Utah Single Family Home Listings Up 49%

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Utah Market Data

> Multi-Unit (2+ Units) Active Listings

Multi-Unit Listings up +35% compared to 365 days ago. Meanwhile the median listing price per square foot is down -1.84%

> Single Family Home Active Listings

Active Single Family Home Listings up +49% compared to 365 days ago. Meanwhile the median listing price/sqft is down -1.66%.

Rates & Financing

> Mortgage Rates as of 4/09/2025

Headlines & Insights

FEATURED

Record Q1 Apartment Demand Signals Rent Growth Recovery

U.S. apartment demand surged in the first quarter of 2025, absorbing over 138,000 units—the highest Q1 total in more than 30 years. As the flood of new supply begins to ease, rent growth and occupancy rates are stabilizing across the country.

Main takeaways:

• Nearly 708,000 units were absorbed nationally over the past year, keeping pace with early 2022’s post-pandemic demand boom.

• Rent growth hit 1.1% year-over-year in March, with Midwest markets like Kansas City, Chicago, and Pittsburgh leading the way.

• While high-supply Sun Belt markets like Austin and Phoenix still posted annual rent declines, all top 50 U.S. metros saw monthly rent increases in March, suggesting improving momentum.

What this means for investors:
With supply easing and demand remaining strong, the rental market appears to be entering a more balanced phase. Investors should monitor rent growth trends closely—especially in overbuilt Sun Belt cities—while considering Midwest and Rust Belt markets where demand is translating into real rent gains.

UTAH

Salt Lake Buyers Pay Double – Buying a Home Costs 113% More Than Renting
In Salt Lake City, the median monthly mortgage payment is $3,463—112.8% higher than the median rent of $1,627—making it over twice as expensive to buy rather than rent. Ranked the 13th most expensive midsize city, Salt Lake trails only high-cost markets like California and Arizona in terms of the “buying premium,” according to Construction Coverage.

NATIONAL

Build-to-Rent Boom – BTR Completions Hit All-Time High with 110K More on the Way
The U.S. build-to-rent market hit a record in 2024 with 39,000 homes completed—a 15.5% jump—driven by affordability challenges and lifestyle shifts. With nearly 110,000 more units in the pipeline, metros like Phoenix, Dallas, and Atlanta are leading the charge as BTR becomes a mainstream housing option for families, retirees, and remote workers.

Tariffs Stir Housing Market Uncertainty – Redfin Warns of Higher Costs, Volatile Rates, and Stagflation Risks
President Trump’s sweeping new tariffs could raise home construction costs, push inflation to 4.7%, and trigger a slowdown in housing activity as economic uncertainty grows. Redfin warns that while lower mortgage rates may come if the economy slips into recession, the risk of stagflation—high inflation paired with weak growth—could keep rates elevated and dampen both buyer and seller confidence.

Apartment Construction Wave Crests – Supply Volumes Finally Hit Their Peak
The U.S. apartment market has officially passed its construction peak, with 576,700 units delivered in the year ending Q1 2025—just below 2024’s all-time high of 585,200. While annual deliveries will remain high through 2025, multifamily permits and starts are trending down, signaling a return to more typical supply levels by 2026 and below-average volumes by 2027–2028.

Bond Market Chaos – Yields Spike Despite Recession Fears – U.S. bond yields surged, with the 10-year briefly topping 4.5%, as global trade tensions and weak Treasury auctions sparked concern that foreign governments may be dumping U.S. debt. The move defies typical recession-era behavior and raises alarm that Treasuries are losing their safe-haven status.

Rates Whiplash – Mortgage Rates Surge Back as Tariff Chaos Shakes Markets – Mortgage rates jumped to 6.85% this week, erasing last week’s dip, as bond markets react to shifting rhetoric around global tariffs. Buyers remain cautious, with high home prices and economic uncertainty tempering the spring housing market despite rising inventory.

Spring Housing Showdown – Where Buyers Get Bargains and Sellers Win Bidding Wars
Zillow identifies Miami, New Orleans, Jacksonville, Tampa, and Memphis as top buyer-friendly metros thanks to high inventory, long days on market, and frequent price cuts. Meanwhile, sellers are thriving in Buffalo, San Jose, San Francisco, Hartford, and Boston, where homes sell fast—often above asking—and values are climbing.

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