for a 4-bedroom.
Zumper reports that 52% of housing units are renter-occupied, while 48% are owned. There are currently only 88 apartments for rent.
Salt Lake City neighborhoods
Salt Lake has a variety of districts for singles and families alike. Enjoy cultural hubs, hiking trails, or great dining in any of the listed 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 82.
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 (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 $73,000.
Salt Lake City’s cost of living
Salt Lake can be pricey, with a cost of living of 8.4% 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.
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