Utah’s real estate market is exhibiting signs of stabilization, with modest price growth, increased inventory, and extended time on the market. Here’s a comprehensive overview:
🏠 Statewide Market Overview
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Median Sale Price: In April 2025, the median home sale price in Utah was $560,000, reflecting a 0.4% increase compared to the previous year.
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Homes Sold: A total of 3,290 homes were sold in April 2025, slightly down from 3,296 the previous year.
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Median Days on Market: Homes spent an average of 40 days on the market, up by 5 days from the previous year.
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Inventory Levels: Active listings increased by 18.9% year-over-year, providing buyers with more options and contributing to a more balanced market.
📊 Market Dynamics
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Price Reductions: Approximately 34.4% of active listings in Salt Lake County experienced price reductions in 2025, the highest rate recorded since tracking began.
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Homes Sold Below List Price: In February 2025, about 62% of homes in the Salt Lake City metro area sold for less than their original list price, up from nearly 60% the previous year.
🌆 Regional Highlights
Salt Lake City
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Median Sale Price: In April 2025, the median home sale price was $595,000, a 4.7% increase year-over-year.
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Median Days on Market: Homes spent an average of 38 days on the market, up from 24 days the previous year.
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Inventory Levels: The number of homes for sale increased by 58.8% from March to April 2025, indicating a significant rise in inventory.
Utah County
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Median Sale Price: The median sale price in Utah County was $515,000 in April 2025, up 3.0% year-over-year.
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Price per Square Foot: The median sale price per square foot was $215, a slight increase from the previous year.
Park City (ZIP 84060)
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Median Home Value: Park City remains Utah’s most expensive area, with median home values exceeding $2 million, nearly double from five years ago.
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Buyer Demographics: Approximately 25% of buyers are from California, with others from New York, Chicago, and Florida. Around 50% are purchasing vacation homes.
🔮 Market Outlook
Utah’s housing market is expected to maintain its steady growth trajectory through the remainder of 2025. The combination of rising home values and increasing inventory suggests continued competition among buyers, particularly in urban centers like Salt Lake City and Utah County. However, the market remains relatively affordable compared to national averages, making it attractive for both first-time homebuyers and investors.