May 7, 2025
It's the tale of two markets. What does that mean? Surprisingly, many homes right now are receiving multiple offers (I had 3 buyers in multiple offer situations over the last two weeks alone 😮)... and at the same time, other homes are seeing increasing days on market without selling. The difference between these two situations mostly boils down to two factors: how well the home is presented (staged, clean, in good repair), and how accurately it's priced right from the beginning. Overall though the market is seeing movement, with a healthier amount of inventory and days on market.
Housing prices in Salt Lake County are rising, and for many, owning a home is becoming less affordable, requiring more creativity in purchases. Read through to the end to see my best strategies to help my clients afford to purchase in Salt Lake County.
Here’s a breakdown of what’s happening in the local housing market as of early 2025:
In the first quarter of 2025:
The average price of a single-family home was $596,940, a small increase (1.6%) compared to the same time last year.
Multi-family homes (like townhomes or condos) rose more—up 5% year-over-year to $435,000.
These prices haven’t jumped dramatically quarter-to-quarter, but over time, they’re still climbing.
The price-to-income ratio—which compares home prices to what people earn—has increased significantly:
In the past, homes cost 2–3x a person’s income.
Now, it’s 6.3x income for single-family homes and 4.6x for multi-family.
In Holladay, the ratio is especially high: nearly 9x for single-family homes.
That means housing is getting far out of reach for average earners.
If you bought a home in Q1 2025, here’s what your monthly payments (mortgage + utilities) might look like with a minimal down payment:
Single-family home: $4,281/month
Multi-family home: $3,249/month
The city with the best affordability in Salt Lake County: Taylorsville
The city with the least affordability in Salt Lake County: Holladay
✔️ HOW USING CREATIVE SOLUTIONS ARE HELPING MY CLIENTS:
If you're a homebuyer in Salt Lake County, you’re likely feeling the squeeze. As a REALTOR I have been helping my clients find creative strategies to lower mortgage payments and cross the barriers into homeownership. Two of the ways my clients have been successful are:
#1 Purchasing properties with income producing basement apartments. This doesn't mean they will be stuck with renters forever, but it's a great starting point to get into a home that will build equity and future mobility.
#2 Leveraging seller paid concessions to reduce monthly mortgage payments. When we negotiate for the seller to put money towards the buyer's mortgage, in the form of concessions, that money can be used to buy down the interest rate on the mortgage and effectively lower their monthly payments. There are several forms of rate buy downs, so using a personalized approach with these funds is always my recommendation. I have a handful of incredible lender recommendations that can walk you through what those numbers will look like for you.
To read more of Q1 updates from the Salt Lake Board of Realtors, click here
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Whether you're looking to buy as a first time home buyer, looking to sell your home, or start investing in real estate, we'd love to help you on your journey. Don't hesitate to reach out with any questions!