Utah MLS Housing Market Report: February 2025

As we venture into 2025, the housing market in Utah continues to show fluctuations and trends that are essential for buyers, sellers, and investors to understand. This report summarizes the key MLS housing market statistics for February 2025, highlighting significant changes and trends that may impact your real estate decisions.

Key Highlights

• Median Days on Market: 52 days (up from 48 last month)
• Homes Sold: 2,723 (down 1.5% from last year)
• Median Price per Square Foot: $235
• Single Family Homes Sold: 1,932
• Multi-Family Properties Sold: 791
• Median Sold Price for Single Family Homes: $552,000 (up 2.7% from last February)
• Median Sold Price for Multi-Family Properties: $410,000 (up 4.9% from last February)
• Residential Inventory:
  • 2025: 4,449 listings entered
  • 2024: 3,532 listings entered

Market Trends

Days on Market

The median days on market have increased to 52, indicating that homes are taking slightly longer to sell compared to last month. This could suggest a shift in buyer demand or market conditions.

Sales Volume

Despite a robust market, the total number of homes sold has decreased by 1.5% year-over-year, totaling 2,723 homes. This decline might reflect seasonal trends or economic factors influencing buyer activity.

Pricing Insights

Single Family Homes

• Median Sold Price: $552,000
• Year-over-Year Change: Up 2.7%

Multi-Family Properties

• Median Sold Price: $410,000
• Year-over-Year Change: Up 4.9%

The upward trend in median sold prices indicates a resilient market for both single-family and multi-family properties.

Inventory Levels

The increase in residential inventory is noteworthy:

• 2025: 4,449 listings
• 2024: 3,532 listings

This increase in available homes can provide more options for buyers but may also affect pricing dynamics as competition among sellers increases.

"Understanding these market trends is crucial for anyone looking to buy or sell in Utah. Staying informed helps you make strategic decisions."

Conclusion

The Utah housing market in February 2025 presents a mix of opportunities and challenges. As the market evolves, it’s essential to stay updated with the latest trends. Whether you are looking to explore Park City or Salt Lake City, Utah Digs is here to guide you through your real estate journey.