Market analytics · August 2026 archive
Millcreek, 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
August 2026 · Market Analysis
Millcreek sellers lose their speed edge as listings reach 142 and rates near 7%.
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Homes that sold in Millcreek this August took a median 17 days to go under contract, more than double July's 8 and the slowest read since May. Only 22 homes closed, the lightest month in the past year outside last November's 17, even as active listings reached 142 — up from 110 in July and 96 in June. That combination, fewer sales moving slower against a growing shelf of choices, points toward a market shifting toward buyers after a spring that favored sellers.
Market pulse
Days on market bottomed at 8 in July after a steady slide from 22 in March, then reversed hard to 17 in August — a swing back toward where the market sat in May and June. Sold counts have fallen every month since April's 37, landing at 22 in August, while active listings climbed from 71 in March to 142 now, more than doubling in five months. Sale-to-list ratio has also slipped, from 99.5% in June to 98.21% in August, and 11 of August's 22 closings needed a price cut first — the highest share since price-cut data became reliable this spring. Compared with last August's 35 sales and 26-day median, this year's smaller sample sold faster but on far fewer transactions.
Mortgage context
The 30-year rate reached 6.875% as of September 5, up 0.125 percentage points in the past 30 days and continuing a climb that started at 6.16% in February. That steady move, up nearly a full point over six months, has priced some buyers out of the monthly payment they were budgeting for even as home prices in Millcreek held near $767,450.
Payment math
A median-priced Millcreek home at $767,450 with 20% down now runs $4,033 a month in principal and interest at 6.875%, up $51 from 30 days ago when the rate sat at 6.75%, and $289 above where payments stood back in February 2026, when the rate averaged 6.16% and the same math produced a $3,744 payment.
If you're buying
Days on market crept back up to 17 in August, longer than July's 8, and active listings reached 142 — the most in the past six months — so you have room to negotiate again. Look at homes priced under $700,000, where the median sits at $555,000 and homes are taking 21 days instead of July's 3; sellers there are more open to concessions than the over-$700,000 group, which is still closing in a median 10 days. Places like Lorraine Sub, where two homes closed near $523,000, show where the affordable end of Millcreek is trading right now — use those closings as your reference point, not the $612,450 asking-price median across all listings.
If you're selling
Eleven of the 22 August closings took a price cut before finding a buyer, so pricing to last spring's numbers is a losing strategy now. If you're above $700,000 near Olympus Cove or the Millcreek Cottages developments, where recent closings ran $1.28 million to $1.35 million, expect competition from the 12-home inventory in that band and price close to what's actually closing, not what's still sitting. Below $700,000, homes are now taking three weeks to sell versus July's three days, so plan on some list-price flexibility going in rather than chasing the market down after 30 days.
Outlook
Expect inventory to keep climbing into fall unless new listings pull back from August's 62 — buyers priced out of Millcreek's over-$700,000 segment near Olympus Cove and the Canyon Rim area are increasingly likely to look toward Cottonwood Heights or Sandy for similar commute times into Salt Lake City. With rates near 6.875% and climbing since February's 6.16%, sellers should expect fewer multiple-offer situations through the fall selling window, and buyers who waited out summer now have more room to negotiate than they did in June.
Watch for
If new listings keep running near August's 62 while closings stay near 22, months-of-supply keeps building toward levels that push sale-to-list ratios below 98% by late fall.
"Millcreek's cooling month: slower sales, more listings, pricier money."
Common questions about Millcreek this month
Is Millcreek a buyer's or seller's market in August 2026? ▾
It's tilting toward buyers. Active listings reached 142, the most in six months, while closings fell to 22 and days on market climbed to 17 from July's 8. Sellers are also cutting prices more often, with 11 of the 22 August closings taking a reduction before selling.
Why did homes take longer to sell in Millcreek this August? ▾
Inventory more than doubled since March, from 71 active listings to 142, giving buyers far more choices at the same time rates climbed to 6.875%. That combination slowed the pace from July's median 8 days back to 17, closer to where the market sat in May and June.
How much has the mortgage rate increase actually cost Millcreek buyers? ▾
On the $767,450 median home here, the monthly principal-and-interest payment is now $4,033 at 6.875%, up $51 from just 30 days ago and $289 higher than February's $3,744 payment when rates averaged 6.16%. That's a real budget shift for buyers stretching to the top of their range.
Are homes selling above or below asking price in Millcreek right now? ▾
Below, mostly. The sale-to-list ratio was 98.21% in August, down from 99.5% in June, and only 3 of 22 closings sold above list price compared with 6 in July. Homes under $700,000 are seeing the most room to negotiate, with median days on market there at 21.
Where in Millcreek are homes still selling quickly? ▾
The over-$700,000 segment, including recent closings near Olympus Cove and the Millcreek Cottages developments, is still moving in a median 10 days despite the overall slowdown. Homes priced under $700,000, like the two that closed near $523,000 in Lorraine Sub, are taking three times longer at 21 days.
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 ÷ list price — buyer/seller leverage
Days on Market
Median days from listing to under contract
Price Volume
Total dollar volume — active · new · sold per month
August 2026 cohort breakdown
Distribution of what closed last month — by price band, sale-vs-list outcome, and top subdivisions.
How sales priced vs asking
26 sold homes that had a list price recorded
Days on market spread
Quartile distribution
Median 17 · 25th percentile 2 · 75th percentile 33
Needed a price change
Sold listings that had a recorded price change before close
12 of 26 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. The Ivy 3 sold · $545K · 0d
- 2. Lorraine Sub 2 sold · $523K · 19d
- 3. Opus Green 2 sold · $465K · 50d
- 4. Olympus Cove 1 sold · $1,350K · 17d
- 5. Millcreek Cottages Lot 1 1 sold · $1,340K
August 2026 by property type
How each housing type performed last month — 26 closings total across subtypes.
Summary Statistics
| Metric | Aug-26 | Aug-25 | % Chg | 2026 YTD | 2025 YTD | % Chg |
|---|---|---|---|---|---|---|
| Sold Count | 26 | 35 | -25.71% | 244 | 246 | -0.81% |
| Median Sale Price | $625,000 | $640,000 | -2.34% | $636,997 | $596,560 | +6.78% |
| Median DOM | 17 | 26 | -34.62% | 18 | 20 | -10.00% |
| Sale-to-List Ratio | 98.16% | 98.02% | +0.14% | 98.76% | 98.61% | +0.15% |
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.