Market analytics · May 2026 archive
Lehi, Utah real estate market report.
Monthly sold prices, days on market, sale-to-list ratio, and absorption rate. Updated nightly from UtahRealEstate.com and the Washington County Board of Realtors.
Updated · Sources: UtahRealEstate.com & Washington County Board of Realtors
May 2026 · Market Analysis
Lehi closings hit a 10-day median as Silicon Slopes spring demand compresses the calendar.
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The defining number in Lehi's May 2026 market isn't the price — it's the pace. Median days on market fell to just 10 in May, down from 21 in April and 23 in March, and less than a third of the 31-day median recorded in May 2025. A quarter of May's 130 closings went under contract in 2 days or fewer, a compression that reflects how quickly well-priced homes along the Silicon Slopes corridor are being absorbed once spring hiring cycles accelerate. Active inventory reached 392 homes, essentially flat with May 2025's 382, so the speed shift is being driven by demand intensity, not a supply shortage.
Market pulse
Days on market in Lehi traced a sharp arc over the past six months: 56 days in January, 39 in February, 23 in March, 21 in April, and now 10 in May — a consistent tightening that accelerated as spring arrived. The sale-to-list ratio held at 99.54% in May, nearly matching April's 99.62% and well above the 98.35%–98.51% range seen last fall, which tells you sellers are not giving ground on price even as closings speed up. The over-$700K segment showed particular strength: 50 homes closed above that threshold in May, up from 33 in April, with a median sale price of $825,287 — a sign that Canyon Point and Inverness-area move-up buyers are active. New listings pulled back to 158 in May from April's 201, which helped keep the supply-demand balance tighter than the raw active count of 392 might suggest.
Mortgage context
The 30-year fixed rate sits at 6.625% as of mid-June, down 0.125 percentage points over the past 30 days — a modest improvement that has nudged some fence-sitting buyers back into the market. Rates climbed from a six-month low of 6.19% in February to a May monthly average of 6.55%, adding meaningful cost to a purchase at Lehi's price points, but the recent pullback softens that pressure slightly. For buyers financing near the median, the direction matters even when the magnitude is small.
Payment math
At $595,000 — roughly Lehi's May median — a buyer putting 20% down carries a monthly principal-and-interest payment of $3,050 at today's 6.625% rate, which is actually $39 less than 30 days ago when the rate stood at 6.75%; still, that payment runs $135 above the February low of $2,915, when rates averaged 6.19% and the same home would have cost noticeably less each month.
If you're buying
With median days on market at 10 and a quarter of homes going under contract in 2 days or fewer, buyers in Lehi need financing fully in place before they tour — not after. Target homes that have been sitting 30 or more days, particularly in the $400K–$700K band in communities like Cold Spring Ranch or Pioneer Meadows, where the sale-to-list ratio on slower-moving inventory tends to soften toward 97%–98% and there is more room to negotiate. Buyers priced out of Lehi's $700K-plus Inverness and Canyon Point inventory may find better value in neighboring Saratoga Springs or Eagle Mountain, where new-construction builder standing inventory still competes with resale.
If you're selling
Price to the current market, not to last spring's numbers — the median sale price in May 2025 was $545,000, and May 2026 came in at $595,457, so the appreciation is real, but 57 of 130 closings still sold below list price, meaning overpriced homes do sit. Homes in Inverness and River Point that were priced accurately moved in 5 days or fewer in May; sellers who want that outcome should lean on recent comparable sales from March through May 2026, not from late 2025 when the market was slower. With 39 of May's closings involving a prior price reduction, the cost of starting too high is visible in the data.
Outlook
If the 30-year rate continues its modest retreat toward 6.5% or below, Lehi's already-fast pace could tighten further through June and July, particularly for well-located homes near the SR-92 corridor and the Pioneer Crossing connector. Active inventory at 392 is not constraining the market yet, but if new listings stay below 160 per month — as they did in May — the supply cushion will thin heading into late summer. Sellers who list in June capture peak seasonal demand; buyers who wait for rate relief may find fewer choices rather than better prices.
Watch for
At the current pace of new listings running below 160 per month while closings hold near 130, active inventory likely drifts back under 370 by August — which would push the median days on market even lower and return the sale-to-list ratio toward the 99.8%–100% range seen in the most competitive stretches of 2024.
"Ten days to contract — Lehi's May speed story is the sharpest signal in months."
Common questions about Lehi this month
Is Lehi a buyer's or seller's market in May 2026? ▾
It leans seller, but not uniformly. The median days on market fell to 10 and the sale-to-list ratio held at 99.54%, both pointing to strong seller leverage on well-priced homes. However, 57 of 130 closings sold below list price, and 39 involved a prior price reduction, so homes that are priced above what recent comparable sales support are still sitting.
Why did homes sell so much faster in May than earlier this year? ▾
January's median days on market was 56 — the slowest point in the past six months — as winter and elevated rates kept buyers cautious. As rates pulled back from their February low and spring hiring along the Silicon Slopes corridor picked up, demand compressed the timeline. By May, the median had fallen to 10 days, driven partly by new-construction communities like Inverness and River Point where builder-priced inventory moved almost immediately.
How does the $700K-plus segment look in Lehi right now? ▾
It strengthened noticeably in May. Fifty homes closed above $700K, compared to 33 in April and 29 in May 2025, with a median sale price of $825,287. Canyon Point and Inverness remain the primary addresses in this range. Days on market for that segment averaged 12 in May, nearly as fast as the $400K–$700K band, suggesting move-up demand is not being deterred by current rates.
What does the monthly payment look like on a typical Lehi home right now? ▾
At the May median of roughly $595,000 with 20% down, the monthly principal-and-interest payment runs $3,050 at today's 6.625% rate. That is $135 more per month than it would have been in February when rates averaged 6.19% and the payment on the same home would have been $2,915. The rate has edged down 0.125 percentage points over the past 30 days, trimming about $39 from the monthly payment.
Should I look at Eagle Mountain or Saratoga Springs instead of Lehi? ▾
If Lehi's median near $595,000 stretches your budget, Eagle Mountain and Saratoga Springs offer new-construction options at lower price points, and the Pioneer Crossing connector has reduced the commute penalty for buyers working along the SR-92 tech corridor. Both markets have more builder standing inventory competing with resale, which gives buyers more negotiating room than Lehi's current 10-day median allows.
Number of Listings
Active inventory · new listings · sold per month
Listing Prices
Active median list · new median list · sold median sale
Absorption Rate
Months of supply — active inventory ÷ monthly sold rate
Sale-to-List Ratio
Close price ÷ original list — buyer/seller leverage
Days on Market
Median days from listing to close
Price Volume
Total dollar volume — active · new · sold per month
May 2026 cohort breakdown
Distribution of what closed last month — by price band, sale-vs-list outcome, and top subdivisions.
How sales priced vs asking
133 sold homes that had a list price recorded
Days on market spread
Quartile distribution
Median 10 · 25th percentile 2 · 75th percentile 29
Needed a price change
Sold listings that had a recorded price change before close
40 of 133 sold homes had at least one price change while listed. Lower = sellers are pricing right the first time.
Sales by price band
Closed-price bucket → sold count and median days to contract
Top subdivisions this month
Ranked by closed count
- 1. Inverness 14 sold · $550K · 5d
- 2. Inverness By D.r. Horton 11 sold · $545K · 12d
- 3. River Point 6 sold · $705K · 0d
- 4. Cold Spring Ranch 6 sold · $435K · 21d
- 5. Pioneer Meadows 5 sold · $631K · 10d
May 2026 by property type
How each housing type performed last month — 133 closings total across subtypes.
Summary Statistics
| Metric | May-26 | May-25 | % Chg | 2026 YTD | 2025 YTD | % Chg |
|---|---|---|---|---|---|---|
| Sold Count | 133 | 115 | +15.65% | 586 | 520 | +12.69% |
| Median Sale Price | $589,900 | $545,000 | +8.24% | $564,848 | $527,217 | +7.14% |
| Median DOM | 10 | 31 | -67.74% | 27 | 36 | -25.00% |
| Sale-to-List Ratio | 99.53% | 99.40% | +0.13% | 99.23% | 98.89% | +0.34% |
Sources: UtahRealEstate.com and the Washington County Board of Realtors, aggregated by Best Utah Real Estate. Sale-to-list ratio compares closing price to the final list price (post-reduction). Absorption rate = active inventory ÷ monthly sold rate.