Utah Single Family Sold Listings Down 4% – Median Price Up 1.5% YTD

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Utah Market Data

> Multi-Unit (2+ Units) - Sold Listings & Median Price Per Sq Ft

• Sold Multi-Unit Listings are down 1% YTD going from 146 last year to 145 today.

• Sold Median Price Per Sq Ft for Multi-Unit Listings is down 1.84% YTD going from $253 last year to $248 this year.

> Single Family Home - Sold Listings & Median Price Per Sq Ft

• Sold Single Family Listings are down 4.19% going from 11,144 last year to 10,677 currently.

• Sold Median Price Per Sq Ft for Single Family Listings is up 1.45% YTD going from 230 last year to 234 this year.

Rates & Financing

> Mortgage Rates as of 4/30/2025

Deal Review 

> Edge Town Home - Conversion to Duplex

• 2 Units

• New Construction

• 2400 Square Feet

Underwritten purchase price: $489,000

Attached is my underwriting for converting an Edge Townhome in the Willow Pointe community into a duplex where the basement is rented separately from the first and second floor.

The basement finish will take about $40,000. The model assumes that 0% of the basement finish will be financed, and this is reflected in the LTV of the loan. I assume a 20% down payment with $40k for the basement finish, resulting in a 73.5% loan to total cost of the project.

PS: Doing this is not technically "above board" with the city of Lehi, as I believe it breaks the threshold that they set for density. That said, it is a strategy that many have deployed.

There is no official listing for this, but rather they can all be found on Edge Home's website.

Click here to review full underwriting model

Underwritten By:

For any underwriting needs, contact Tyler at [email protected] or message him on LinkedIn

Headlines & Insights

Multifamily Starts Decline Amid Economic Uncertainty

A slowing pace of multifamily starts coupled with a surge in completed apartment units points to shifting dynamics in new construction.

Key insights:

• On a three-month moving average, there are 1.5 apartment completions for every one start, indicating projects finishing faster than new ones are breaking ground.

• Year-to-date multifamily completions are down 3.5% compared to 2024, showing a slight pullback in finished inventory.

• Overall building permits in March rose 1.6% to a 1.48 million annualized rate, with single-family permits down 2.0% and multifamily permits up 9.3%.

• Regionally, Midwest permits are up 4.7%, South permits flat, while the West—which includes Utah—saw multifamily permits drop 8.8% YTD.

What this means for Utah investors:
With the Western region experiencing an 8.8% decline in new multifamily permits, existing assets in Utah may face less future competition from new supply, enhancing value-add and rent-growth prospects for investors focusing on off-market or under-managed properties. Read More

Spring Market – The spring housing market in Utah is oddly unpredictable, with mixed signals on inventory and price movements.

Existing Sales – Sales of existing U.S. homes fell 5.9% MoM in March, the largest drop in over two years.

New Sales - New single-family home sales rose more than expected in March amid a slight decline in mortgage rates, but economic headwinds remain.

Apartment Sizes - The U.S. average apartment size increased to 908 sq ft in 2024, reversing a decade-long shrinking trend.

Home Prices Fall – Home prices declined in 11 of the 50 largest U.S. metros over the four weeks ending April 20, the most in 19 months.

Rent Forecast – Nationwide asking rents are forecasted to grow 2.3% in 2025, with Richmond and Kansas City leading at 3.4% or higher.

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2. Sell Your Multi-Unit Property for Top Dollar:
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