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




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Salt Lake City, UT Real Estate Data


Salt Lake City Housing Market Information

With 192,672 people, 74,652 houses or apartments, and a median cost of homes of $325,134, Salt Lake City house prices are not only among the most expensive in Utah, Salt Lake City real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Salt Lake City, accounting for 48.06% 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 ( 32.95%), duplexes, homes converted to apartments or other small apartment buildings ( 14.68%), and a few row houses and other attached homes ( 3.76%).

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 34.75% of the city's housing hails from this era. Other housing ages represented in Salt Lake City include homes built before 1939 ( 31.37%) and housing constructed between 1970-1999 ( 26.88%). There's also some housing in Salt Lake City built between 2000 and later ( 7.00%).

Salt Lake City Home Appreciation Rates

In the last 10 years, Salt Lake City has experienced some of the highest home appreciation rates of any community in the nation. Salt Lake City real estate appreciated 23.70% over the last ten years, which is an average annual home appreciation rate of 2.15%, putting Salt Lake City in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Salt Lake City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Salt Lake City that despite a nationwide downturn in the housing market, Salt Lake City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Salt Lake City appreciation rates continue to be some of the highest in America, at 8.40%, which is higher than appreciation rates in 93.45% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Salt Lake City. Salt Lake City appreciation rates in the latest quarter were at 3.11%, which equates to an annual appreciation rate of 13.04%.

Importantly, this makes Salt Lake City 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 Salt Lake City's latest annual appreciation rate is higher than 90% 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 2000, to assist you in making the best Salt Lake City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$325,134

Salt Lake City, UT HOME PRICES

Value Range
> $1,308,000 1.3
$981,001 - $1,308,000 1.9
$654,001 - $981,000 6.3
$523,001 - $654,000 5.8
$392,001 - $523,000 12.5
$262,001 - $392,000 24.3
$131,001 - $262,000 39.0
$65,001 - $131,000 5.0
$0 - $65,000 3.9

Very High for UT
Very High for Nation

Value Relative to Nation Value Relative to State
14.5283129355273 18.7919463087248

Number Of Homes And Apartments:
74,652

Rent & Ownership

 

Average Market Rent:
$1,154 / per month

Homeownership Rate

Homeownership
Owners 47.17
Renters 52.83
Vacant 7.80

Housing Market Details

 

Age of Homes

AGE OF Salt Lake City HOMES
2000 or Newer 7.0
1970 - 1999 26.9
1940 - 1969 34.8
1939 or Older 31.4

Types of Homes

TYPE OF Salt Lake City HOMES
Single-Family 48.1
Townhomes 3.8
Small Apt. Buildings 14.7
Apt. Complexes 33.0
Mobile Homes 0.5
Other 0.1

Home Size

SIZE OF Salt Lake City HOMES
No Bedroom 3.47
1 Bedroom 22.25
2 Bedrooms 31.35
3 Bedrooms 22.70
4 Bedrooms 13.44
5 or more bedrooms 6.78

Salt Lake City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
81.80% 3.58% 10 9
* 10 is highest