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- Utah Multi-Unit Sales Down 7% YTD - Single Family Sales Hold Steady
Utah Multi-Unit Sales Down 7% YTD - Single Family Sales Hold Steady
Two New Off-Market Deals; Utah's Mega Project Breaks Ground; Homeownership Hit 6-Year Low.
David Robinson
July 30, 2025
> Featured Listings
Click images below to request details.
Two Homes on One Lot. A third unit can be added to the property via an attached or detached ADU OR through Salt Lake City's Affordable Housing Incentive Program. This unique property features two separate houses, perfect for investors or savvy buyers looking to offset their mortgage with rental income. The front home offers 2 bedrooms and 1.5 baths with numerous updates throughout. The detached back house includes 1 bedroom and 1 bath, providing flexible living or rental options. Just minutes from downtown Salt Lake City, shopping, dining, and freeway access.
The Cambridge, a 12-unit multifamily property located in the heart of Ogden, Utah. The community features a mix of 1- and 2-bedroom floorplans, ideally situated just off Harrison Boulevard. Half the units have been renovated, providing a value-add opportunity. This prime location places residents near a variety of retail and dining options and only a 3-minute drive from Weber State University, making it an attractive option for students, faculty, and professionals alike.
Turn-key 4-plex in a fast-growing Herriman neighborhood. Built in 2018, this fully leased property features four spacious 3 bed / 2.5 bath townhome-style units totaling 5,220 SF. Current monthly income is $7,245 with professional property management already in place. HOA covers all exterior maintenance, landscaping, and common areas—making this a hands-off, low-maintenance investment in one of Utah’s strongest rental corridors.
Rare 3-unit multifamily on a large 0.34-acre lot in a prime Sugar House location. The property includes a 3 bed / 1 bath unit and two 1 bed / 1 bath units, totaling 3,036 SF, plus 4 garage bays and 5 additional storage units—offering strong income upside. Current monthly income is $5,735 with proforma rents estimated around $7,000. Built in 1945, this property presents a clear value-add opportunity through updates and optimization. Zoned for solid long-term growth in one of Salt Lake City's most desirable rental areas.
Low maintenance Triplex which features; UNIT 1 - 4 bdrms, 2 bath. UNIT 2 & 3 - 2 bdrm, 1 bath. All units are updated and well maintained, offering excellent rental appeal & stable income. Property includes a large 2 car garage/shop with power & heat plus a 4 stall carport - ample parking for all tenants. Newer windows, flooring & appliances. Located in an established neighbourhood close to HAFB, shopping, schools and I-15 ensuring strong long-term rental demand. Current rents are below market, presenting a great opportunity for increased cash flow by adjusting to market rates. All units can be renewed between now and Nov.
Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.
> Sold Multi-Unit Listings
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> Utah Market Data
Single Family Sold Listings & Price Per Sq Ft
Average Price per Sq Ft:
$267 — up 2.40% from last year ($261)Median Price per Sq Ft:
$235 — up 1.56% from last year ($232)Sold Volume:
21,538 homes sold YTD — a 1.03% increase over the prior year (21,319)
Key Takeaways:
Prices are climbing steadily—both average and median $/SF show healthy gains.
Sales volume is up slightly, suggesting stable buyer demand even with higher pricing.
July saw a minor dip in monthly sales (-2.74%) compared to July last year, but the overall YTD trend remains positive.
Multi-Unit Sold Listings & Price Per Sq Ft
Average Price per Sq Ft:
$259 — unchanged from last year (-0.02%)Median Price per Sq Ft:
$240 — down 5.25% from last year ($254)Sold Volume:
272 properties sold YTD — a 7.17% decrease from 293 sold last year
Key Takeaways:
Pricing pressure is building—median $/SF has dropped over 5%, even though the average held steady.
Sales activity is slowing, with year-to-date volume down more than 7% compared to 2024.
Investors may find more negotiation power in this segment as inventory lingers and sellers adjust pricing expectations.
> Rates & Financing
Mortgage Rates as of 7/30/2025
Source: Mortgage News Daily
> Passive Investor Principles
Diversification by Design — Syndications allow you to spread risk across many doors, markets, and teams. That’s diversification without management complexity.
> Headlines & Insights
Utah Headlines
Utah’s Mega Project Breaks Ground – Crews have started laying the foundation for The Point, Utah’s largest redevelopment project on the former state prison site. The 15-year plan includes 350 apartments, a 5,000-seat venue, retail, light rail, and even air taxis—aiming to unite Salt Lake and Utah counties while driving massive economic growth.
Salt Lake Village Inn Site to Become Townhomes – Salt Lake City’s Planning Commission approved a 20-unit townhome project on the former Village Inn site near Trolley Square. Designed for owner-occupants, each unit will include rooftop amenities and a two-car garage, just steps from a TRAX station. It’s part of a growing trend to add walkable, infill housing in Central City—across the street, a 252-unit student housing complex is also under review.
National Headlines
Yields Climb on Strong GDP – A better-than-expected 3% GDP growth report pushed the 10-year Treasury yield up to 4.37% ahead of the Fed's rate decision. Markets still expect rates to remain unchanged, but investors are watching closely for Powell’s remarks on timing for future cuts.
Strong GDP Despite Headwinds – The U.S. economy grew 3% in Q2, beating expectations despite Trump’s new tariffs and a dip in housing investment. Consumer spending rebounded, imports dropped sharply, and inflation cooled slightly—fueling fresh pressure on the Fed to cut rates.
Affordable Housing Gains Momentum – Thanks to new tax incentives, developers say affordable housing could soon be more profitable. The expanded Low-Income Housing Tax Credit may help fund over 1 million new units by 2035—even as rising costs and NIMBY pushback remain hurdles in places like Utah.
Homeownership Hits 6-Year Low – The U.S. homeownership rate dropped to 65% in Q2 2025, its lowest since 2019. Younger buyers—especially in Utah and other high-cost markets—are being priced out as elevated mortgage rates and tight supply make entry-level homes harder to afford.
Fannie & Freddie Exit May Burn Investors – The CBO says ending federal control of Fannie Mae and Freddie Mac could net the government up to $206B—but private shareholders may get nothing. Two options are on the table: convert Treasury’s preferred shares to common stock and gradually sell them, or fully liquidate and create new entities. Utah investors holding GSE shares should brace for high uncertainty and possible losses, depending on which path the government takes.
David Robinson
Principal Broker/Owner
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