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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

Kermit Houses: Where Quirky Charm Meets Unconventional Beauty

By Justin,

Dive into the fascinating story of an extraordinary home nestled in Utah, famously known as the “Kermit House.” This one-of-a-kind property has gained attention for its bold and unconventional design, sparking conversations about the intersection of creativity and functionality in architecture.

 

From the outside, the Kermit House stands out with its vibrant green hue and eccentric details, earning it a reputation as a landmark of unique expression. While some admire its whimsical charm and colorful personality, others may find its design choices unconventional or even polarizing. However, that’s precisely what makes this home so special—it defies traditional expectations and invites you to see beauty in its individuality.

Inside, the house tells a story of innovation and comfort. Each space is thoughtfully crafted with artistic flair, featuring quirky design elements that evoke curiosity and admiration. Yet, like any home with character, it also has its imperfections, adding to its raw and authentic appeal.

Whether you’re drawn to its charm, intrigued by its boldness, or simply curious about its origins, the Kermit House is a property that demands attention and sparks conversation. Join us as we explore what makes this Utah treasure a shining example of how homes can reflect personality and provoke thought.

Categoriestips & tricks

Utah’s Housing Market Hits Highest Inventory Since 2019: What This Means for Buyers and Sellers

By Justin,

The Utah housing market is experiencing a significant shift as 2024 shapes up to be one of the most dynamic years since the pre-pandemic boom. Inventory has reached its highest level since 2019, giving buyers more options and marking a notable change from the low-supply, high-demand conditions of recent years. However, affordability challenges remain, creating a complex landscape for both buyers and sellers.

Rising Inventory: A Welcome Change for Buyers

The Utah housing market, which saw a rapid increase in demand due to the influx of residents from states like California and New York, is now stabilizing. As of 2024, the number of homes on the market has increased notably, thanks to a mix of new construction and slower sales. This surge in listings provides buyers with more options than they’ve had in years, especially as Utah’s population growth continues to drive steady demand for housing​.

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However, while this high inventory might suggest an opening for buyers, affordability remains a barrier. Utah is one of the least affordable states for housing due to a significant gap between wages and home prices. Mortgage rates, while lower than last year’s highs, still hover between the high-5s and low-6s. These rates are better than the 8% peaks of 2023 but can still limit buying power for many, especially first-time buyers​

 

Interest Rates: A Double-Edged Sword

Interest rates play a pivotal role in the current housing market dynamics. Slightly lower mortgage rates compared to last year are enticing some buyers back into the market, but rates are not expected to drop significantly. Experts predict they will likely stabilize around 6%, far from the historically low rates that fueled Utah’s housing boom from 2020 to 2022. For buyers, even small rate fluctuations can impact monthly payments significantly, making it critical for prospective homeowners to evaluate their finances carefully before diving in​

Sellers Face New Challenges in a Competitive Market

The increase in inventory has also introduced challenges for sellers. Properties no longer sell as quickly as they did at the height of Utah’s real estate boom, with many listings remaining on the market longer unless priced strategically. Homes in highly desirable neighborhoods continue to attract multiple offers, but properties in less competitive areas may require sellers to adjust their expectations and pricing.

Still, the market is far from a buyer’s market across the board. In high-demand areas like Salt Lake City, Logan, and parts of Cache Valley, there remains strong interest from both local and out-of-state buyers. In these regions, sellers can still capitalize on demand, but they may need to be more flexible with pricing and incentives to attract offers​

 

The Role of New Construction in Inventory Expansion

New construction has played a vital role in increasing housing inventory across Utah. In response to the high demand and limited supply during the pandemic years, developers ramped up building, particularly in suburban and rural areas. Currently, new developments account for nearly a quarter of home sales in the state. To attract buyers dealing with higher interest rates, builders are offering incentives like rate buy-downs, making new homes a more viable option for those who might otherwise be priced out of existing homes​

A Balancing Act for Buyers and Sellers

The Utah housing market in 2024 is a complex mix of opportunities and challenges. Buyers have more negotiating power than in recent years, with increased inventory providing options. However, high prices and interest rates mean that affordability is still a significant hurdle for many Utahns. For sellers, the key is strategic pricing and realistic expectations, particularly in areas where inventory has outpaced demand. Sellers in high-demand locations still have an edge but may need to adjust to longer listing times and consider incentives to attract offers.

Future Outlook: What’s Next for Utah’s Housing Market?

Looking ahead, the Utah housing market’s direction will largely depend on economic factors like employment rates, population growth, and potential adjustments in federal interest rates. Utah’s resilience, driven by strong economic opportunities and quality of life, suggests that while the market may not return to the frenzy of past years, demand will likely remain steady. However, affordability challenges mean that many prospective buyers may still struggle to enter the market without significant financial planning.

Key Takeaways:

  • Increased Inventory: More homes are on the market, providing buyers with greater choice but creating more competition for sellers.
  • Interest Rates: Although lower than in 2023, rates around 6% still make affordability challenging for many Utahns.
  • Pricing Strategies for Sellers: Homes in high-demand areas still attract interest, but strategic pricing is essential to avoid extended listing times.
  • The Role of New Construction: Builders are responding to demand with incentives, making new homes an appealing option.

For both buyers and sellers, Utah’s 2024 real estate market requires careful consideration and planning. With an understanding of current trends and realistic expectations, participants in the market can navigate this new phase with confidence and strategy.