Market analytics · May 2026 archive
Murray, 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
Murray homes are closing in days, not months — but rising rates are trimming the buyer pool
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The defining shift in Murray's May 2026 market wasn't price — it was pace. The median days on market dropped to just 10 days in May, down sharply from 43 days in April and well below the 14-day median recorded in May 2025. That compression tells a clear story: well-priced homes along the Cottonwood Heights corridor and in established Murray neighborhoods like Chevy Chase and Old Farm are moving almost immediately once listed, even as 40 closings came in below last May's 55 — a sign that the pool of ready buyers has thinned, not that demand has disappeared.
Market pulse
Median days on market in Murray ran elevated from November 2025 through April 2026 — ranging from 27 days in October to a peak of 47 days in December — before collapsing to 10 days in May 2026. The bottom quartile of closings moved in just 2 days, meaning a meaningful share of May's deals were essentially pre-sold or went under contract within the first weekend. Active inventory climbed from 93 homes in December to 132 in April and reached 155 in May, with 74 new listings entering the market — the most in any month since at least last summer. The sale-to-list ratio held at 99.22% in May, nearly matching April's 99.30%, which means sellers are still getting very close to asking price even as more competition arrives on the supply side.
Mortgage context
The 30-year fixed rate in Murray now sits at 6.75%, up 0.25 percentage points from 6.50% thirty days ago and 0.56 percentage points above February's monthly average of 6.19% — the low point of the past seven months. That climb has added real cost for buyers financing at the median price point: after touching a monthly average of 6.19% in February, rates moved to 6.48% in March, eased slightly to 6.42% in April, and have now pushed higher again through May and into June. FHA and VA options at 6.25% are providing some relief for qualifying buyers, but jumbo borrowers — relevant for Murray's over-$700K segment — are facing a 7.25% rate that is visibly slowing that tier.
Payment math
On a median-priced home here — about $495,000 with 20% down — the monthly principal-and-interest payment lands at $2,570 at 6.75% — $65 more than 30 days ago at 6.50%, and $146 above the February low when rates averaged 6.19% and the payment would have been $2,424.
If you're buying
Target homes that have been sitting past 30 days on market — the Inverness Square area and under-$400K condos like those in the Three Fountains corridor showed median days on market of 27 to 47 days in May, and sellers in that range are more likely to negotiate. The $400K–$700K band closed at a median of just 4 days on market in May, so if you're shopping in that range near Brookstone or Old Farm, come in with financing fully arranged and be ready to move within 48 hours of a new listing hitting the market.
If you're selling
If your home is priced in the $400K–$700K range and is in good condition, May's data suggests you can list at or near market value and expect a fast offer — the median days on market for that band was 4 days. Sellers in the over-$700K segment should be more cautious: jumbo rates at 7.25% are compressing that buyer pool, and the Haven Grove and Hollyhocks area luxury homes that closed in May took 12–16 days, which is reasonable but not the frenzy seen in the mid-range. Price within 2% of what similar homes have recently sold for rather than anchoring to last spring's higher medians.
Outlook
Over the next 60–90 days, Murray's inventory will likely keep climbing as the spring listing season continues, and the 155 active homes in May is already more than the city carried at any point in the prior six months. If the 30-year rate stays above 6.75% — or moves higher — expect the under-$400K segment (which already showed 27-day median times in May) to soften further, as those buyers are most sensitive to monthly payment increases. Buyers priced out of Salt Lake City's tighter core neighborhoods will continue to look at Murray for its I-15 access and proximity to the Silicon Slopes employment corridor, which should keep mid-range demand from falling off sharply.
Watch for
If the 30-year fixed rate crosses 7.00%, expect the over-$700K segment in Murray — where jumbo financing already sits at 7.25% — to see days on market stretch back toward the 40–60 day range and sale-to-list ratios drift below 98%.
"Murray's fastest closings in a year collide with the steepest borrowing costs since last fall."
Common questions about Murray this month
Is Murray a buyer's or seller's market in May 2026? ▾
It depends on the price range. In the $400K–$700K band — which covers neighborhoods like Old Farm and Brookstone — homes closed in a median of just 4 days in May, which is firmly a seller's market. Below $400K, the median was 27 days, giving buyers a bit more room. Above $700K, jumbo rates at 7.25% are slowing things down, and that segment is closer to balanced.
Why did homes sell so much faster in May than in April? ▾
April's 43-day median was weighed down by listings that had been sitting since winter — many of those finally cleared in May. New listings that hit the market in May were priced closer to what buyers were willing to pay, and the spring shoulder season brought more active shoppers. The result was a median of just 10 days on market, compared to 43 in April and 38 in both February and March.
How much does the current mortgage rate affect my monthly payment on a Murray home? ▾
At today's 6.75% rate, a buyer putting 20% down on a median-priced $495,000 Murray home would pay about $2,570 per month in principal and interest. That's $65 more per month than 30 days ago when rates were at 6.50%, and $146 more than February's low when rates averaged 6.19%. Over a year, that February-to-now difference adds up to about $1,752 in additional payments.
Are there price cuts happening in Murray right now? ▾
In May 2026, 7 of the 40 closings involved a seller who had reduced their price before going under contract — that's the first month this figure has been reliably tracked. That's about 18% of closings, which suggests a meaningful minority of sellers had to adjust expectations, particularly in the slower-moving under-$400K and over-$700K segments.
How does Murray compare to nearby Salt Lake City for buyers right now? ▾
Murray offers more inventory relative to demand than Salt Lake City's core neighborhoods like Sugar House or the Avenues, where competition tends to be tighter. Murray's 155 active listings in May and its I-15 access make it a practical alternative for buyers who work along the Silicon Slopes corridor in Lehi or Draper but want a shorter commute than Saratoga Springs or Eagle Mountain would require. The trade-off is that Murray's mid-range prices have held firm, so the discount versus Salt Lake City is narrower than it was a year ago.
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
42 sold homes that had a list price recorded
Days on market spread
Quartile distribution
Median 10 · 25th percentile 2 · 75th percentile 37
Needed a price change
Sold listings that had a recorded price change before close
9 of 42 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. Cottage Cove Condmn 2 sold · $538K · 0d
- 2. Inverness Square 2 sold · $395K · 47d
- 3. Applegate Condm 2 sold · $342K · 22d
- 4. Haven Grove 1 sold · $1,144K · 16d
- 5. Hollyhocks Pud 1 sold · $1,092K · 12d
May 2026 by property type
How each housing type performed last month — 40 closings total across subtypes.
Summary Statistics
| Metric | May-26 | May-25 | % Chg | 2026 YTD | 2025 YTD | % Chg |
|---|---|---|---|---|---|---|
| Sold Count | 42 | 55 | -23.64% | 179 | 231 | -22.51% |
| Median Sale Price | $495,250 | $522,000 | -5.12% | $521,207 | $508,564 | +2.49% |
| Median DOM | 10 | 14 | -28.57% | 32 | 27 | +18.52% |
| Sale-to-List Ratio | 99.14% | 99.02% | +0.12% | 98.66% | 99.09% | -0.43% |
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.