SALT LAKE, UTAH, & DAVIS COUNTY
2022 | Q4
Single-Family | Condominiums | Townhomes
MARKET REPORT
Table of Content
Utah Real Estate Overview
Salt Lake County Summary
Northeast Quadrant Breakdown Salt Lake City � South Salt Lake Milcreek � Holladay � Murray
Southeast Quadrant Breakdown Sandy � Draper � Midvale Cottonwood Heights
Southwest Quadrant Breakdown South Jordan � Herriman Riverton � Bluffdale
Northwest Quadrant Breakdown West Valley � Taylorsville � Magna Kearns � West Jordan
Utah County Summary
Davis County Summary
26 33 35
04 07 08 14 20
Utah Real Estate
2022 | Q4
The end of 2022 brought with it some very interesting data! Most notably, the interest rate for a 30 year mortgage was 6.48%, compared to 3.11% at the end of 2021. You would pay 5.73% for a 15 year mortgage compared to 2.33% a year ago. This increase in interest rates has led to a decrease in buyer activity, as well as removing motivation from would-be sellers.
New listings went from 3560 in 2021 to 2620 in 2022 in Salt Lake County, a 26.4% decrease. The number of single family homes that sold in Salt Lake County decreased from 3194 to 1749, a 45% decrease. The lack of inventory remains a major concern of the Utah housing market. Which is why the Median sales price in Salt Lake County increased ever so slightly to $560,997, a 1.08% increase.
If you’re a seller, you can take advantage of the higher prices and the lack of competition! If you’re a buyer, you can negotiate terms unseen in the last couple of years, without the stress of competing with multiple offers.
Utah’s economy remains the best in the nation with a business friendly tax structure, an educated workforce, and a technology infrastructure to accommodate all businesses. Our world-class skiing, hiking & biking trails, and diversity in nature from mountains to desert, will continue to make it one of the most popular places to live and can make your real estate dreams a reality!
Note: Throughout this report, the term median is used as opposed to average. The median is the middle point of a given set of numbers meaning that half of the numbers are above, half below. When it comes to real estate, the median number is a better indication on the current state of the market since the numbers are less affected by outliers.
An increase of 288.89% from 2021, where we saw 9 CDOM. Down 24.84% from the previous year with 3676 new
in Q4 of 2021.
35 2763
Median Days on Market # of New Listings 69.5%: Single-Family Homes 72.0%: Single-Family Homes 12.1%: Condominiums 11.6%: Condominiums 16.3%: Townhomes 13.5%: Townhomes 2.1%: Other 2.9%: Other Q4 2021 Total Properties Sold Q4 2022 Total Properties Sold 4596 2458
listings
County Summary Median Sold Price for Q4 (Salt Lake County)
Salt Lake
08 northeast
Salt Lake City
South Salt Lake Millcreek Holladay Murray
Salt Lake City
Taking a look at Utah’s capital city, home prices for all three property types slightly went down compared to Q4 of 2021. Despite this decrease, home prices are still relatively much higher than what they were in 2018. From a buyer’s point of view, the slight decrease in sold prices gives potential buyers more purchasing opportunities.
34 Median Days on Market 677 Number of Sold Properties $499,000 Median Asking Price Median Sold Price for Q4 (Salt Lake City)
$$$$$
South Salt Lake
South Salt Lake saw an increase of 11.2% in townhome sales compared to Q4 of 2021. However, there was a small decrease in sales prices for single-family homes and condos.
Salt Lake Market Report | 10
$$$$$ 27 Median Days on Market 23
of Sold Properties $437,000 Median Asking Price Median Sold Price for Q4 (South
Number
Salt Lake)
Millcreek
$$$$$
Median
42
Days on Market 18
Sold Properties $577,000
Asking Price
In Q4 of 2022, the price point for condos and single-family homes continues to stay on a steady rise. This rise has been ongoing since 2018. However, townhomes saw a 26% decrease in sales price compared to Q4 of 2021. Sold Price for Q4
Number of
Median
Median
(Millcreek)
Holladay
Known to be one of Salt Lakes’ most prestigious neighborhoods, Holladay’s single-family home and condo prices have been on a continuous rise since 2018. Single-family home prices have gone up by 14% since Q4 of 2021, while townhomes have seen a slight decrease of 5%.
Salt Lake Market Report | 12
49 Median Days on Market 38 Number of Sold Properties $838,500 Median Asking Price Median Sold Price for Q4 (Holladay)
$$$$$
$$$$$
Number
Murray
31 Median Days on Market 72
In Murray, we can see that all three types of properties have increased since 2018. Although we can see a slight decrease compared to last year’s quarter peak, home prices have still gone up more than 50% over the last 5 years. of Sold Properties $497,000 Median Asking Price Median Sold Price for Q4 (Murray)
14
Draper
Midvale
Cottonwood Heights
southeast
Sandy
$$$$$
Sandy
Over the past few years, the real estate market in Sandy has been fairly steady when it comes to the price of homes. Condos median sold price has stayed at a steady $325,000 for Q4 of 2021 and 2022. On a positive note townhomes have seen a price increase of 18.2% since Q4 of 2021. 44 Median Days on Market 206 Number of Sold Properties $550,000 Median Asking Price Median Sold Price for Q4 (Sandy)
$$$$$
Salt Lake Market Report | 16
Draper
Draper’s single-family home and condo prices have been increasing steadily since 2018. Single-family homes saw a price increase of 15.6% and condos saw a price increase of 28.2% compared to Q4 of 2021. Conversely, townhomes saw a decrease of 3%. 63 Median Days on Market 88 Number of Sold Properties $699,900 Median Asking Price Median Sold Price for Q4 (Draper)
Midvale
$$$$$
Median
30
Days on Market 77
of Sold Properties $450,000
In Midvale, all property types saw an increase in their median sales price compared to Q4 of 2021. Condo sales prices have gone up 28.3% since 2021. Moreover, since 2018 the median sold price of all three property types has nearly doubled. Asking Price Median Sold Price for Q4 (Midvale)
Number
Median
Cottonwood Heights
$$$$$
Salt Lake Market Report | 18
Looking at this data, we can see there were no sales for townhomes in Q4 of 2022. Nonetheless, singlefamily homes and condos have steadily gone up. Condos saw a price increase of more than 50% in Q4 of 2022. The median sold price of condos has drastically been rising going from $193,7000 in Q4 of 2018 to $560,000 in Q4 of 2022. 33 Median Days on Market 52 Number of Sold Properties $750,000 Median Asking Price Median Sold Price for Q4 (Cottonwood Heights)
20
Herriman
Bluffdale southwest
Riverton
South Jordan
South Jordan
Condos and townhomes saw a slight increase in median sales price, while single-family homes saw a more important decrease. The South Jordan market seems to be going steady and giving buyers the chance to be more aggressive.
35 Median Days on Market 213
of Sold Properties $575,000 Median Asking Price Median Sold Price for Q4
$$$$$
Number
(South Jordan)
Herriman
$$$$$
Salt Lake Market Report | 22
Much like South Jordan condos and townhomes saw a slight increase in median sales price, while single-family homes saw a small decrease. South Jordan saw a decrease in days on market in Q4 of 2022 with only 22 median days on market. 22 Median Days on Market 243 Number of Sold Properties $599,900 Median Asking Price Median Sold Price for Q4 (Herriman)
Riverton
$$$$$
Median Days on Market
43
69
Riverton showcases a slow increase in median sold prices in single-family homes and townhomes. However, condo prices show a slim decrease of 0.6% compared to Q4 of last year. Riverton Q4 of 2022 only showcases 69 sold properties. $575,000
Number of Sold Properties
Median Asking Price Median Sold Price for Q4 (Riverton)
Bluffdale
The prices of homes continued to increase in Bluffdale. Condos and single-family homes are regularly rising. Single-family homes and condos showcase an increase of 17.76% and 9.85% compared to Q4 of last year. Townhomes showcase a decrease in sales price by 4.6%. Bluffdale Q4 of 2022 only illustrates 34 sold properties.
Salt Lake Market Report | 24
46 Median Days on Market 34 Number of Sold Properties $582,000 Median Asking Price Median Sold Price for Q4 (Bluffdale)
$$$
26
Magna
West Valley Kearns northwest
Taylorsville West Jordan
West Valley
West Valley continues to be one of the more affordable housing options in the Salt Lake Valley. While being affordable, all three property types rise in sales price with condo prices by 8%, showcasing the biggest increase out of all three property types for Q4 of 2022.
Median Sold Price for Q4 (West Valley)
37
$$$$$
212
$425,000
Median Days on Market
Number of Sold Properties
Median Asking Price
Taylorsville
$$$$$
Median Days on Market
Salt Lake Market Report | 28
38
106
$425,000
In Q4 of 2022 data shows that the median sale price of single-family homes and townhomes went slightly down. However, Condo prices are on the rise, displaying an increase of 8.77% compared to the same quarter last year. Sold
Number of Sold Properties
Median Asking Price Median
Price for Q4 (Taylorsville)
Magna
Condos have seen an important increase in price over the past two years. Compared to Q4 2021, condo prices have gone up an average of 20%. Overall, Magna is still one of Salt Lakes’ most affordable housing options while staying on the market for a short period of time.
$$$$$ 32 Median Days on Market 91 Number of Sold Properties $389,495 Median Asking Price Median Sold Price for Q4 (Magna)
Kearns
$$$$
Median Days on Market
Salt Lake Market Report | 30
27
28
$369,900
Price
Looking at Kearns we can see no townhomes or condos were sold in Q4 of 2022. Despite the lack of data, single-family homes show a positive trend. Sold Price
Number of Sold Properties
Median Asking
Median
for Q4 (Kearns)
West Jordan
West Jordan saw a small shift in prices for single-family homes and townhomes. On a positive note, condo prices continued to rise by more than 31% compared to Q4 2021.
34
Days on Market 182
of Sold Properties $516,500 Median Asking Price
Sold Price for
$$$$$
Median
Number
Median
Q4 (West Jordan)
Utah
3021 1775
Q4 2021 Total Properties Sold
Q4 2022 Total Properties Sold
Median 68.5%: Single-Family Homes 67.2%: Single-Family Homes 10.4%: Condominiums 9.3%: Condominiums 18.3%: Townhomes 20.9%: Townhomes 2.8%: Other 2.6%: Other
Here, we saw an increase of 280% from 2021 with a median day on the market going from 10 to 38.
County Summary Median Sold Price for Q4 (Utah County)
38 1871
The number of new listings decreased 24.95% from 2493 in 2021. Days on Market # of New Listings
The median days on market increased by 450% from 2021 with a median day on the market going from 8 to 44.
The number of new listings decreased by 6.04% compared to 2021.
44 934
Days on Market # of New Listings 81.9%: Single-Family Homes 81.9%: Single-Family Homes 4.5%: Condominiums 2.9%: Condominiums 10.5%: Townhomes 12.5%: Townhomes 2.0%: Other 2.7%: Other Q4 2021 Total Properties Sold Q4 2022 Total Properties Sold 1224 792
County Summary Median Sold Price for Q4 (Davis County)
Median
Davis
Engel & Völkers Salt Lake
1987 S 1100 E Salt Lake City, UT 84106
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