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




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Highest Appreciating South Salt Lake Neighborhoods Since 2000




South Salt Lake, UT Real Estate Data


South Salt Lake Housing Market Information

With 24,788 people, 8,540 houses or apartments, and a median cost of homes of $221,057, South 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 South Salt Lake, accounting for 38.62% of the city's housing units. Other types of housing that are prevalent in South Salt Lake include large apartment complexes or high rise apartments ( 35.85%), duplexes, homes converted to apartments or other small apartment buildings ( 18.44%), and a few row houses and other attached homes ( 4.83%).

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

There is a lot of housing in South Salt Lake built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in South Salt Lake built between 1940-1969 ( 38.09%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.00%). There's also some housing in South Salt Lake built before 1939 ( 9.93%).

South Salt Lake Home Appreciation Rates

In the last 10 years, South Salt Lake has experienced some of the highest home appreciation rates of any community in the nation. South Salt Lake real estate appreciated 26.93% over the last ten years, which is an average annual home appreciation rate of 2.41%, putting South Salt Lake in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, South Salt Lake 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 South Salt Lake that despite a nationwide downturn in the housing market, South Salt Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, South Salt Lake appreciation rates continue to be some of the highest in America, at 8.55%, which is higher than appreciation rates in 94.10% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in South Salt Lake. South Salt Lake appreciation rates in the latest quarter were at 3.11%, which equates to an annual appreciation rate of 13.04%.

Importantly, this makes South 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 South Salt Lake'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 South Salt Lake differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in South Salt Lake - 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 South Salt Lake real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$221,057

South Salt Lake, UT HOME PRICES

Value Range
> $1,321,000 0.5
$991,001 - $1,321,000 0.0
$660,001 - $991,000 1.4
$528,001 - $660,000 0.0
$396,001 - $528,000 7.8
$264,001 - $396,000 21.0
$132,001 - $264,000 55.4
$66,001 - $132,000 6.5
$0 - $66,000 7.5

Low for UT
High for Nation

Value Relative to Nation Value Relative to State
28.3714938220999 62.4161073825503

Number Of Homes And Apartments:
8,540

Rent & Ownership

 

Average Market Rent:
$937 / per month

Homeownership Rate

Homeownership
Owners 38.06
Renters 61.94
Vacant 6.93

Housing Market Details

 

Age of Homes

AGE OF South Salt Lake HOMES
2000 or Newer 10.0
1970 - 1999 42.0
1940 - 1969 38.1
1939 or Older 9.9

Types of Homes

TYPE OF South Salt Lake HOMES
Single-Family 38.6
Townhomes 4.8
Small Apt. Buildings 18.4
Apt. Complexes 35.9
Mobile Homes 2.3
Other 0.0

Home Size

SIZE OF South Salt Lake HOMES
No Bedroom 2.51
1 Bedroom 20.73
2 Bedrooms 40.13
3 Bedrooms 24.40
4 Bedrooms 7.82
5 or more bedrooms 4.41

South Salt Lake 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
76.68% 3.40% 9 9
* 10 is highest