March 2025 Utah MLS Housing Market Review

🗓️ March 2025 Utah MLS Housing Market Review

The March 2025 housing market in Utah reveals a dynamic mix of increased inventory, steady pricing, and faster home sales—offering unique opportunities for both buyers and sellers. Here’s what the latest data from UtahRealEstate.com tells us:

🏠 Market Review: Sales Down, Speed Up

• 2,978 homes were sold in March 2025—a 6.04% decrease from the same time last year.
• This includes:
  •  2,098 single family homes
  •  880 condos/townhomes
• Despite fewer sales year-over-year, homes are moving faster—with median days on market down to 36, compared to 54 last month.

• • This rapid pace signals strong buyer demand, even in a cooling market.

💲 Pricing Trends: Holding Strong

• Median price per square foot sits at $233.78, maintaining strength month-over-month.
• Single-family home median price: $550,000 (unchanged from March 2024)
• Condo/townhome median price: $420,000 (up 5% year-over-year)
• Continued price growth in condos/townhomes suggests they remain a popular, competitive segment for buyers.

📦 Residential Inventory: Supply is Growing

• 5,430 new listings were entered into the MLS in March 2025.
• That’s a 20.9% increase from March 2024, when 4,491 homes were listed.

• • More listings means more choices for buyers—and a shift toward a more balanced market after a few years of tight inventory.

🔑 What It All Means

• For Buyers:
  You now have more options and less competition. With homes selling quickly, being prepared to act fast is key—but rising inventory could bring more negotiating power.
• For Sellers:
  The market still supports strong pricing—especially for condos—but you’ll need to stay sharp on pricing strategy as inventory rises and buyers become more selective.
• For Investors:
  The appreciation in condo/townhome pricing and growing inventory offer opportunities for value buys and long-term gains.