Market analytics · May 2026 archive
Pleasant Grove, 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
Pleasant Grove homes are selling in days, not weeks — but rising rates are raising the stakes
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The defining shift in Pleasant Grove's May 2026 market wasn't the price — it was the pace. Median days on market collapsed to just 8 days in May, down from 17 in April and less than half the 18-day median recorded in May 2025, meaning well-priced homes along the Traverse Mountain bench and in established neighborhoods like Shady Meadows and Canyon Brook Estates are finding buyers almost immediately after hitting the market. That speed came despite 27 closings at a median sale price of $580,000 — up 12.6% from $515,000 a year ago — with active inventory edging up to 90 homes from 86 in April, giving buyers slightly more to choose from even as the best listings disappear within a week.
Market pulse
Days on market in Pleasant Grove have swung sharply over the past six months: the median sat at 53 days in December 2025, pulled back to 24 in January, dipped to 17 in February, widened to 28 in March, tightened again to 17 in April, and then compressed dramatically to just 8 days in May — the fastest pace in this six-month run by a wide margin. The bottom quartile of closings in May took only 1 day on market, and the top quartile cleared in 16 days, meaning even slower-moving homes are resolving quickly. Active inventory grew modestly from 86 in April to 90 in May, while new listings pulled back from 51 in April to 38 in May, so the supply pipeline is not keeping pace with demand. The sale-to-list ratio held at 98.76% in May, down slightly from April's 99.49%, suggesting that while buyers are moving fast, they are not routinely bidding above asking price — 13 of 27 closings came in below list.
Mortgage context
The 30-year fixed rate now sits at 6.75%, up 0.25 percentage points from 6.5% thirty days ago, and up 0.56 percentage points from February's monthly average of 6.19% — the low point of the past several months. That February-to-now climb has meaningfully changed the math for Pleasant Grove buyers: a 20%-down purchase at today's rate costs noticeably more each month than it did just three months ago, and the rate trajectory since May's monthly average of 6.55% suggests further pressure heading into summer. FHA and VA options at 6.25% remain a meaningful alternative for qualifying buyers, though jumbo financing at 7.25% is adding real friction for Pleasant Grove's luxury segment above $700K.
Payment math
On a median-priced home here — about $580,000 with 20% down — the monthly principal-and-interest payment lands at $3,009 at 6.75% — $77 more than 30 days ago at 6.5%, and $170 above the February low when rates averaged 6.19% and the payment would have been $2,839.
If you're buying
With median days on market at just 8 days, Pleasant Grove buyers need to be pre-approved and ready to write offers the day a home appears — hesitation of even a few days is costing people contracts in neighborhoods like Wade Springs and Maplewood. That said, 13 of 27 May closings settled below list price, so there is still room to negotiate on homes that have been sitting past 20 days; target anything with more than three weeks on market and lean on the 98.76% average sale-to-list ratio as your anchor. Buyers priced out of Pleasant Grove's $580K median might also look at neighboring Saratoga Springs or Eagle Mountain, where new-construction builder inventory can offer more negotiating room and rate buydown programs.
If you're selling
If your Pleasant Grove home is priced correctly for its condition and location, May's data says you should expect an offer within the first week — the median was 8 days and the bottom half of closings cleared in 3 days or fewer in the $400K–$700K band. Price to recent comparable sales rather than last spring's peak ratios: the sale-to-list ratio has dipped from 99.49% in April to 98.76% in May, and 4 of 27 May closings involved a price reduction before going under contract, so overpricing still carries a real cost. Homes in the Shady Meadows and Canyon Brook Estates area that are well-presented are commanding prices well above the city median, but condition and initial pricing remain the deciding factors.
Outlook
Over the next 60–90 days, Pleasant Grove's market faces a tension between strong buyer urgency — evidenced by the 8-day median — and a rate environment that is actively eroding purchasing power, with the 30-year now at 6.75% and June's monthly average tracking higher still. Inventory at 90 active homes is modest but growing, and if new listings continue running near 38–51 per month through summer, buyers will have more options and the pace of closings may moderate from May's compressed timeline. Seasonal patterns suggest July and August typically bring more listings to the Pleasant Grove market, which could give buyers slightly more breathing room even if rates stay elevated.
Watch for
If the 30-year fixed rate crosses 7% this summer, expect days on market to rebound toward the 20–25 day range and the sale-to-list ratio to drift below 98% as the monthly principal-and-interest payment on a median Pleasant Grove home would push past $3,100 — a threshold that historically slows decision-making among move-up buyers in the $500K–$650K range.
"Eight days to contract, $580K median, and a rate headwind that's costing buyers $170/month since February."
Common questions about Pleasant Grove this month
Is Pleasant Grove a buyer's or seller's market in May 2026? ▾
It leans seller, but not overwhelmingly so. The 8-day median days on market and 90 active homes at current sales pace means supply is limited, but 13 of 27 May closings came in below list price — so sellers who overprice are still sitting. Well-priced homes in good condition are moving in days; overpriced ones are not.
Why did homes sell so much faster in May than in April? ▾
May's median days on market fell to 8 from April's 17, likely reflecting a combination of spring buyer urgency and a tighter mix of homes that closed — the $400K–$700K band, which made up 11 of 27 closings, had a median of just 3 days on market. The overall pool of active listings grew only modestly, keeping competition for well-priced homes intense.
How much does the current mortgage rate affect my monthly payment on a typical Pleasant Grove home? ▾
At today's 6.75% rate, a median-priced $580,000 home with 20% down carries a monthly principal-and-interest payment of $3,009. That's $77 more per month than 30 days ago when rates were at 6.5%, and $170 more than February's low when rates averaged 6.19% and the payment would have been $2,839.
Are there price reductions happening in Pleasant Grove right now? ▾
Yes, but selectively. Four of the 27 homes that closed in May had taken a price cut before going under contract — that's about 15% of closings. This is the first month this figure has been reliably tracked, so it's a data point to watch rather than a trend, but it does confirm that sellers who start too high are adjusting rather than holding firm.
What price range moves fastest in Pleasant Grove? ▾
In May, both the $400K–$700K and the over-$700K segments had a median of just 3 days on market, while homes under $400K took a median of 11 days. The under-$400K segment — which includes condos in areas like Maplewood — tends to attract more rate-sensitive buyers, which may explain the slightly longer timeline at current borrowing costs.
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
27 sold homes that had a list price recorded
Days on market spread
Quartile distribution
Median 8 · 25th percentile 1 · 75th percentile 16
Needed a price change
Sold listings that had a recorded price change before close
4 of 27 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. Wade Springs 2 sold · $687K · 29d
- 2. Maplewood 2 sold · $334K · 6d
- 3. Canyon Brook Estates 1 sold · $1,885K · 0d
- 4. Shady Meadows 1 sold · $1,470K · 2d
- 5. Tuscany Farms 1 sold · $1,375K · 48d
May 2026 by property type
How each housing type performed last month — 26 closings total across subtypes.
Summary Statistics
| Metric | May-26 | May-25 | % Chg | 2026 YTD | 2025 YTD | % Chg |
|---|---|---|---|---|---|---|
| Sold Count | 27 | 32 | -15.63% | 143 | 133 | +7.52% |
| Median Sale Price | $580,000 | $515,000 | +12.62% | $562,827 | $491,437 | +14.53% |
| Median DOM | 8 | 18 | -55.56% | 19 | 27 | -29.63% |
| Sale-to-List Ratio | 98.76% | 99.67% | -0.91% | 99.05% | 99.24% | -0.19% |
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.