Salt Lake Co. home prices still rising despite slower sales
Single-family home sales in Salt Lake County dropped 9.7 percent in the first quarter of 2025, according to figures released aby the Salt Lake Board of Realtors.
The 1,618 units sold in 2025’s Q1 compared to 1,875 for the same period last year. Higher mortgage rates — now nearing 7 percent — have influenced the slowdown along the Wasatch Front, the board said.
Despite slower sales, home prices have continued to grow. Salt Lake County’s median single-family home price reached $585,000 in the first quarter, a 1.6 percent increase from $575,000 last year. Weber County remains the most affordable region on the Wasatch Front, with a median price of $469,000. Utah County leads as the most expensive, with a median price of $590,000.
While most ZIP codes in Salt Lake County experienced fewer sales, some areas notably bucked the trend. West Valley City’s ZIP code, 84119, saw an impressive 37 percent increase with 63 homes sold. Salt Lake City’s 84105 area experienced a 25 percent rise, totaling 65 homes sold, and Sandy’s 84092 posted a solid 15.1 percent increase with 61 homes sold.
Results were varied across other Wasatch Front counties. In Davis County, sales declined by 23.2 percent while Utah County sales dipped slightly by 1.3 percent. Tooele County sales dropped by 8.1 percent, but Weber County saw a modest uptick of 0.2 percent.
Condominium sales in Salt Lake County dropped to 678 units from 712 units a year ago, but condominium prices rose significantly, reaching a median price of $431,995, up 6.5 percent from the prior year.
A recent Salt Lake Board of Realtors analysis found that the annual income needed to comfortably afford a median-priced single-family home in Salt Lake County is now $171,220. “Nonetheless, homeownership remains a powerful investment,” the board concluded. A 2024 Aspen Institute report shows homeowners have a median net worth of approximately $400,000, vastly surpassing renters’ median net worth of $10,400 — a 40-fold advantage emphasizing the long-term value of homeownership.