North Salt Lake, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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North Salt Lake, UT Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

North Salt Lake Housing Market Information

With a population of 19,796, 5,737 total housing units (homes and apartments), and a median house value of $287,668, North Salt Lake real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in North Salt Lake, accounting for 61.62% of the city's housing units. Other types of housing that are prevalent in North Salt Lake include large apartment complexes or high rise apartments ( 14.88%), mobile homes or trailers ( 9.49%), and a few row houses and other attached homes ( 8.74%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in North Salt Lake. Owner-occupied housing accounts for 72.72% of North Salt Lake's homes, and 56.38% have either three or four bedrooms, which is average sized relative to America.

North Salt Lake homes and real estate are some of the newest in America. 48.39% of North Salt Lake's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the North Salt Lake real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 36.46%), and between 1940-1969 ( 11.05%). There's also some housing in North Salt Lake built before 1939 ( 4.09%).

North Salt Lake Home Appreciation Rates

Appreciation rates for homes in North Salt Lake have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.55%, which ranks in the top 40% nationwide. This equates to an annual average North Salt Lake house appreciation rate of 0.64%.

Appreciation rates are so strong in North Salt Lake that despite a nationwide downturn in the housing market, North Salt Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, North Salt Lake appreciation rates continue to be some of the highest in America, at 7.88%, which is higher than appreciation rates in 86.18% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in North Salt Lake. North Salt Lake appreciation rates in the latest quarter were at 1.99%, which equates to an annual appreciation rate of 8.18%.

Importantly, this makes North Salt Lake one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Utah, our data show that North Salt Lake's latest annual appreciation rate is lower than 50% of the other cities and towns in Utah.

Average Home Values

 

Median Home Value:
$287,668

North Salt Lake, UT HOME PRICES

Value Range
> $1,211,000 2.4
$908,001 - $1,211,000 2.1
$606,001 - $908,000 12.8
$484,001 - $606,000 9.3
$363,001 - $484,000 10.2
$242,001 - $363,000 30.6
$121,001 - $242,000 20.9
$61,001 - $121,000 0.7
$0 - $61,000 10.9

High for UT
Very High for Nation

Value Relative to Nation Value Relative to State
17.5934606820579 32.5503355704698

Number Of Homes And Apartments:
5,737

North Salt Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
47.31% 2.27% 4 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,420 / per month

Homeownership Rate

Homeownership
Owners 72.72
Renters 27.28
Vacant 3.34

Housing Market Details

 

Age of Homes

AGE OF North Salt Lake HOMES
2000 or Newer 48.4
1970 - 1999 36.5
1940 - 1969 11.1
1939 or Older 4.1

Types of Homes

TYPE OF North Salt Lake HOMES
Single-Family 61.6
Townhomes 8.7
Small Apt. Buildings 5.1
Apt. Complexes 14.9
Mobile Homes 9.5
Other 0.2

Home Size

SIZE OF North Salt Lake HOMES
No Bedroom 0.67
1 Bedroom 2.76
2 Bedrooms 20.64
3 Bedrooms 32.72
4 Bedrooms 23.66
5 or more bedrooms 19.55