Utah Fourplex Sales Hit a 10-Year Low

We pulled every fourplex listing in the Utah MLS and compared January 1 through October 20 of each year back to 2016.

There were 86 fourplexes for sale in Utah on October 20. That is up 32.3% from 65 a year ago and more than at any point since 2016. This year's count peaked at 95 in late August. Before 2026, the high was 81 in October 2024. On October 20, 2021, there were 29.

Sellers listed 188 fourplexes this year, up 8.7% from 173 last year.

Months of supply (how long it would take to sell every fourplex for sale at this year's sales pace) is 12.0, up from 7.5 last year and the highest since 2016. Only 8 fourplexes were under contract on October 20, down from 16 a year ago.

Of the 85 still for sale on October 21, about half have been listed for more than 90 days and 54% have cut their price. The typical cut is 5.3%.

Utah closed 69 fourplex sales this year through October 20, down 16.9% from 83 last year. That is the fewest of any year back to 2016. The previous low was 78 in 2023, and 150 sold in both 2020 and 2021.

This year 158 fourplex listings came off the market, and 89 of them were canceled, expired or withdrawn instead of sold. That is 56.3%, up from 45.4% last year and 20.2% in 2021. It is the first year since 2016 that more fourplex listings came off the market without a sale than with one.

Fourplexes that sold spent a median 56 days on the market, up from 41 last year and the most since 2016. Sellers got a median 94.2% of their original list price, down from 95.0%. Only 15.9% sold at or above their final list price, compared with 21.7% last year and 64.0% in 2022.

The median fourplex sold for $225 per square foot this year, down 7.9% from $244 last year. That is the lowest since 2021, when it was $193. It peaked at $249 in 2024, and this year is 9.9% below that peak.

The typical fourplex that sold this year was larger, at 3,820 square feet compared with 3,492 last year, and larger buildings usually sell for less per foot. Prices still fell within each size group. Fourplexes from 3,000 to 3,599 square feet fell 3.9% to $234, and those over 4,200 square feet fell 8.6% to $189.

Each quarter of 2026 has come in between $221 and $229 per square foot. Every quarter of 2024 and 2025 was $235 or higher.

The median sale price is $885,000, about even with $880,000 last year. That works out to $221,250 per unit, close to the $222,500 of 2022.

Utah has 86 fourplexes for sale, the most in at least 10 years, while sales through October 20 fell to 69, the fewest in that time. New listings are close to normal, so the extra supply is coming from fourplexes that are not selling, and 56.3% of new listings didn’t sell and were pulled from the market. The median price per square foot fell 7.9% to $225, the lowest since 2021, and it fell in every size group.

_{Data sourced from UtahRealEstate.com (WFRMLS) listing data for fourplex properties statewide, pulled September 23 and October 21, 2026. Each year covers January 1 through October 20. Months of supply divides fourplexes for sale on October 20 by average monthly sales from January 1 through October 20. UtahInvestor.com analysis.}

Eleven multi-unit properties closed across Utah between October 13 and October 19. Prices ran from $510,000 to $1,462,500. Seven sold below their final asking price and four sold at or above asking. Nine were duplexes and two were fourplexes, and seven of the 11 sales were in Salt Lake City. A Salt Lake City fourplex sold in 4 days at $389 per square foot, while a Bountiful fourplex closed after 239 days at $239 per square foot.

Mortgage rates moved lower again this week. The 30-year fixed is at 7.40%, down 0.06 from a week ago. It is 0.20 higher than a month ago, 1.18 above a year ago and 0.21 below its 52-week high of 7.61%. The 15-year fixed is at 7.05%, FHA is at 7.02% and jumbo loans are at 7.65%. The 7/6 SOFR ARM is at 6.80%, which is 0.60 under the 30-year fixed.

The 10-year Treasury closed at 5.12% on October 20, down from 5.21% a week earlier. It hit 5.09% on October 16, its lowest close this month. Lower yields helped pull mortgage rates down. Investor loans usually price 0.50 to 0.75 above the owner-occupied 30-year, which puts a rental purchase near 7.90% to 8.15% right now.

_{Source: Mortgage News Daily, rates as of October 20, 2026. 10-year Treasury yield from the U.S. Treasury daily yield curve.}

Utah Headlines

Provo Approves 1,300 Apartments at Provo Towne Centre — The City Council voted 5-1 on October 20 to let Brixton Capital rebuild part of the mall with 1,300 rental apartments in five buildings and about 80 for-sale townhomes, with 15% of the apartments set aside as affordable.

Salt Lake County Mayor Proposes a 13.53% Property Tax Increase — The increase would pay for a jail bond of about $575 million and add about $70 a year on the average $658,000 home and about $128 for the average business, with a public hearing set for December 8.

Utah Cities Are Writing New Rules for Backyard Rental Units — A new state law requires cities to allow detached backyard units on lots of 11,000 square feet or more, and Provo, Lehi, Orem, Layton, Sandy and others are adopting rules, with Provo's council vote set for November 3.

Salt Lake City Rezones the 14.8-Acre Smith's Ballpark Site — Council members approved the new zoning unanimously on October 20 after cutting the height limit from 150 feet to 95 feet, and developers expect full buildout to take 5 to 10 years.

National Headlines

Apartment Construction Starts Fell 26% From a Year Ago — Builders started buildings with five or more units at an annual pace of 349,000 in September, down 7.2% from August according to Census data, while construction input prices rose 11.2% over the year.

Fannie Mae Now Expects Mortgage Rates Above 7% Through 2027 — Fannie Mae forecasts the 30-year fixed will average 7.4% in the fourth quarter and 7.5% in 2027, up from 6.8% and about 6.7% in last month's forecast.

Nearly Half of 2021 and 2022 Apartment Loans Need New Cash to Refinance — CRED iQ found that 46% of apartment loans made in 2021 and 2022 that are coming due will need owners to put in more money to refinance, compared with 15% of loans made from 2016 to 2018, for a total gap of $6.8 billion.

Home Builder Confidence Fell to Its Lowest Level Since 2012 — The NAHB/Wells Fargo index dropped 3 points to 29 in October, and 43% of builders cut prices, the highest share since 2020.

Cap Rates on Apartments Now Sit Barely Above the 10-Year Treasury — RealPage puts the average apartment cap rate (a property's yearly net income divided by its price) at 5.4% for the eighth straight quarter, while the 10-year Treasury has climbed above 5%, shrinking a gap that was 1.25 points a year ago to almost nothing.

FHA Apartment Loans Now Cover Build-to-Rent Duplexes and Triplexes — HUD made build-to-rent communities of single-family homes, duplexes and triplexes eligible for FHA's long-term construction and purchase loans, as long as the project sits on one site and runs as a single property.

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