SANDY, Utah — The Salt Lake Board of Realtors® reported a 9.7% decrease in single-family home sales in Salt Lake County in the first quarter, with 1,618 units sold compared to the same period last year. Higher mortgage rates, nearing 7%, have influenced this slowdown along Utah’s Wasatch Front in early 2025.
Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.86%, up from last week when it averaged 6.81%. A year ago at this time, the 30-year FRM averaged 6.94%.
While most ZIP codes in Salt Lake County experienced fewer sales, some areas notably bucked the trend. West Valley City’s ZIP code 84119 saw an impressive 37.0% increase with 63 homes sold. Salt Lake City’s 84105 area experienced a 25.0% rise, totaling 65 homes sold, and Sandy’s 84092 posted a solid 15.1% increase with 61 homes sold.
Across other Wasatch Front counties, results varied: Davis County sales declined by 23.2%, Utah County dipped slightly by 1.3%, and Tooele County sales dropped by 8.1%. Weber County, however, saw a modest uptick of 0.2%.
Condominium sales in Salt Lake County decreased to 678 units from 712 units a year ago.
Despite slower sales, home prices have continued to grow. Salt Lake County’s median single-family home price reached $585,000 in the first quarter, a 1.6% increase from $575,000 in the previous year. Weber County remains the most affordable region on the Wasatch Front with a median price of $469,000. Meanwhile, Utah County leads as the most expensive at a median of $590,000.
Salt Lake County condominium prices also rose significantly, reaching a median price of $431,995, up 6.5% from the prior year.
Mortgage rates nearing 7% mark a notable increase from previous years’ historically low levels (2.5% to 5%), substantially impacting monthly mortgage payments. In 2024, the median monthly payment for a single-family home along the Wasatch Front was $3,581, considerably higher than the median rent of $2,092, highlighting affordability challenges for some buyers.
A recent Salt Lake Board of Realtors® analysis indicates that the income needed to comfortably afford a median-priced single-family home in Salt Lake County is now $171,220. Nonetheless, homeownership remains a powerful investment. A 2024 Aspen Institute report shows homeowners have a median net worth of approximately $400,000, vastly surpassing renters’ median net worth of $10,400—a 40-fold advantage emphasizing the long-term value of homeownership.
About the Salt Lake Board of Realtors®
The Salt Lake Board of Realtors® is the Wasatch Front‘s voice of real estate and the No. 1 source for housing market information. The Salt Lake Board of Realtors® is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Salt Lake Board of Realtors® empowers its members to better serve the public by providing continuing education, advocacy, and a professional code of ethics.
About UtahRealEstate.com
Founded in 1994, UtahRealEstate.com is the leading provider of real estate technology in Utah and one of the largest multiple listing services in the United States. The company provides one of the top-ranked real estate websites in the country, serving more than 8 million consumers each year. It also provides multiple listing services to approximately 20,000 real estate professionals, accounting for nearly 97% of all Realtors® in the state of Utah.