Home Values in Salt Lake City, Utah — 2026 Market Report
Updated March 2026 | Balanced Market | +5.6% YoY
The median home value in Salt Lake City, Utah is $515,000 as of March 2026, which is above the national median of $400,000. Home values in Salt Lake City have increased by 5.6% over the past year and 31.3% over the last five years. With a population of 199,723 and a median household income of $60,676, the price-to-income ratio stands at 8.5x, making Salt Lake City affordable for the average household.
Salt Lake City Housing Market Conditions
| Metric | Salt Lake City | National Avg |
|---|---|---|
| Median Home Value | $515,000 | $400,000 |
| YoY Appreciation | +5.6% | +3.8% |
| 5-Year Appreciation | +31.3% | +22.4% |
| Price per Sq Ft | $207 | $222 |
| Days on Market | 41 days | 45 days |
| Months of Supply | 4.7 | 3.5 |
| List-to-Sale Ratio | 101.3% | 98.5% |
| Monthly Homes Sold | 148 | — |
| Foreclosure Rate | 0.66% | 0.3% |
Home Value Trends in Salt Lake City
A homeowner who purchased at the median price of $392,232 five years ago in Salt Lake City would have gained approximately $122,768 in equity, representing a 31.3% return on investment. Over the past year alone, the typical homeowner gained $27,311 in home equity.
Affordability in Salt Lake City, UT
With a median household income of $60,676 and a median home price of $515,000, the price-to-income ratio in Salt Lake City is 8.5x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $3,567 compared to estimated monthly ownership costs of $2,696 gives a rent-vs-buy ratio of 0.76. In Salt Lake City, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Salt Lake City
The effective property tax rate in Utah is 0.58%. On a home valued at $515,000, the estimated annual property tax bill is $2,987, or approximately $249/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Salt Lake City is 105.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Salt Lake City, UT?
The median home value in Salt Lake City, Utah is $515,000 as of March 2026. Home values have changed +5.6% over the past year, with a 5-year appreciation of 31.3%.
Is Salt Lake City a buyer's or seller's market?
Salt Lake City is currently a balanced market with 4.7 months of housing supply. Homes spend an average of 41 days on market, and the list-to-sale price ratio is 101.3%. Supply and demand are relatively balanced.
Are home values going up in Salt Lake City?
Yes, home values in Salt Lake City have increased by 5.6% over the past year. The 5-year appreciation rate is 31.3%, meaning a home worth $392,232 five years ago is now worth $515,000.
Is it better to rent or buy in Salt Lake City?
The average monthly rent in Salt Lake City is $3,567, while estimated monthly homeownership costs are approximately $2,696. The price-to-rent ratio is 12. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other Utah Cities
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Disclaimer: Home value data for Salt Lake City, Utah is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.