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Utah Real Estate Market Update — Week of June 18, 2025

By Justin,

🔹 Statewide Headlines

  • Median sale price (April): $559,200, down 0.11% year‑over‑year. However, home sales rose 0.3%, and for-sale inventory surged by 24.3%

  • Zillow Home Value Index: ~$530,800, reflecting a modest 2.2% annual growth, with listings taking ~30 days to go pending

  • Bankrate snapshot (Jan 2025): Median price $566,800—a 7.9% increase from Jan 2024. Homes spent ~61 days on market; supply volume point to a still hot, seller-favored landscape

📈 Shifting Market Dynamics

  • Rising inventory & slower sales: As of March, listings hit ~10,757 (up ~46% YoY), and median days-on-market hovered around 48 days—signs of a more balanced market emerging

  • Price plateauing: March 2025 saw Utah’s single-family median price at ~$550k—almost flat year-over-year—indicating cooling from double-digit hikes

🌆 Regional Highlights

Salt Lake City

  • Continues as a top-10 hottest market in the U.S. (10th nationally in 2025) due to low inventory and sustained buyer demand  Office-to-residential conversions are gaining traction amid decreasing commercial vacancy rates (~18–19%)

  • Reddit discussions suggest increased buyer leverage:

    “houses … sitting for weeks/months… selling around asking or 10k–20k below”

Provo and Utah County

  • Perhaps nearing a pricing correction: CoreLogic flags Provo as high-risk for declines (up to −1.4% YoY) reddit.com.

  • Suburbs like Holladay, South Ogden, Syracuse, Springville, Murray, Provo, and American Fork saw YoY annual sale-price growth between ~9–29% in April .

⚖️ Affordability & Buyer Power

  • Mortgage rates remain high (~6–6.7%), pushing monthly payments well above local median incomes. In Salt Lake County, a typical single-family home’s payment is about $4,674/mo—requiring ~ $187k annual income—versus a median household income of ~$101k .

  • Buyer strategies: More buyers negotiating below listing price, especially in suburbs or higher-priced zones, leveraging increased inventory and longer sale cycles.

🏗️ Outlook & Strategic Tips

What Buyers Should Do:

  • Enjoy increased negotiation power—target below‐ask offers, closing-cost requests, or flexible timing.

  • Actively watch inventory in secondary markets like Ogden, Tooele, and Provo for better value opportunities .Prioritize pre‑approval to compete effectively in areas like Salt Lake City.

What Sellers Should Consider:

  • Price homes keenly to attract interest; align with the pause in double-digit gains.

  • Highlight features—energy efficiency, low taxes—to stand out as inventory grows.

Market Forecast:

  • Experts expect mild price growth (~3–5%) in 2025 as mortgage rates stabilize and inventory increases modestly (~10–15%)

  • Urban expansion around Silicon Slopes (Lehi, Draper, South Jordan) and continued population inflows (~500k over next decade) ensure underlying long-term demand, particularly in middle-to-upper price tiers

🧭 Final Take

Utah’s real estate is entering a more balanced phase: statewide prices are hovering, inventory is clearing faster, and buyers are seeing improved leverage—especially in suburban and higher-priced markets. Salt Lake City remains competitive, but signs of stabilization point to a healthier long-term trend. Whether you’re buying, selling, or holding, understanding local inventory, pricing dynamics, and interest trends will be crucial in the weeks ahead.

Categoriestips & tricks

📈 Utah’s Economic Snapshot

By Justin,

  • Resilient yet moderating: According to the Kem C. Gardner Policy Institute via Salt Lake County’s June economic update, Utah continues robust job growth and low unemployment, but signals show a slowing economy. Tourism and a few other sectors are contracting, though a full recession isn’t expected in 2025 .

  • Job market remains strong: Utah boasts a 3.1 % unemployment rate and approx. 2.1 % job growth—nearly double the national average, with job creation led by education, health, construction, and manufacturing sectors

  • Top rankings: Utah recently topped U.S. News & World Report for best budget practices, powered by strong income tax revenue and balanced state finances. It also continues to lead the nation in economic outlook 

🏠 Housing Market: A Balancing Act

  • Prices up, momentum softening: As of May 2025, Utah’s median home price is $567,600, up 4.4% year-over-year, while sales dipped 2.2%. Inventory rose by 23.6%, creating more options for buyers

  • Supply and demand: With 18,333 homes on the market in May (up nearly 24%), competition has eased. Only 25.6% of homes sold above list price—down from last year—while 35.3% had price reductions

  • What agents are saying: Listings are rising (“about 30% more homes for sale year-over-year”), prices remain stable so far, but if the supply-demand gap continues, downward pressure is likely. Interest rate shifts may quickly change this dynamic

🏞 Regional Housing Highlights

  • Park City luxury homes: The median price hovered around $2.025 million in June—down 3.2% month-over-month but still +4.5% year-over-year. Days on market increased to 57, inventory is up, offering buyers more leverage

  • Kanab updates: In the past week, there have been two new listings, five price reductions, two homes under contract, and two closed sales—signs of gradual normalization

💵 Broader Market & Policy Context

  • U.S. markets latched gains in May: On a national scale, stocks advanced: S&P 500 +1.9%, NASDAQ +2.0%, Dow +1.6%. GDP dipped –0.2% annualized in Q1 2025, while inflation (PCE index) remains modest (+0.1% MoM) .

  • Federal Reserve steady: Interest rates held at 4.25–4.50%. Utah’s job market strength bolsters state confidence even as federal pressures loom .

💻 Tech & Small‑Biz Pulse

  • Silicon Slopes rising: Utah’s tech corridor (Salt Lake City to Provo) remains a national contender, drawing giants like Adobe, eBay, and Google, while fostering strong startups and local innovation

  • Entrepreneurial youthfulness: Utah County—home to one of the nation’s youngest workforces—is a fertile ground for small startups (e.g., basement hair salons, at-home dog grooming) that are driving job growth

🏢 Big‑Business Buzz

  • Still no Fortune 500 names: Utah remains one of the largest U.S. states without a Fortune 500 company for the 10th consecutive year. It does, however, have three firms in the Fortune 1000, highlighting a vibrant small‑business culture

🧭 What This Means Right Now

Stakeholder Outlook
Job seekers Labor market remains promising; opportunities abound.
Homebuyers More choice and negotiation power—but interest rates still a wildcard.
Home sellers Accurate pricing and timing matter more than ever.
Tech/startups Strong ecosystem—great time to start or join a venture.
Policymakers Focus on tourism support and diversification may help blunt slowdowns.

🔍 Final Take

Utah’s markets reflect resilience with evolving nuances. Jobs remain robust, fiscal discipline stays strong, and housing markets are shifting from frenzy to balance. For investors and residents, the next few months hinge on interest rates and national economic policies. Despite lacking a Fortune 500 anchor, Utah’s booming small-business scene, youth-fueled entrepreneurship, and tech-driven growth—anchored in Silicon Slopes—continue to propel long-term strength.

Categoriestips & tricks

🔥 Utah Real Estate Market Report – May 2025

By Justin,

Is the Market Heating Up Again? Here’s What You Need to Know.

As we move into the heart of 2025, it’s clear — the Utah housing market is showing strong signs of momentum. Whether you’re a buyer, seller, or investor, this month’s data provides valuable insights to help you make smart, timely decisions.

So, are we warming up? Yes — and here’s the proof.

📈 Under Contract Listings Are Rising

May 2025 recorded just under 5,500 under contract listings, nearly matching the peak levels we saw back in 2023. This resurgence in buyer activity signals renewed confidence and motivation in the market.

While there’s been concern about inflation and interest rates, one thing remains solid: price stability. The average price per square foot sits at $335, and the median price remains around $250, showing that values are steady — especially in the more affordable ranges.

🏡 Homes Are Selling — and Quickly

About 3,500 homes were sold in May 2025. The sold price per square foot averages at $265, with a median of $235. This tells us that the market is moving, and many homes are selling in just weeks — especially if they’re well-priced and well-presented.

💸 Months of Supply: Tight Inventory in Key Ranges

Let’s talk inventory. The “Months of Supply” metric (MOS) tells us how long it would take to sell all active listings at the current sales pace. Here’s a breakdown:

Price Range MOS (May 2025) Sold-to-List Ratio
$200K–$300K 3.22 97.1%
$300K–$500K 2.69 99.3%
$500K–$700K 3.28 99.4%
$700K–$1M 4.48 99.0%
$1M–$3M 6.27 97.7%
$3M+ 12.66 96.9%

🔹 What does this mean?

  • Homes under $700K are selling fast and close to asking price — especially in the $300K–$500K range.

  • Even the luxury market ($1M+) is holding strong, with homes getting nearly 97%–99% of their asking price.

💬 Advice for Sellers

If you’re thinking about listing your home, don’t wait. Here’s why:

✅ Homes are moving quickly, especially under $700K
✅ You’re likely to receive close to — or above — asking price
✅ Buyer demand is returning with strength

👉 My Tip: Stage your home, price it right, and list while competition is still moderate. If your home is move-in ready, it could be one of the next “under contract” listings by next month.

💬 Advice for Buyers

Yes, interest rates are still a factor — but waiting could cost you more if prices continue to climb. Here’s what buyers should keep in mind:

✅ Inventory is limited in popular price ranges — act fast
✅ Homes in good condition go under contract quickly
✅ You need to be prepared (and pre-approved!) to compete

👉 My Tip: Partner with a knowledgeable local agent, get your financing ready, and be ready to make strong offers. We’re still far from a buyer’s market — but savvy buyers can win by acting fast and strategically.

📍 Final Thoughts

The Utah real estate market in May 2025 is active, balanced, and full of opportunity. Whether you’re buying your first home, upgrading, downsizing, or investing — the market is giving you a window of time to move with confidence.

💼 Need Guidance? Let’s Chat.

The right advice makes all the difference in this market. Whether you’re buying, selling, or just exploring your options, I’m here to help you make the most of your real estate journey.

📩 Contact me today to schedule your free consultation.
📞 Let’s put a strategy in place that works for you.

Categoriestips & tricks

Utah Real Estate Market Update: May–June 2025 Trends and Insights

By Justin,

📈 Market Overview: May–June 2025

Median Home Prices
In May 2025, the median sold price for single-family homes in Salt Lake, Utah, and Davis Counties reached $600,000, marking a 1.68% increase from April and a 0.91% rise year-over-year.

Sales Volume
Sales activity has intensified, with May recording 1,525 transactions—a 14.94% increase from April and a 3.77% uptick compared to the previous year.

Inventory Levels
Active listings in May rose by 5.18% from April and are up 38.04% year-over-year, providing buyers with more options and indicating a shift toward a more balanced market.

🏘️ Affordability and Buyer Behavior

Mortgage Rates and Affordability
Mortgage rates have stabilized around 6%, enhancing affordability and potentially opening homeownership to approximately 6.2 million additional prospective buyers nationwide.

Shift Toward Condominiums
Affordability challenges have led to a significant shift in housing demand from single-family homes to more affordable condominiums. In Salt Lake County, condominiums now represent nearly one-third of existing home sales, with 40% priced below $400,000.

🏗️ New Construction and Regional Trends

Increased Construction Activity
Builders are responding to demand with increased construction, particularly in cities like Eagle Mountain, Herriman, and Saratoga Springs. There’s a notable shift toward multi-family homes, such as townhomes and condos, to address affordability concerns.

Population Growth and Tech Industry Influence
Utah’s population continues to grow rapidly, driven by its family-friendly environment, outdoor recreation, and job opportunities. The “Silicon Slopes” tech corridor remains a significant economic driver, attracting skilled professionals and fueling demand for both rental and for-sale properties.

🏔️ Spotlight on Park City and Surrounding Areas

Luxury Market in Park City
Park City remains Utah’s most expensive city, with a median home listing price of approximately $3.5 million. The area is experiencing a boom in luxury real estate development, including nearly 1,000 new housing units and high-end projects like the Deer Valley East Village.

Emerging Alternatives
As Park City becomes increasingly crowded and expensive, nearby towns like Midway, Heber City, and Kamas are attracting new homebuyers seeking more affordable options without sacrificing amenities. These areas are seeing new luxury developments and have become appealing alternatives for those priced out of Park City.

🔮 Outlook for Summer 2025

The Utah housing market is showing signs of stabilization, with increased inventory and moderate price appreciation. While affordability challenges persist, particularly in high-demand areas, the rise in new construction and a shift toward more affordable housing options like condominiums are providing relief for buyers. Sellers may need to adjust expectations as the market becomes more balanced, but opportunities remain, especially in emerging areas outside traditional hotspots.

Categoriestips & tricks

Utah Market Snapshot: April 2025 – Navigating Growth Amid Global Uncertainty

By Justin,

As April 2025 unfolds, Utah’s economy presents a dynamic landscape characterized by steady growth in real estate, evolving labor market trends, and the ripple effects of international trade policies.​

Real Estate: Steady Growth in a Competitive Market

Utah’s housing market continues its upward trajectory. In Washington County, the median sales price reached $530,000 in March 2025, marking a 5% increase from the previous year Condominium sales are projected to rise by 8% to 4,000 units, while single-family home sales are expected to increase by 3% to 8,600 units. These trends are supported by a drop in interest rates to 6.725%, the lowest point of the year, which may encourage more buyer activity and heightened competition

Labor Market: Sectoral Shifts and Remote Work Stabilization

The job market in Utah reflects national patterns of uneven growth. While sectors like professional services and manufacturing show resilience, others such as healthcare and staffing experience declines . Remote work has stabilized, comprising just under 6% of job postings, indicating a normalization of hybrid work models.​

Trade Policies: Tariff Impacts on Local Markets

Recent federal trade policies have introduced new challenges. President Trump’s 10% universal tariff on imports is anticipated to raise prices on various goods, including specialty items like chocolate, cheeses, and olive oil . This development has led to concerns among Utah’s specialty markets about potential price increases and supply chain disruptions.​

Conclusion: Strategic Navigation in a Complex Environment

Utah’s market in April 2025 showcases a blend of growth opportunities and emerging challenges. The real estate sector remains robust, supported by favorable interest rates, while the labor market adapts to shifting demands and work models. However, global trade dynamics necessitate vigilant monitoring and strategic planning to mitigate potential impacts on local businesses and consumers.​

Categoriestips & tricks

Why Utah Is One of 2025’s Hottest Real Estate Markets

By Justin,

Utah’s real estate market in 2025 is characterized by dynamic shifts, with notable trends emerging across various regions.​

Salt Lake City: A Hotspot in the West

Salt Lake City has ascended to become the 10th-hottest real estate market in the United States, distinguishing itself as the most competitive in the western region. This surge is primarily driven by limited housing inventory coupled with sustained demand. Unlike other western cities experiencing stagnation, Salt Lake City’s appeal remains robust, attracting both local and out-of-state buyers. However, this heightened demand has intensified the housing crisis, making affordability a pressing concern for many residents.

Park City: Luxury Developments on the Rise

In Park City, a renowned resort town, there is a significant uptick in luxury residential developments. Projects such as the Deer Valley East Village are set to introduce nearly 1,000 new housing units, complete with enhanced ski facilities and upscale accommodations like the Grand Hyatt Hotel and Residences. This expansion underscores Park City’s allure among affluent buyers seeking premium properties in scenic locales.

Statewide Trends: Inventory and Affordability

Across Utah, the housing market is experiencing a gradual increase in inventory levels. Active listings have risen by approximately 23.7% compared to the previous year, providing buyers with more options and potentially easing competition. Concurrently, mortgage rates have stabilized around 6%, enhancing affordability and encouraging market participation. Nonetheless, challenges persist, particularly in ensuring that the supply meets the diverse needs of the population.

Conclusion

Utah’s real estate landscape in 2025 reflects a complex interplay of growth and challenges. While cities like Salt Lake City and Park City are witnessing significant developments, issues of affordability and inventory balance remain central to the market’s trajectory.

CategoriesUncategorized

Will Interest Rates Come Down for Homebuyers? Here’s What to Expect

By Justin,

Today, we’re diving into one of the biggest questions homebuyers are asking right now: Are interest rates finally going to come down?

The Federal Reserve met today and made a significant decision — they’re holding interest rates steady, choosing not to lower them for now. This move comes as inflation remains elevated, making it challenging for policymakers to justify rate cuts despite some cracks appearing in the labor market.

The 2025 Forecast

Looking ahead, the Federal Reserve is forecasting two quarter-point rate cuts in 2025. However, they are navigating a tricky environment. On one hand, a weakening labor market would typically pressure the Fed to lower rates. On the other hand, experts caution that we shouldn’t want rate cuts solely due to economic weakness. The ideal scenario is to see interest rates decline as inflation cools, not because the economy is faltering.

Recession Risk Looms

Adding to the uncertainty, the Chief Economist at JP Morgan is estimating a 40% chance of a recession in 2025. This is a crucial factor to consider for anyone looking to make major financial decisions, such as purchasing a home.

Industry Outlook: What Are the Experts Saying?

Take a look at what major institutions are predicting:

  • Fannie Mae
  • Mortgage Bankers Association
  • National Association of Home Builders
  • Wells Fargo

Across the board, these organizations expect rates to remain elevated throughout 2025. Some forecasts even suggest that 2026 won’t bring much relief either, which could make homeownership more challenging for many.

A Silver Lining: Homebuyer Grants

Despite the tough outlook on rates, there is some good news. More grants and assistance programs are becoming available to help homebuyers offset higher borrowing costs. If you’re considering buying a home this year, reach out to me directly or send me a DM, and I’d be happy to share how you can apply for grant money to help bridge the affordability gap.

Final Thoughts

In summary, while we all hope to see lower rates soon, it looks like higher interest rates are here to stay for now. But with smart planning and by taking advantage of available resources, there are still ways to navigate this market successfully.

CategoriesUncategorized

Utah Real Estate Market Update: Prices, Trends, and 2025 Predictions

By Justin,

Utah Real Estate Market Update: Prices, Trends, and 2025 Predictions
The real estate market is constantly evolving, and staying informed is one of the best things you can do, whether you’re a homebuyer, seller, or investor. If you’re thinking about purchasing a home in Utah, understanding the latest trends will help you make a more informed decision. Here’s a breakdown of what happened in 2024 and what to expect in 2025.

               

Recap of 2024: How Did Home Prices Change? In Salt Lake County, the median price of single-family homes saw only a slight increase in 2024. However, the more surprising trend was in the condominium market, where prices actually dropped slightly. This was unexpected and could indicate shifting buyer preferences or affordability concerns.

Housing Affordability: Is Utah Still Expensive? Affordability continues to be a major challenge. Housing affordability is measured on a scale where lower values indicate better affordability. Before 2021, when interest rates were historically low, Utah’s affordability index was much more favorable. Now, Salt Lake County has moved into the “severely unaffordable” range, while Utah County remains slightly more affordable but still challenging for many buyers.

The Impact of High Mortgage Rates One of the biggest obstacles to affordability is mortgage rates. According to projections from Fannie Mae, the Mortgage Bankers Association, and Wells Fargo, rates are expected to remain in the mid-to-high 6% range throughout 2025 and possibly into 2026. This means buyers will need to adjust their budgets accordingly. However, if the economy slows down, we may see rate cuts, which could be beneficial for buyers.

Sales Trends: Are More Homes Being Sold? Despite high rates, sales activity is expected to pick up in 2025. Condo sales are projected to rise more than single-family home sales. Many buyers who have been waiting on the sidelines due to high rates may finally decide to move forward with a purchase. The overall number of home sales is expected to increase, reflecting pent-up demand.
Home Price Predictions for 2025Experts predict that home prices in Salt Lake County will see a slight increase. However, condos are expected to experience a more significant price jump.

This is important for first-time homebuyers considering condos—waiting too long could mean paying more in the future. Overall, home prices across the market are projected to rise moderately.

Is Now the Right Time to Buy?If you’re thinking about purchasing a home, particularly a condo, buying now may be a better option than waiting. With condo prices expected to increase, purchasing sooner rather than later could save you money in the long run. Additionally, with fewer people moving into Utah compared to previous years, competition may be lower in certain areas, creating opportunities for buyers.

Need Help Navigating the Market? Buying a home can feel overwhelming, especially in a market with fluctuating prices and interest rates. If you need assistance with grant money, understanding your home loan options, or determining how much you qualify for, reach out today! Having the right information can make all the difference in securing your dream home at the right time.
Stay informed and make the best real estate decisions!

CategoriesUncategorized

Utah Real Estate Market Update – February 2025: What Buyers & Sellers Need to Know

By Justin,

The Utah real estate market continues to evolve, with new trends emerging in early 2025. Whether you’re buying, selling, or investing, understanding the latest data is key to making informed decisions. Let’s break down what’s happening in Utah’s housing market right now.

1. Home Listings & Sales Activity

  • New Listings: 4,441 (+0.51% from last month, +3.23% from three months ago)
  • Active Listings: 9,998 (+4.64% from last month, but -9.07% from a year ago)
  • Homes Under Contract: 4,535 (+1.98% from last month, +3.78% from last year)
  • Sold Homes: 2,544 (+1.61% from last month, but -8.55% from last year)

What this means: New listings are increasing slightly, but the number of homes selling remains lower than last year. This suggests that while inventory is growing, demand may not be keeping up at the same pace.

2. Home Prices & Market Trends

  • Price Growth: The price per square foot continues to rise, nearing $300 per sq. ft on average.
  • Price Range Distribution:
    • 44% of homes sold fall in the $300K-$500K range
    • 29% are in the $500K-$700K range
    • Higher-priced homes ($1M+) make up a much smaller share of sales.

What this means: The market is still competitive, especially in the mid-price ranges. Buyers looking in the $300K-$700K bracket should expect strong competition, while luxury homes may take longer to sell.

3. Days on Market (DOM) Is Rising

  • Average DOM: 73 days (+5.8% from last month, +19.67% from three months ago)

What this means: Homes are sitting on the market longer, giving buyers more room to negotiate. This shift suggests a slight cooling from the fast-paced seller’s market seen in previous years.

4. What Buyers & Sellers Should Do Next

For Buyers:

✅ More inventory means more options—take your time, but act fast on well-priced homes.
✅ Interest rates and competition still impact affordability, so get pre-approved early.
✅ Homes in the $300K-$700K range are in demand, so be prepared for multiple offers.

For Sellers:

✅ Pricing competitively is key—overpriced homes may sit on the market longer.
✅ With rising DOM, strong marketing and staging are essential.
✅ Be flexible with negotiations, as buyers have more leverage than before.

Final Thoughts

The Utah real estate market is shifting, with inventory growing and homes taking longer to sell. However, home prices remain strong, particularly in the $300K-$700K range. Whether you’re a buyer or seller, adapting to these trends will help you succeed in 2025’s market.

Categoriestips & tricks

Steady Appreciation in Home Values

By Justin,

As of March 2025, Utah’s real estate market continues to exhibit resilience and growth, marked by rising home values, limited inventory, and significant developments that are reshaping the state’s economic landscape.

Steady Appreciation in Home Values

Utah’s housing market has experienced a consistent uptick in home values. The average home value now stands at approximately $517,331, reflecting a 2.3% increase over the past year.

In Salt Lake County, the median home price rose from $525,000 to $537,000 between February 2024 and February 2025, marking a 2.2% increase.

This upward trend underscores the sustained demand for housing in the region.

Inventory Constraints and Market Dynamics

The market continues to grapple with limited housing inventory. As of January 31, 2025, there were 11,761 homes for sale, with 2,568 new listings during that month.

This scarcity has led to heightened competition among buyers, with properties typically going under contract in about 40 days. Despite a 7.0% decrease in the number of homes sold year-over-year in January, home prices saw a 7.9% increase during the same period, further emphasizing the supply-demand imbalance.

Influence of Interest Rates

Elevated interest rates have posed challenges for potential homebuyers, impacting affordability and purchasing power. While specific rates fluctuate, the prevailing high-interest environment has contributed to a more cautious approach among buyers, influencing both demand and pricing strategies.