Salt Lake City, Utah: Neighborhoods to Know
Though new development and construction remains in a virtual standstill, Salt Lake City’s housing market is among the strongest in the country. The strong real estate market can be linked to the strong job market. Many large companies and corporations are moving their business and headquarters to Salt Lake City and that brings with it tons of jobs.
The first-time home buyer price range is less than $250,000 and strong in Salt Lake City. The majority of the city’s inventory is within this price range, with the mid-range market also doing well. On the flip side are the homes listed in the $500,000+ range. There are many multi-million-dollar homes sitting empty just outside of the city limits in the suburbs.
Salt Lake City did not completely dodge the real estate meltdown in recent years. The foreclosure rate hovers around the 20 percent mark. But, many homes that are selling are bought for 90 percent of the original asking price.
Sugar House: Those wanting a walkable/bike-able neighborhood will navigate towards Sugar House. The community is stocked with local shops mixed with national retailers, a large regional park, and easy access to major highways and thoroughfares. Residents are a mix of young professionals and young families that make for a hip crowd. The majority of homes in this area are bungalow style, with the average listing sale price of $350,000 and sold for $290,000.
9th & 9th: The 9th & 9th neighborhood attracts an urban alternative crowd. The community has long been known as a hub for the gay community. You can find quirky shops, an independent movie theater, and an eclectic coffee shop. The neighborhood is also considered culturally diverse. The majority of homes are bungalow/cottage style, with a few two-story houses and the occasional rambler/ranch style home. Average listing sale price is in the low $300,000 range and sell for close to asking prices.
Avenues: The Avenues is an affluent, walkable, outdoor-centric section of town, with smaller streets and city blocks. The neighborhood sits on the north end of Salt Lake City and is home to established professionals, pro athletes, and prominent Utah families. The Avenues has more diversity in the style of home, with bungalows, Victorians, ramblers/ranches and two-story houses. Average listing sale price is $275,000 and sold for $245,000.
Marmalade District: This is an up-and-coming section of town. The Marmalade District used to be an industrial area and blighted. It’s rapidly becoming an artsy community with a bohemian feel. The small community is known for its variety of architecture, with as many different home styles as the Avenues District. The neighborhood is nestled just west of the Capitol and continues to gentrify. The average listing sale price is $190,000, with homes selling for $175,000.
Downtown: Downtown Salt Lake City is typical urban living. The bulk of the housing market are condominiums, many of which take up renovated older buildings with some in newer developments. Residents who live downtown choose the area for the access to public transportation, ability to walk everywhere, the diversity and vibrant nightlife.
Downtown is the hub for outsiders from larger cities, many of whom live in Salt Lake because of work. Average home prices in the downtown area varies, with condos selling in the $100,000 to $300,000 range. Buyers don’t need to be reminded about the space they get for that money. For the same price in the suburbs, that money could buy close to a mansion!