We all Love Summertime, and it flies by so fast
I’d like to slow it down and try to make it last
But the world keeps turning and when fall arrives
The weather cools off, for even more fun outside
Green leaves turn to crimson, auburn and gold
As the days get shorter and the nights get cold
We celebrate Halloween at the end of October
The end of the harvest, winter slowly taking over
Then come the holidays as we celebrate the year
With family and friends and lots of good cheer
But it’s early October, and the weather is pleasing
I hope that you enjoy this exquisite golden season
We just finished up the 3rd quarter of 2026, so let’s take a look at the results for the Salt Lake County residential real estate market.
3rd Quarter Results for Single-family homes in Salt Lake County:
The median price of a single family home in Salt Lake County in the 3rd quarter of 2026 was $648,000, up 2.0% from $635,000 in the 3rd quarter of 2025.
This is the fourth year in a row that we’ve had flat appreciation, since the 30-year mortgage rate rose above 5% in the 3rd quarter of 2022, and never looked back. The value of a single family home in the 3rd quarter of 2022 was $600,000. Since then single-family homes in Salt Lake County have appreciated a total of 8.0%, or an average of just under 2% per year.
Home buyers have had more to choose from this year, with the number of homes listed and sold increasing a little bit every year over the last four years.
Homes Listed Homes Sold % Sold
3rd quarter 2025 – 2026: 11,569 8,637 74.6%
3rd quarter 2024 – 2025: 11,414 8,258 72.3%
3rd quarter 2023 – 2024: 10,457 8,149 77.9%
3rd quarter 2022 – 2023: 10,284 7,976 77.6%
3rd Quarter Results for Condos & Townhomes in Salt Lake County:
The median price of a condo/townhome in Salt Lake County in the 3rd quarter of 2026 was $435,000, up 3.6% from $420,000 in the 3rd quarter of 2025.
The value of a condo/townhome in the 3rd quarter of 2022 was $415,000. Since then our market has appreciated a total of 4.8%, or an average of 1.2% per year.
Condo buyers have had more to choose from this year, and the percentage of condos/townhomes sold to condos/townhomes listed, has fallen significantly as you can see from the table below.
Condos Listed Condos Sold % Sold
3rd quarter 2025 – 2026: 5,412 3,294 60.9%
3rd quarter 2024 – 2025: 4,885 3,415 70.0%
3rd quarter 2023 – 2024: 4,664 3,519 75.5%
3rd quarter 2022 – 2023: 4,004 3.083 77.0%
Interest Rates Are Rising:
On February 26, 2026 the 30-year mortgage rate had dropped to 5.98% per Freddie Mac, the lowest it had been since September 2022. Two days later, February 28th, the US invaded Iran. Since then the 30-year mortgage rate has risen 7.28%. This is the highest it’s been since November 2023 and the second highest it’s been since December 2000.
The price of oil has skyrocketed too, and as a result, so has gasoline, rising from a national average of $2.79/gallon in February 2026 to $4.31/gallon in September 2026, a 54% increase.
The 10-year treasury, that is tightly connected to the 30-year mortgage rate, was at 3.97% on February 27, 2026 and is now at 5.28%.
You can see how tight the increase in the 10-year treasury is to the rise in 30-year mortgage rate, an increase of 1.31% on the 10-year treasury and an increase of 1.30% on the 30-year mortgage.
The increase in the 30-year mortgage rate from 5.98 % to 7.28% results in an increase in monthly payment (principal & interest) for a $100,000 loan amount, from $598.27 to $684.21, an increase of $85.94, which is a 14.4% increase in cost.
When you consider where rates were four years ago and the entire decade prior to that, at 5.0% the monthly payment is $536.82, at 4.0% the monthly payment is $477.42, and at 3.0% the monthly payment is $421.60. If you compare today’s rate to 3.0%, the increase in monthly payments is 62% over what the monthly payment would be today. That’s huge, because. Salt Lake home prices have remained stable.
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!
