I've been going through the latest housing data this week, and one number keeps jumping out at me. I wanted to share it with you — because most homeowners I talk to have no idea they're sitting on this much.
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What the Numbers Actually Show
Utah home prices climbed over 50% between 2020 and 2024. That's well-documented at this point. But what doesn't get talked about as much is what that appreciation actually translates to for the average homeowner — which, across the Salt Lake and Utah County area, works out to roughly $241,000 in equity gains over that stretch.
To put that in context: NAR's 2025 research put the median net worth of a homeowner at $415,000, compared to $10,000 for renters. A big part of that gap comes from exactly this — home values running up while owners went about their lives, not only being insulated from climbing home values, but benefiting.
Most of the homeowners I talk with that have owned their home for more than 5 years know their home is worth more than what they paid. But when I actually sit down and run the numbers with them, there's usually a moment of surprise. The gap between what they think they have and what they actually have tends to be significant.
Why Timing Matters
Here's where I want to be straightforward with you, because I think a lot of sellers are operating on assumptions that aren't quite matching what's happening in the market right now.
Inventory in Salt Lake and Utah County is rising. As of February 2026, active homes for sale was up 526 units year over year. That's not a crisis — but it is a shift. Over the past several years, sellers in a lot of price ranges had very little competition. That's changing.
What I'm seeing in practice: the homes that are sitting are the ones that came to market overpriced, or that came to market alongside three similar homes in the same neighborhood at the same time. Buyers today are doing their research. They notice when something is priced 10% over its competition and they move on.
The sellers who are still seeing strong results are the ones who came in priced correctly from day one, with a home that shows well. That part hasn't changed. What's changed is there's less margin for error than there was even just 1-2 years ago.
What This Means If You're Selling
If you've been thinking about selling — whether that's this spring, this summer, or sometime "eventually" — it's worth having an honest conversation about what your equity position actually looks like and what the realistic window is.
A few things I'd want you to know:
The equity you've built is real, but it only converts to cash when you sell strategically. Overpricing and sitting on the market for 90+ days tends to cost sellers more than they realize, both in carrying costs and in negotiating position once buyers sense a home has gone stale.
More inventory coming to market isn't automatically bad for sellers — but it does mean buyers have options they didn't have last year. Presentation and pricing matter more in that environment.
If your plan is to use equity from this home to buy your next one, the math on that can actually work well right now, especially with lower mortgage rates.
The good news is that mortgage rates are almost 2% lower than their peak in 2023, which is bringing more buyer demand to market, and makes your next home purchase more affordable.
What This Means If You're Buying
Inventory being up is generally good news for buyers. You have more to choose from, homes are sitting a bit longer, and sellers are more willing to negotiate on price or concessions than they were during the frenzy years.
The thing I keep telling buyers is: don't wait for a perfect number on rates that may not come. Buyers who have purchased homes in the last 12-18 months are often times getting favorable terms with seller concessions, lower mortgage rates, and fair prices.
But remember, while the pandemic was a bit of an anomaly, home equity is typically built over a long period of time, not just a couple years. You may not see a big difference in the next couple years, but chances are your future self with thank you 10+ years from now.
If you're renting right now and you're on the fence, I'd genuinely encourage you to at least run the numbers. Not every situation makes buying the right call — but a lot of people I talk to are closer than they think.
The Bottom Line
I'm not going to tell you the market is on fire right now. It's more balanced than it's been in years, which honestly creates real opportunities on both sides.
What I will say is that the equity picture for Utah homeowners is something most people aren't paying close enough attention to. If you've owned your home for five or more years, you've likely built more financial cushion than you realize — and it's worth knowing what your actual options are before the market shifts further.
If you want to talk through your specific situation, just reply to this email. I'm happy to pull together the numbers for your neighborhood and give you an honest read on where things stand.
Here to serve,
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P.S. If you're curious what your home is worth right now, reply with your address. I'll put together a current market analysis for your neighborhood — no obligation, just the actual data.
