Utah
Housing Market
The landscape of the housing market in Utah constantly evolves with shifting home prices and demand. Houzeo’s housing market report tracks constant changes in supply and demand across Utah. Our data offers real-time insights to help you make informed decisions.
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MigrationUtah Housing Market Overview
As of January 2025, housing prices in Utah have increased by 7.8% YoY, reflecting the ongoing strength of the housing market. The current median home price in Utah is $566,400. However, the number of homes sold decreased by 8.1% year over year, with 2,093 homes sold in January.
The median days on market can also help you assess the market’s competitiveness. Homes in Utah now spend an average of 61 days on the market before going under contract. This reveals the pace and dynamics of the current Utah housing market.
What Does It Mean for Home Buyers and Sellers?
The median days on market can also help you assess the market’s competitiveness. Homes in Utah now spend an average of 61 days on the market before going under contract. This reveals the pace and dynamics of the current Utah housing market.
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: You gain more negotiation power as homes in Utah now spend an average of 61 days on the market, giving you more time to make decisions. With a 7.8% increase in home prices, the market remains competitive, but the decrease in the number of homes sold presents opportunities to find a deal. Whether you’re looking for a condo or a single-family home, you can take advantage of these conditions to secure your ideal property in Utah.
- If You’re a Seller: You can still make a profit, but you may need to adjust expectations as the number of homes sold has decreased by 8.1%. With homes spending an average of 61 days on the market, you may face longer wait times before receiving offers. Be prepared to offer concessions or adjust pricing to stay competitive in the current market.
Median Sale Price
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Utah
Utah Housing Supply
Utah is experiencing steady growth in housing supply to meet buyer demand. The number of homes for sale rose by 10.9% year-over-year in January 2025, with 13,460 homes available. The Utah real estate market is balanced with 5 months of supply, indicating neither a strong seller’s nor buyer’s market.
What Does It Mean for Home Buyers and Sellers?
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: You have more options with the increased number of homes for sale in Utah. This higher inventory may help stabilize prices and provide more opportunities for negotiation.
- If You’re a Seller: You must act strategically to stand out in the growing supply. Focus on pricing and marketing your home effectively to attract buyers before the market becomes even more competitive.
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Utah Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell for above the list price, it signals strong buyer competition and high demand. The increase to 19.5% of homes selling above the list price in Utah reflects a moderately competitive market.
However, 27.4% of homes experienced price drops, suggesting that not all sellers are seeing high demand, and some are adjusting their prices. The sale-to-list price ratio of 98.6% indicates a slight reduction in bidding wars and more price flexibility for buyers.
What Does It Mean for Home Buyers and Sellers?
However, 27.4% of homes experienced price drops, suggesting that not all sellers are seeing high demand, and some are adjusting their prices. The sale-to-list price ratio of 98.6% indicates a slight reduction in bidding wars and more price flexibility for buyers.
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: The Utah housing market gives you some negotiating power. The rise in price drops suggests more opportunities for better deals and less intense competition.
- If You’re a Seller: You'll need to adjust your expectations, as fewer homes are selling above list price. Patience is key, as demand will increase in spring or summer.
Homes Sold Above List Price
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Is It a Buyer’s or Seller’s Market in Utah?
As of January 2025, the Utah housing market leans toward balanced, with a slight advantage for buyers due to increased inventory and longer days on the market. The number of homes for sale rose 10.9% year-over-year, giving buyers more options.
However, home prices in Utah continue to rise (up 7.8% YoY), and 19.5% of homes still sell above list price, suggesting ongoing competition in some areas. Market conditions may vary locally, and buyers should assess specific regions within Utah.
Utah Housing Market Insights
The housing market in Utah has experienced significant shifts. Home prices have risen 7.8% YoY, driven by ongoing demand and a steady supply of homes. The market has also seen an increase in newly listed homes, with inventory rising 10.9% YoY.
However, the market is showing signs of moderation. The number of homes sold decreased by 8.1%, and homes are taking longer to sell, with the median days on the market increasing to 61 days. The increased number of homes for sale has provided more options for buyers, but rising prices and competition in some areas suggest a more neutral market. Looking ahead, Utah’s housing market is expected to remain steady, with predictions of continued price increases and more balanced supply and demand conditions.
However, the market is showing signs of moderation. The number of homes sold decreased by 8.1%, and homes are taking longer to sell, with the median days on the market increasing to 61 days. The increased number of homes for sale has provided more options for buyers, but rising prices and competition in some areas suggest a more neutral market. Looking ahead, Utah’s housing market is expected to remain steady, with predictions of continued price increases and more balanced supply and demand conditions.
Nationwide Migration Trends
Utah's migration patterns are driven by its affordable cost of living, strong job markets, and desirable climate. The state has seen a significant rise in migration, with many people moving from higher-cost areas like California. Utah offers affordable living, and cities like Salt Lake City, Ogden, and St. George attract newcomers.
The state’s growing job market and tax advantages have increased migration from California, Washington, and other high-cost states. Families and professionals often relocate from expensive areas like San Francisco, Los Angeles, and Seattle, seeking better opportunities and a more affordable lifestyle in Utah.
The state’s growing job market and tax advantages have increased migration from California, Washington, and other high-cost states. Families and professionals often relocate from expensive areas like San Francisco, Los Angeles, and Seattle, seeking better opportunities and a more affordable lifestyle in Utah.
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Frequently Asked Questions
Will the Utah housing market crash in 2025?
According to the Utah housing market forecast, it’s doubtful that the market will crash in 2025. Prices are projected to experience sustained growth through 2025.
Are house prices going down in Utah?
No, property values in Utah aren't dropping drastically, but they show varied local trends. Statewide prices rose 7.8% year over year in January 2025, with areas like Salt Lake City experiencing significant growth. Experts forecast continued growth in 2025, although the increase in Utah homes for sale may help stabilize prices in certain regions.
Which city has the cheapest homes for sale in Utah?
If you choose to move to Utah from expensive places like California or New York, you can significantly reduce your overall spending. Ogden ($387k) and Logan ($393k) are among the cheapest places to live in Utah, with the lowest median sale prices.
Should I wait for some time before buying houses in Utah?
As a buyer, now is a great time to secure a fair deal with stable prices and a growing inventory of homes. The average home price in Utah is $566,400, and while prices are still rising, the pace has slowed. If you're buying a house in Utah, it's important to get pre-approved first and budget for a down payment of at least 10%.
How can I list my home for sale in Utah?
You can list your home for sale with a Flat Fee MLS Utah listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Utah?
The average mortgage rate for buyers in the Utah real estate market fluctuates between 6.23% and 6.86%. When you apply for a mortgage, always check your credit score and the current interest rates with lenders.
How does Utah’s housing market compare to the national market?
Utah's housing market is outperforming the national market, with higher price growth and demand due to factors like relocation from other states and favorable tax conditions. The cost of living in Utah is 1% higher than the US average.
Is now a good time to buy or sell a home in Utah?
You must check the current trends in housing prices and inventory in your city. Sellers can benefit from high demand and rising prices. However, if mortgage rates are stable and the months of supply are more than six months, that’s the best time to buy a house in Utah.
How have home prices changed in Utah over the past years?
Utah's median home price has steadily risen over the past few years, fueled by high demand and limited inventory. On average, house prices in Utah have increased by 7.8%, with some areas experiencing double-digit growth. You can easily check your home's fair market value using our free home value estimator.
What are the Utah housing market predictions for 2025?
The housing market in Utah is expected to remain stable in 2025, with moderate price growth and increased inventory. While home prices will continue to rise, the growth rate will slow down as more homes are added to the market. Rising mortgage rates may also impact affordability, but the increased inventory will help balance the market, providing more options for buyers and slowing the pace of price hikes.
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