Salt Lake County Multi-Family

Comparing February 2022 to February 2023

The multi-family housing market in Salt Lake County faced several challenges in February, as heightened interest rates led to a noticeable decrease in sales activity for properties such as condominiums, townhomes, and twin homes. With only 191 units exchanging hands during the month, this represents a significant 34% decline from the 291 transactions that took place in the same period last year.

Additionally, the median price for multi-family units experienced a slight dip, falling by 2% from $425,000 in February 2022 to $416,000 this year. This shift in the market was also reflected in the longer time it took for these properties to be sold. In contrast to the brisk six-day average of the previous year, multi-family homes spent an average of 38 days on the market in February.

Despite the recent challenges facing the multi-family housing market in Salt Lake County, there is reason for optimism. The market is known for its resilience and adaptability, and as buyers and sellers adjust to the new landscape of higher interest rates, we can expect to see a rebalancing of market dynamics. In addition, the lower price point of multi-family units has resulted in multiple offers in some instances. The slight dip in median prices shows that price declines may be nearing an end as spring demand picks up for multi-family units