The majority of Salt Lake homes are selling below list price
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About 62% of Salt Lake metro area homes sold below their original listing price in February, up from almost 60% a year earlier, according to Redfin data.
The big picture: Nationally, as inventory grows and buyers gain negotiating power, more homes are selling for less than their original listing price than a year ago, Redfin reports.
By the numbers: The median final list price for a Salt Lake home in February was $533,900, according to Redfin. That's about $6,000 less than the original asking price.
- Just 20% of homes that month sold for above asking, while about 17% sold at the original price.
Zoom out: 64.2% of U.S. homes sold below their original list price in February, up from 60.9% last year, per the data.
What they're saying: "Many home sellers shoot for the moon when pricing their homes and end up getting less money than they hoped for," Redfin's Lily Katz and Asad Khan write.
- "That's increasingly the case today because 2025 is shaping up to be a buyer's market."
The latest: The spring home-buying season is off to a sluggish start, with mortgage rates remaining stubbornly high.
- Existing home sales fell 5.9% in March from February, after seasonal adjustments, the biggest monthly drop since 2022, per the National Association of Realtors.
The bottom line: Timing matters.
- Homes are most likely to sell above their asking price in late spring and early summer and least likely to in winter, the Redfin report notes.