South Salt Lake UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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South 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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

South Salt Lake Housing Market Information

With a population of 25,582, 9,245 total housing units (homes and apartments), and a median house value of $299,977, 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 40.35% 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 ( 37.90%), duplexes, homes converted to apartments or other small apartment buildings ( 14.31%), and a few row houses and other attached homes ( 6.40%).

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 ( 31.85%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.08%). There's also some housing in South Salt Lake built before 1939 ( 11.34%).

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 86.85% over the last ten years, which is an average annual home appreciation rate of 6.45%, putting South Salt Lake in the top 10% 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 6.84%, which is higher than appreciation rates in 93.51% 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 2.86%, which equates to an annual appreciation rate of 11.92%.

Importantly, NeighborhoodScout’s exclusive research found that South Salt Lake's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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 60% 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:
$299,977

South Salt Lake, UT HOME PRICES

Value Range
> $1,419,000 1.1
$1,064,001 - $1,419,000 0.0
$709,001 - $1,064,000 1.2
$568,001 - $709,000 2.0
$426,001 - $568,000 11.0
$284,001 - $426,000 37.8
$142,001 - $284,000 39.2
$71,001 - $142,000 5.5
$0 - $71,000 2.2

Average for UT
High for Nation

Value Relative to Nation Value Relative to State
21.8686131386861 56.3758389261745

Number Of Homes And Apartments:
9,245

South Salt Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
153.32% 4.58%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,209 / per month

Homeownership Rate

Homeownership
Owners 39.17
Renters 60.83
Vacant 6.20

Housing Market Details

 

Age of Homes

AGE OF South Salt Lake HOMES
2000 or Newer 13.1
1970 - 1999 43.7
1940 - 1969 31.8
1939 or Older 11.3

Types of Homes

TYPE OF South Salt Lake HOMES
Single-Family 40.4
Townhomes 6.4
Small Apt. Buildings 14.3
Apt. Complexes 37.9
Mobile Homes 1.0
Other 0.0

Home Size

SIZE OF South Salt Lake HOMES
No Bedroom 3.27
1 Bedroom 20.68
2 Bedrooms 41.52
3 Bedrooms 22.29
4 Bedrooms 10.69
5 or more bedrooms 1.55