January 2025 Utah MLS Housing Market Update

 

The Utah real estate market continues to evolve, showing both growth and shifts in key trends as we enter 2025. Whether you're a buyer, seller, or investor, staying informed on market statistics is crucial for making strategic decisions. Here’s a breakdown of the latest MLS housing market stats for January 2025.

 

Market Overview: Homes Sold Decline Slightly
One of the key takeaways from this month’s report is that the total number of homes sold has decreased compared to last year.

• 2,079 homes sold in January 2025, representing a drop of 8.01% from the previous year.
• 1,478 single-family homes were sold.
• 601 condos/townhomes were sold.

This dip in sales suggests that demand has slightly softened, potentially due to seasonal trends, interest rates, or economic conditions.Median Days on Market Increase
Homes are staying on the market longer compared to the previous month:

• 51 median days on market (up from 46 last month).

This means that buyers may have more negotiating power, as properties are taking longer to sell.Pricing Trends: Home Values Still Rising
Despite a dip in sales, home prices continue to appreciate, showing a strong market for sellers:

• Single-family median sold price: $555,000 (up 3.16% from last year).
• Condo/Townhome median sold price: $405,000 (up 3.63% from last year).
• Median price per square foot: $231.37.

These increases suggest steady demand and a competitive market, even with a slight slowdown in transactions.Residential Inventory Sees a Notable Increase
More homes are being listed, providing buyers with more options:

• 4,456 new listings were entered in January 2025.
• Compared to 3,776 listings in January 2024, this represents a significant increase in inventory.

A rising inventory can ease competition among buyers, potentially leading to a more balanced market.Key Takeaways for Buyers & Sellers

For Buyers:

• More listings mean increased choices.
• Homes are staying on the market longer, creating room for negotiations.

For Sellers:

• Prices are still rising, making it a good time to sell.
• Proper pricing and strategic marketing are key, as buyers have more options.

Final Thoughts: What to Expect Moving Forward
As we move further into 2025, expect:

• A more balanced market, with increased inventory helping to stabilize prices.
• Opportunities for buyers to find homes with less competition than last year.
• Sellers needing to price competitively to attract offers in a slightly slower market.

Whether you’re looking to buy, sell, or invest, staying informed about market trends is essential. If you have any questions or need guidance in navigating the current real estate market, feel free to reach out to Joe Pierson Group for expert advice!