Utah Multi-Unit Asking Prices Down 5% as Listings Climb 7%

Single-family listings, including homes, townhouses, condos and twin homes, total 44,113 year to date, up 3.2% from 42,729.

Multi-unit listings, including duplex through 5-plus unit buildings, total 825, up 7.1% from 770.

Townhouses grew fastest on the single-family side with 7,967 listings, up 6.3% from 7,496. Detached homes came in at 31,828, up 3.1%. Condos reached 3,794, up 1.0%. Twin homes fell to 524 from 601, down 12.8%.

Duplexes lead the multi-unit side with 458 listings, up 8.3% from 423. Fourplexes reached 177, up 20.4% from 147, which is 30 more listings. Buildings with more than four units came to 130, up 6.6% from 122. Triplexes fell to 60 from 78, and at 60 listings a small change moves that percentage a long way.

Single-family sellers are asking $290 per square foot on average year to date, up about 1.5% from $286. Multi-unit sellers are asking $282, down about 5.0% from $297. Across all property types the average is $286, up 1.0% from $284.

Per-type medians point the same way. The median asking price on duplexes is $256 per square foot, down 5.3% from $271. Triplexes are at $239, down 9.3% from $263. Fourplexes are at $255, down 1.5% from $259. Buildings over four units run the other direction at $274, up 5.5% from $259, on 130 listings. Single-family medians barely moved, with detached homes at $241 against $239, townhouses at $238 against $238, condos at $307 against $307, and twin homes at $232 against $220.

Multi-unit supply is growing about twice as fast as single-family supply this year, and multi-unit is also where asking prices per square foot are giving ground, at $282 against $297 a year ago.

Single-family sellers are asking close to what they asked last year, at $290 against $286. If you plan to list a duplex or fourplex this fall, you must price it against this year's numbers rather than last year's, because you are listing into more competition and lower asking prices than you would have faced in 2025.

_{Data sourced from RapidStats / UtahRealEstate.com, New Listings by Dwelling Type, prepared September 9, 2026. Single-family covers single family homes, townhouses, condos and twin homes. Multi-unit covers duplex, triplex, fourplex and buildings over four units. All property types also includes recreational and other categories outside those two groups.}

Four multi-unit properties closed in Utah between September 2 and September 8, and all four were duplexes. Sold prices ran from $470,000 in Ogden to $1,300,000 in Holladay. Three of the four closed at or above the asking price. The Holladay duplex closed at $1,300,000 against a $1,375,000 list price, which is $75,000 under. Days listed ran from 20 to 100, and price per square foot ran from $221 in Ogden to $343 in Salt Lake City.

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Mortgage rates stopped climbing this week. The 30-year fixed sits at 6.89%, unchanged over the week, up 0.15 over the past month and up 0.61 from a year ago. Its 52-week range runs from 5.99% to 6.91%, so rates are sitting 0.02 below the top of that range. The 7/6 ARM is at 6.53%, or 0.36 below the 30-year fixed. FHA is at 6.48% and jumbo is at 7.08%, the only loan type above 7%.

The 10-year Treasury held at 4.79%. Mortgage rates track the 10-year plus a spread (the extra a lender adds on top of that benchmark), so rates flattened out when the 10-year did. Two inflation reports land before this issue is a day old, producer prices on Thursday and consumer prices on Friday, and the Fed meets September 15 and 16. Financing costs are likely to sit near these levels until those numbers print.

Source: Mortgage News Daily, rates as of September 8, 2026

Utah Headlines

More Than Half of New Salt Lake City Apartments Are Handing Out Concessions — A Salt Lake Tribune reporter touring new Salt Lake City buildings found more than half offering concessions (discounts such as free months or gift cards used to get a lease signed), including $2,000 gift cards and several months of free rent. What a tenant actually pays is running below what the sign says, which is the number small landlords are competing against.

Salt Lake County Property Value Appeals Close September 15 — Owners have until September 15 to file a 2026 value appeal with the county Board of Equalization, and an income property needs a rent roll and an operating statement showing all income and expenses before the appeal will be accepted.

Ogden Weighs a Zone That Would Cut Minimum Lot Size to 2,500 Square Feet — The proposed mixed-use zone near Harrison Boulevard and 25th Street would raise the height limit from 35 feet to 45 feet, cut the minimum lot size from 5,000 square feet to 2,500, and shrink the Harrison setback from 20 feet to 10.

National Headlines

Investors Say Cap Rates Need to Rise Another 64 Basis Points Before They Buy — CRE Daily's own quarterly survey with John Burns Research put its sentiment index at 55, with just 37% of investors planning to increase commercial exposure and 32% reporting harder access to capital, up from 19% a quarter earlier.

The Fed Is Watching Core Inflation, Not the Commodity Spike, Going Into Next Week — HousingWire's analyst points out that the 10-year Treasury has held near 4.79% and the Fed wants monthly core inflation running at 0.2%, with unemployment at 4.1% ahead of the September 15 and 16 meeting.

Apartment Concessions Are Less Common Nationally but the Discounts Are Deeper — RealPage, writing about its own data, put national concession use at 15.8% of properties in July, with the West at 14.1% and Austin at 37% of properties giving an average 15.2% discount.

Advertised Rents Rose 0.4% Over the Year While 1.2 Million Units Sit in Lease-Up — Average advertised rent reached $1,773 in August and occupancy slipped 50 basis points to 94.2%, according to Yardi Matrix, with Denver down 2% and Phoenix down 1.6% year over year.

Lenders Are Tilting Toward Multifamily as Rates Stay Higher for Longer — Multifamily now accounts for 65% of PGIM's transitional and high yield lending strategies, up from roughly 55%, with the Fed benchmark still at 3.50% to 3.75% and single-family sales down 5.3% from a year ago.

HUD Puts a One-Year Clock on Fair Housing Construction Claims — HUD set a one-year administrative limit that starts at the certificate of occupancy, and two years for private lawsuits, replacing a 2013 standard that treated the violation as ongoing and citing more than $110 million in retrofit costs to owners over five years.

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