Utah MLS Housing Market Report: May 2025

Utah MLS Housing Market Report: May 2025
A comprehensive analysis of the latest housing market statistics from UtahRealEstate.com, Redfin, and Zillow, providing insights for buyers, sellers, and homeowners across the state.
BA
by Blair Allen
 
Homes Sold: May 2025
3,784
Total Homes Sold
Up 1.6% compared to May 2024
2,781
Single Family
73.5% of total sales
1,003
Multi-Family
Condos and townhomes
Days on Market: Stability Continues
Median Days on Market
Homes are selling in just 33 days (median), unchanged from May 2025
Market Velocity
Consistent pace indicates balanced demand despite increased inventory
Residential Inventory: Rising Supply
7.8%
Inventory Increase
Year-over-year growth in available listings
6,149
May 2025 Listings
New properties entered into MLS
5,704
May 2024 Listings
Previous year's inventory for comparison
The substantial increase in inventory provides more options for buyers while maintaining a healthy balance in the market.
Price Per Square Foot
$237
Median price per square foot statewide
Value Metrics
Key indicator for comparing relative property values across neighborhoods
Stability
Consistent with Q1 2025 figures, indicating market equilibrium
Median Sale Prices: By Property Type
Single Family Homes
$575,000 median price
Unchanged from May 2024
Stability in this segment despite increased inventory
Condos & Townhomes
4.8% price decline year-over-year
Affordability improving in this segment
Attractive entry point for first-time buyers
Market Trends in Context
1
Inventory Growth
Nearly 19% increase in available homes year-over-year, creating more balanced conditions
2
Competitive Bidding
25.6% of homes still selling above list price, though competition is gradually easing
3
Data Comparison
MLS reports 33 median days on market while Redfin shows 39 average days, reflecting different measurement methodologies
Key Takeaways: May 2025 Utah Housing Market
Balanced Growth Pattern
Sales volume up 1.6% while inventory grows 7.8% year-over-year, creating healthier market dynamics
Price Stabilization
Single-family home prices holding steady at $575,000 median while condo/townhome sector undergoes modest correction
Opportunity Window
Increased inventory and stable days-on-market create favorable conditions for both buyers seeking options and sellers with properly priced homes