49% of Utah 2-4 Unit Listings Were Pulled from the Market

Utah Market Data

We pulled every duplex, triplex and fourplex listing in the Utah MLS and compared January 1 through September 22 of each year. Sales, listings and listing outcomes go back to 2019. Prices and days on market go back to 2016.

Multi-Unit Sales and Listings Year-to-Date

Utah closed 311 sales of 2-4 unit properties this year through September 22. That is down 8.0% from 338 over the same stretch of 2025. It is the second-lowest count since 2019, above only the 291 in 2023, and less than half of the 662 sold in 2021.

Duplex sales matched last year at 218. The drop came from fourplexes, down to 64 from 76, and triplexes, down to 29 from 44.

New listings rose 9.3% to 738 from 675. On September 22 there were 347 active 2-4 unit listings. That is up 28.5% from 270 a year ago and the most on that date in any year since 2019.

Listings That Did Not Sell

This year 296 listings came off the market without a sale because they were canceled, expired or withdrawn. That is up 24.9% from 237 last year and the highest count since 2019.

This year 607 duplex, triplex and fourplex listings came off the market. 311 sold and 296 did not, so 48.8% came off without a sale. That share was 41.2% in 2025, 28.4% in 2019 and 18.6% in 2021.

Fourplexes had the biggest shift. Active fourplex listings rose to 93 from 66. Fourplex listings that did not sell rose to 82 from 67.

Many of these properties come back. Of the 237 listings that did not sell during the same window last year, 113 were listed again later and 60 of those sold.

Price per Square Foot

The median sold price per square foot is $232, down 2.5% from $238 last year. It peaked at $253 in 2024 and is now down 8.2% from that high. It is still more than double the $103 of 2016.

The median sale price is $620,000, down 6.0% from $659,500. Part of that drop comes from the mix, since fewer fourplexes sold. The median price per unit fell 1.3% to $255,000 from $258,238.

Days on Market

Properties that sold spent a median 59 days on the market. That is the most of any year back to 2016. It was 34.5 days last year and 10.5 days in 2021. Sellers took a median 95.6% of their original list price, down from 96.5% last year.

These counts are by listing, so a property listed twice counts twice.

The Bottom Line

Utah has more duplexes, triplexes and fourplexes for sale than at any point since 2019, and fewer of them are selling. Nearly half of the listings that came off the market this year did not sell. The ones that did sell took a median 59 days, up from 34.5 last year, and sold for 8% less per square foot than at the 2024 peak.

_{Data sourced from UtahRealEstate.com (WFRMLS) listing data for duplex, triplex and fourplex properties statewide, pulled September 23, 2026. Each year covers January 1 through September 22. UtahInvestor.com analysis.}

Sold Multi-Units This Week

Ten multi-unit properties closed across Utah between September 15 and September 21. Prices ran from $315,000 to $1,070,000. Eight sold below asking, one sold at asking and one closed just above. Five were duplexes, two were triplexes and three were fourplexes. A South Ogden duplex sold in 14 days, while a Brigham City duplex closed after 801 days on the market.

Mortgage Rates & Financing

Mortgage rates eased a little this week. The 30-year fixed sits at 7.17%, down 0.05 from a week ago, after touching a new 52-week high of 7.24% in between. It is still up 0.40 over the past month and 0.82 above a year ago. The 15-year fixed is at 6.83%, FHA is at 6.80% and jumbo loans are at 7.35%. The 7/6 SOFR ARM is at 6.72%, which is 0.45 under the 30-year fixed.

The 10-year Treasury slipped to 4.95%, down from the 5.00% it crossed last week. Mortgage rates track the 10-year, so that small drop in yields is what eased rates this week. Investor loans usually price 0.50 to 0.75 above the owner-occupied 30-year, which puts a rental purchase near 7.67% to 7.92% right now.

_{Source: Mortgage News Daily, rates as of September 22, 2026}

Utah Headlines

Utah's Housing Adviser Told Wasatch County Its Road Money Was at Risk Over a Development Fight — Steve Waldrip warned the county that about $2.1 million a year in state road funds was "now at risk" after it pushed back on state-backed growth near Heber, before the threat was walked back as "not constructive."

Lehi Is Getting Utah County's First Whole Foods in a New 134,000-Square-Foot Retail Center — The Collective at Morning Vista is set to open in late 2027 with Whole Foods as its anchor tenant.

National Headlines

The Fed Raised Rates for the First Time Since 2023 — The FOMC voted 12-0 on September 16 to lift its target range a quarter point to 3.75% to 4.00%, and its projections show one more hike this year and another in 2027.

Apartment Construction Starts Fell 22.5% in One Month — Starts on buildings with five or more units dropped to a 344,000 annual pace in August, down 15.5% from a year ago, while total starts in the West rose 5.2%.

About $300 Billion in Apartment Loans Comes Due This Year as Lenders Stop Extending — Multifamily CMBS delinquencies have climbed to 7.1% from 1% in October 2023, according to Morgan Stanley, and $757 billion in apartment debt matures through 2028.

Home Builders Are Cutting Prices as Confidence Falls to Its Lowest Level in a Year — The NAHB builder index fell 3 points to 32 in September, and 38% of builders cut prices by an average of 6%.

Most New Home Sales Now Need a Rate Buydown to Close — Cotality's chief economist says 80% to 90% of new home sales require a mortgage rate buydown, and she now expects housing starts to fall 2% this year and 4% in 2027.

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