Salt Lake County Housing Market Update — March 9, 2026

The longer the United States remains militarily involved in Iran, the more we can expect interest rates to slowly creep upward.

Today, I’m breaking down the latest Salt Lake County housing market data pulled directly from the MLS so buyers and sellers can understand exactly what’s happening in the Salt Lake Valley.

Below is the weekly market snapshot as of March 9, 2026.

Salt Lake County Market Snapshot

Current Inventory: 2,546 homes
Inventory is up from last week and has been steadily increasing since the beginning of the year.

Homes Sold Last Week: 199
Last week there were 202 homes sold, so we’re essentially holding steady around 200 homes sold per week.

Homes Currently Under Contract: 1,319
This number jumped significantly from the previous week and continues trending upward, indicating strong buyer activity.

Home Prices

Average List Price: $646,746
Average list price had been trending moderately downward since the start of the year, but this week showed a significant jump upward, reversing that trend.

Average Sold Price: $635,350

Buyer Advantage (List vs Sold Difference):
$11,396 in the buyer’s favor.

Median Sold Price: $532,000

The difference between average and median price is important. The median price better represents where most buyers are actually purchasing homes in the market.

Interest Rates

30-Year Fixed Conventional Loan: 6.14%

This is up slightly from last week, which was expected due to geopolitical events in the Middle East.

However:

• Rates briefly hit 6.17% earlier in the week
• The change from last week is only 0.15%

That increase is within the normal week-to-week fluctuation range we typically see.

Market Activity

Average Days on Market: 67 days

That’s only one day longer than last week, which means the pace of sales remains relatively stable.

Price Reductions Last Week: 281 homes

With inventory increasing, about 10% of homes on the market lowered their asking price last week.

Listings Cancelled, Expired, or Withdrawn: 99

This number is down from last week, which is expected because we typically see a spike in cancellations at the beginning of each month.

Market Trends: What the Data Is Showing

If you’ve been following these updates, you know that home prices were trending slightly downward from the end of Q4 into the start of Q1.

That trend is now reversing.

Looking at the last four weeks of data, both statewide and specifically in the Salt Lake Valley, home prices are trending upward again.

Most of the major data indicators are creating upward pressure on prices, including:

• Increased buyer demand
• Rising number of homes under contract
• Stable or declining days on market

The one major factor pushing the opposite direction right now is interest rates.

What This Means for Buyers

If you’re currently in the market to buy, here’s the reality:

If you find a great home that’s priced competitively, don’t be surprised if:

• There are multiple offers
• The winning offer is around $10,000 above asking price

This is nothing like the COVID-era market, where homes received 50 offers and buyers were bidding $50K over asking.

But we are seeing competition return on desirable properties.

What to Watch: Interest Rates

Interest rates are currently trending slightly upward.

Recently we’ve seen:

• 5.99%
• 6.00%+
• 6.14%

These changes are still within the normal weekly range, but geopolitical tensions could influence where rates go next.

Specifically, if:

• U.S. military involvement in Iran continues
• The Strait of Hormuz remains controlled by anti-American interests

then interest rates could gradually increase, which would slow down home buying activity.

For buyers who were waiting for rates to hit around 6%, this could mean waiting longer.

For buyers who already planned to purchase, however, higher rates can actually reduce competition.

Final Thoughts

Right now the Salt Lake Valley market is shifting toward slightly stronger conditions for sellers.

Key trends to watch:

• Home prices beginning to rise again
• Buyer demand increasing
• Inventory gradually growing
• Interest rates slowly trending upward

Understanding these movements can help both buyers and sellers make better timing decisions in the market.

Follow Weekly Market Updates

If you want to stay informed about the Salt Lake Valley housing market, follow along with these weekly updates.

If you have questions about the data or how it affects your situation, feel free to reach out.

And if you're planning to move to Utah or buy a home in Salt Lake Valley, I’d be happy to help guide you through the process.

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