Salt Lake City appreciation rates and housing market information

Salt Lake City housing market information

With 181,456 people, 77,016 houses or apartments, and a median cost of homes of $288,978, Salt Lake City real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Salt Lake City, accounting for 49.31% of the city's housing units. Other types of housing that are prevalent in Salt Lake City include large apartment complexes or high rise apartments (30.39%), duplexes, homes converted to apartments, or other small apartment buildings (15.97%), row houses and other attached homes (3.41%), and a few mobile homes or trailers (0.88%).

People in Salt Lake City primarily live in small (one, two, or no bedroom) single-family detached homes. Salt Lake City has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Salt Lake City's housing was primarily built during this period, from the '40s through the '60s. A full 39.73% of the city's housing hails from this era. Other housing ages represented in Salt Lake City include homes built between 1939 and earlier (31.71%), and housing constructed from 1970-1994 (23.55%). There's also some housing in Salt Lake City built between 1995 and later (5.01%).

Salt Lake City home appreciation rates

Appreciation rates for homes in Salt Lake City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 78.35%, which ranks in the top 40% nationwide. This equates to an annual average Salt Lake City house appreciation rate of 7.83%.

Over the last year, Salt Lake City appreciation rates have trailed the rest of the nation. In the last twelve months, Salt Lake City's appreciation rate has been -3.06%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Salt Lake City were at -1.07%, which equates to an annual appreciation rate of -4.28%.

Notably, Salt Lake City's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Utah, our data show that Salt Lake City's latest annual appreciation rate is higher than 54% of the other cities and towns in Utah.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Salt Lake City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Salt Lake City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Salt Lake City real estate investment or home purchase decisions.