After climbing steadily for several years, apartment sales prices in Salt Lake City are now well ahead of the national norm.
The typical apartment sales price in Salt Lake City was $257,000 per door at the end of 2020, according to property sales figures provided by Real Capital Analytics. That’s now well ahead of the U.S. norm of about $176,000.
From 2008 through 2011, the average price per unit in Salt Lake City was just over $74,000 units, creeping ahead of the $100,000 mark at the end of 2011. From 2012 through 2017, the average leapt up to over $120,000. During this time, Salt Lake City remained neck-and-neck with the U.S. average.
In 2018, the rise in sales prices in Salt Lake City really kicked into high gear, climbing notably ahead of the national norm. Since 2018, the average price per unit in Salt Lake City has jumped by more than $105,000. That’s a 70% hike, and one of the biggest increases seen among the nation’s large apartment markets. The only two markets with more pronounced price increases were Sacramento and Pittsburgh.
For more information on the Salt Lake City apartment market, watch the webcast Up Close and Local: Salt Lake City Market Update.