Market analytics
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
May 2026 · Market Analysis
Millcreek buyers are moving fast — but rising rates are quietly raising the cost of that speed.
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In May 2026, Millcreek homes that sold moved to contract in a median of just 10 days — down from 13 days in April and 22 days in March, continuing a compression trend that has made this one of the quickest-moving spring markets along the Wasatch Front. That pace came alongside a sale-to-list ratio of 100.04%, meaning the typical closed home sold for slightly above its asking price — the first time that figure has crossed 100% in the past year of monthly data. A year ago in May 2025, the median days on market was 7 and the sale-to-list ratio was 99.75%, so the market is running close to last spring's tempo even as active inventory has grown from 82 homes to 135.
Market pulse
Median days on market in Millcreek traced a dramatic arc over the past six months: 61 days in December, compressing to 28–29 days through January and February, then tightening further to 22 in March, 13 in April, and 10 in May — the fastest pace since last spring. Active inventory has moved in the opposite direction, climbing from 62 homes in December to 70 in January, 89 in February, 83 in March, 111 in April, and 135 in May, giving buyers the most selection of any month in this stretch. New listings held steady at 68 in May, nearly matching April's 67, suggesting the supply pipeline remains open heading into summer. The sale-to-list ratio crossed 100% in May for the first time in the past year, with 8 homes selling above list, 9 at list, and 17 below — a split that shows competitive bidding on well-priced homes while overpriced listings still sit.
Mortgage context
The 30-year fixed rate sits at 6.75% as of mid-June, up 0.25 percentage points from 6.50% thirty days ago and up 0.56 percentage points from February's monthly average of 6.19% — the low point of the past seven months. After briefly dipping in January and February, rates climbed through March (6.48%), held near 6.42% in April, and have now pushed higher, adding meaningful cost to every purchase in Millcreek. For buyers financing at the jumbo threshold — common in Millcreek's over-$700K segment — the jumbo rate of 7.25% adds further pressure on top of the already-elevated conforming rate.
Payment math
On a median-priced home here — about $625,000 with 20% down — the monthly principal-and-interest payment lands at $3,243 at 6.75% — $83 more than 30 days ago at 6.50%, and $184 above the February low when rates averaged 6.19% and the payment would have been $3,059.
If you're buying
With median days on market at 10, well-priced homes in neighborhoods like Terrace View and along the Mt. Olympus bench are moving quickly — but the 135 active listings give you more options than at any point since last summer, so don't feel forced into a rushed decision on a home that doesn't fit. Target homes that have been listed 30 or more days: the sale-to-list ratio on those slower-moving properties is closer to 97–98%, and with 10 of May's 34 closings involving a prior price reduction, there is real room to negotiate on listings that have already been adjusted. If you're financing above the conforming loan limit, compare jumbo rates (currently 7.25%) against the conforming 6.75% — structuring your offer around a slightly larger down payment to stay conforming could save several hundred dollars a month on a Millcreek Cottages or Olympus Hills-area home.
If you're selling
The 100.04% sale-to-list ratio in May is a green light for confident pricing — but only if your home is genuinely ready and priced against what similar homes actually closed for, not what they listed for. Homes in the $400K–$700K range took a median of 13 days to sell in May, while the over-$700K segment moved even faster at 8 days, so well-prepared properties in Springview Heights, Mountair Acres, or the Millcreek Canyon corridor are finding buyers quickly. The 10 price-cut closings in May (out of 34 total) are a clear signal that sellers who overshoot their opening price are losing time and negotiating leverage — price to the market from day one rather than testing high and adjusting.
Outlook
Over the next 60–90 days, Millcreek's inventory is likely to keep building as new listings continue at the current pace, which should give buyers incrementally more choice heading into July and August. Rates at 6.75% — and climbing — will continue to apply pressure on purchasing power, particularly for buyers targeting the $700K-plus segment where jumbo financing at 7.25% is common; if rates hold or move higher, expect days on market to drift back up from the current 10-day pace as some buyers pause. Sellers who act in June while the sale-to-list ratio is still above 100% and buyer urgency remains high are better positioned than those who wait for the traditionally slower late-summer window.
Watch for
If the 30-year fixed rate climbs past 7.00%, expect the over-$700K segment — which drove 13 of May's 34 closings — to slow noticeably, pushing median days on market back above 20 and pulling the sale-to-list ratio below 99% as jumbo financing becomes prohibitively expensive for more buyers.
"Millcreek in May: homes selling in 10 days and above asking, while a 135-home inventory gives buyers more to choose from than a year ago."
Common questions about Millcreek this month
Is Millcreek a buyer's or seller's market in May 2026? ▾
It's a seller's market for well-priced homes, but a more balanced one than it looks at first glance. The median days on market was just 10 and the sale-to-list ratio was 100.04%, both pointing to competitive conditions. However, 17 of 34 closings sold below list price, and 10 involved a prior price reduction — so sellers who overprice are not being rescued by the market. Buyers have 135 active listings to choose from, the most in at least six months.
Why did the Millcreek median sale price drop from $704,900 in April to $625,000 in May? ▾
The month-to-month median shift reflects a change in the mix of homes that closed, not a drop in what individual homes are worth. In April, 19 of 35 closings were in the over-$700K range; in May, that fell to 13 of 34, while the $400K–$700K segment grew from 9 to 17 closings. When more mid-range homes close relative to luxury homes, the overall median moves down even if prices within each segment are stable or rising.
How fast are homes selling in Millcreek right now? ▾
The median days on market in May 2026 was 10 days, down from 13 in April and 22 in March. A quarter of homes sold in 3 days or fewer, while a quarter took longer than 31 days — so speed varies significantly by price and condition. Homes in the over-$700K range, including properties near Mt. Olympus and in the Millcreek Cottages area, had a median of just 8 days on market in May.
Are there good deals to be found in Millcreek, or is everything going over asking? ▾
Both conditions exist simultaneously. Eight homes sold above list price in May and nine sold at list — those were the competitively priced, move-in-ready properties. But 17 homes sold below list, and 10 of the 34 closings involved a seller who had already cut their price before going under contract. Homes that have been sitting 30 or more days — particularly in the $400K–$700K range, where the median days on market was 13 — are more likely to have negotiating room.
What does the current mortgage rate mean for my monthly payment on a typical Millcreek home? ▾
At today's 30-year rate of 6.75%, a buyer putting 20% down on a $625,000 home — roughly the May median — would pay about $3,243 per month in principal and interest. That's $83 more per month than 30 days ago when rates were at 6.50%, and $184 more than in February when rates averaged 6.19% and the same payment would have been $3,059. Buyers financing above the conforming loan limit face the jumbo rate of 7.25%, which adds further cost on Millcreek's higher-end properties.
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
35 sold homes that had a list price recorded
Days on market spread
Quartile distribution
Median 11 · 25th percentile 3 · 75th percentile 30
Needed a price change
Sold listings that had a recorded price change before close
10 of 35 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. Terrace View 2 sold · $784K · 13d
- 2. Millcreek Cottages Lot 2 1 sold · $1,406K · 18d
- 3. Millcreek Cottages Vanwagoner Sub 3 1 sold · $1,300K · 32d
- 4. Fuller Garde 1 sold · $1,300K · 8d
- 5. Millcreek Cottages Vanwagoner Sub 4 1 sold · $1,250K · 63d
May 2026 by property type
How each housing type performed last month — 33 closings total across subtypes.
Summary Statistics
| Metric | May-26 | May-25 | % Chg | 2026 YTD | 2025 YTD | % Chg |
|---|---|---|---|---|---|---|
| Sold Count | 35 | 34 | +2.94% | 167 | 135 | +23.70% |
| Median Sale Price | $610,000 | $619,000 | -1.45% | $619,259 | $598,428 | +3.48% |
| Median DOM | 11 | 7 | +57.14% | 19 | 20 | -5.00% |
| Sale-to-List Ratio | 100.04% | 99.75% | +0.29% | 98.85% | 98.81% | +0.04% |
Past months
Browse historical Millcreek reports — each month's snapshot stays at its own permanent URL.
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.