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
Buy or Sell with Marty Gale
"Its The Experience"
Principal Broker and Owner of Utah Realty™
Licensed Since 1986
CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)
PSA (Pricing Strategy Advisor)
General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009
Certified Negotiation Expert 2014
Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018
Senior Real Estate Specialist
Certified Divorce Specialist CDS