Summer flies by so fast with so many possibilities. Barbecues, family get togethers, parties, farmers markets, road trips, vacations, live music at outdoor venues, water sports, hiking, biking, fishing, golfing and gardening, there’s so much to do. I hope you’ve been having your share of fun this summer!
Meanwhile, the Salt Lake County real estate market has seen an increase in inventory, with more homes for sale right now than we’ve seen in the last five years. I’m guessing that the second half of the year will be a good time to buy. So let’s take a look at the stats.
2nd Quarter Median Price Change in Salt Lake County
The median price of a single family home in Salt Lake County decreased 0.8%, from $625,000 in the 2nd quarter of 2024 to $620,000 in the 2nd quarter of 2025.
This is down from the 5.0% increase we saw from $595,000 in the 2nd quarter of 2023, to $625,000 in the 2nd quarter of 2024, and still below the peak median price of $637,000 in the 2nd quarter of 2022.
So prices have flattened out and inventory is higher right now than it’s been at any other time in the last five years.
There are currently 2,069 homes for sale and 923 homes under contract in Salt Lake County, which is about 67 days of inventory. That’s a 37% increase over last year at this time when there were 1,481 homes for sale and 899 under contract, or about 49 days of inventory.
I think we’ll be seeing the supply of single family homes continue to increase into the second half of the year, and as a result, prices will most likely decline this fall.
So if you’ve been thinking about buying a home, the second half of this year might be a good time to make your move.
The median price of a condo/townhome in Salt Lake County increased 0.5%, from $430,000 in the 2nd quarter of 2024 to $432,000 in the 2nd quarter of 2025.
This is down from the 2.9% increase we saw from $418,000 in the 2nd quarter of 2023, to $430,000 in the 2nd quarter of 2024, and still below the peak of $450,000 in the 2nd quarter of 2022
Right now, there are 1,062 condos/townhomes for sale and 395 under contract, which is about 81 days of inventory, a 59% increase over last year at this time when there were 774 for sale and 453 under contract, or about 51 days of inventory.
Again, this is the highest condo/townhome inventory that we’ve seen in the last five years, and I think we’ll be seeing a continued increase in supply into the second half of the year, and like single family homes, condo prices will most likely come down this fall.
Interest Rates & Inflation:
The Consumer Price Index (CPI) has been at 3% or less since June 2024, and most recently at 2.7% in June 2025, but the Federal reserve has not cut the benchmark rate since December 2024. The 30-year mortgage rate is currently in the 6.75% range per Freddie Mac, and nearly all of the major league real estate economists are forecasting that the 30-year mortgage rate will not be going below 6%, this year or next.
If the fall Salt Lake County residential real estate market follows the cycle of the previous three years, supply of homes and condos will increase into mid-October, while prices decline, and then housing inventory will start to decline again, as we head into the winter holidays.
If you’re a buyer, the second half should be a time of opportunity! If you’re a seller that needs to sell this year, it will probably be better to get your property on the market and under contract sooner, rather than later.
If you or someone you know has any questions about buying or selling real estate in the Salt Lake metro area, if you’re wondering what your home is worth, or if you need a contractor referral, I’d love to hear from you!
Thank you for your repeat business and your referrals, and Enjoy the rest of your Summer!!! 
Kev
