Utah Market Data

A Year To Date Look at Single-Family and Multi-Unit

Utah's market split two ways this year. Single-family sales are up slightly. Multi-unit sales are down. What separates the two is not price, it is how long a property sits and what the seller gives up to close. Multi-unit is a small segment, about 1.2% of all Utah closings, so read its percentages as direction rather than precision.

Price Per Square Foot

Both segments are selling at the same median price per square foot, $234. A duplex and a house trade for about the same money per foot in Utah right now. Single-family barely moved from last year. Multi-unit came down 2.0% from $239.

The averages tell a worse story for multi-unit, down 4.7%, but that number is carried by buildings over four units. There have been 37 of those sales all year and one recorded at $77 per square foot. The median is the number to trust here.

Days on Market

This is where the two markets separate. A single-family home takes a median of 41 days to sell, four days longer than last year. Multi-unit takes 59 days, which is 25 days longer. A year ago multi-unit sold faster than a house. Now it takes nearly three weeks longer.

Negotiation follows the same pattern. Single-family sellers are still getting 98.21% of their original asking price, about what they got last year. Multi-unit sellers are getting 95.57%, down from 96.67%. On a $900,000 fourplex that gap is roughly $24,000.

Listings and Inventory

Supply is building on both sides, and faster on the multi-unit side. Active single-family listings are up 10.9% over the year. Active multi-unit listings are up 22.5%. Multi-unit now carries 10.4 months of supply against 4.4 months for single-family, so a multi-unit seller waits more than twice as long for the market to clear.

One number points the other way. Multi-unit properties under contract are up 22.4% from a year ago while single-family pendings are flat. Buyers are coming back at current pricing.

The Bottom Line

Price per square foot is holding in both segments at a median of $234. What moved this year is time and negotiation, and it moved about four times faster for multi-unit than for single-family. If you own a multi-unit property and plan to sell, price it to a 59-day market and the 95.57% of original ask that sellers are netting, not to last year's numbers. If you are buying, the 10.4 months of multi-unit supply and the 22.5% jump in active listings are what give you room to negotiate.

_{Data sourced from RapidStats / WFRMLS, Sold Listings Summary and Listings by Dwelling Type reports, prepared August 19, 2026. Single-family includes homes, townhomes, twin homes, and condos.}

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Featured Listings

» Custom Investor List: multi-units with price reductions in last 7 days

Sold Multi-Units This Week

4 recorded multi-unit sales statewide, August 12 to 18, 2026. All four were duplexes. Prices ran from $319,000 for a Brigham City building put up in 1893 to $845,000 in Millcreek. Three of the four closed below asking. Days on market ran from 84 to 162.

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Mortgage Rates & Financing

The 30-year fixed is 6.75%, down 0.04 from a week ago. It is still up 0.12 over the past month and 0.16 over the past year, and it sits 0.10 under its 52-week high of 6.85%. The 15-year fixed is 6.31%, up 0.03 on the week. The 7/6 SOFR ARM is 6.32%, down 0.03, which leaves almost no discount for taking on an adjustable rate.

The 10-year Treasury yield is near 4.71%, about where it was a week ago. Mortgage rates track the 10-year. Rates rose three days running this week even though bonds improved, because lenders reset rates once a day and were catching up to earlier weakness. Until the 10-year moves lower there is not much room for relief.

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Headlines & Insights

Utah Headlines

Airbnb Sends Salt Lake City Cease and Desist Letter — Salt Lake City’s new short term rule that took effect July 1 limits short-term rentals to 10% of a building's units and keeps them out of residentially zoned areas, and enforcement has escalated to the point that Airbnb sent the city a cease and desist letter over how it identifies violators.

The University of Utah Just Added 1,447 Beds in One Building — Trailhead, a $155 million residence hall, opens this semester and pulls a meaningful block of student renters out of the east-side Salt Lake rental pool.

A Brigham City Apartment Project Closed a $30 Million Construction Loan — Concord Summit Capital arranged the loan for Brigham Lofts, 165 units on Main Street, which is a live read on what construction debt is closing at in northern Utah.

National Headlines

Rates Need to Fall 85 Basis Points Before Deal Volume Comes Back — CBRE's latest cap rate survey, built on 3,600 estimates across more than 50 markets, found investors want a 3.75% 10-year Treasury before they expect sales volume to pick up, about 85 basis points below where it sits now.

Multifamily Starts Fell 7.1% in July While Permits Kept Climbing — Builders started 5-plus unit projects at an annual rate of 421,000 in July, down 7.1% from a year ago, while permits ran at 490,000, up 6.3%, so the pipeline is still refilling even as ground-breaking slows.

Denver and Phoenix Rents Are Still Falling — Yardi's July report put the national average asking rent at $1,771, up just 0.2% over the year, with Austin down 3.7%, Denver down 2.7%, and Phoenix down 2.1%, the three metros that absorbed the most new supply.

In the South's Supply Glut, Class A Held Its Rent and Older Product Did Not — RealPage found rents across the South fell 1.9% in the year through the second quarter, the twelfth straight quarter of cuts, while Class A rents rose 0.3%, a split worth watching if you own older units in a market taking new deliveries.

Shelter Inflation Came In at 0.1% for the Month — July core inflation rose 0.22% from June and 2.5% over the year, with shelter, the largest single piece of the index, up only 0.1% on the month, which Redfin reads as lowering the odds of a September Fed hike.

Renting Beats Buying in All 50 of the Largest Metros — Owning a starter home now runs $2,553 a month against $1,695 to rent, a gap of $858, though that spread has narrowed from $923 a year ago as ownership costs came down $89.

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David Robinson - Principal Broker | Investor