Market analytics
Provo, 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
Provo listings climb to 256 as rising rates cool buyer urgency this spring
Get this report emailed every month
✓ You're in — see you next month.
Active inventory in Provo reached 256 homes in May 2026, up 19% from April's 216 and the most supply on the market since at least last summer — a meaningful shift after months of constrained choice for buyers. At the same time, closings pulled back to 60 from April's 70, and the year-over-year comparison tells a similar story: May 2025 saw 77 closings at a median sale price of $508,000, while May 2026 closed 60 homes at a median of $445,000. The combination of more listings and fewer closings is giving buyers in neighborhoods from the Grandview bench to the Rock Canyon corridor more negotiating room than they had a year ago.
Market pulse
Active inventory in Provo has climbed steadily since the December 2025 low of 133 homes: 154 in January, 160 in February, 195 in March, 216 in April, and now 256 in May — nearly doubling over five months. New listings also reached their spring peak at 116 in May, up from 106 in April and 95 in March, meaning fresh supply is still entering the market faster than closings can absorb it. The sale-to-list ratio held at 98.48% in May, matching March exactly and down slightly from April's 98.65%, suggesting sellers are still getting close to asking price on homes that do sell — but the share of closings that went below list price (36 of 60) tells a more nuanced story. Days on market remained compact at a median of 20 days in May, nearly identical to April's 19, though a quarter of homes took longer than 64 days to close, pointing to a split between well-priced properties that move quickly and others that linger.
Mortgage context
The 30-year fixed rate reached 6.75% as of mid-June, 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 six months. After briefly dipping to 6.19% in February, rates climbed through March (6.48%), held near 6.42% in April, and have now moved higher again, compressing what buyers can afford on a given income. For Provo buyers eyeing the $400,000–$700,000 range — where 32 of May's 60 closings landed — that rate trajectory translates directly into a larger monthly payment than earlier this year.
Payment math
On a median-priced home here — about $445,000 with 20% down — the monthly principal-and-interest payment lands at $2,309 at 6.75% — $59 more than 30 days ago at 6.50%, and $131 above the February low when rates averaged 6.19% and the payment would have been $2,178.
If you're buying
With 256 active listings and at-pace closings of only 60 per month, buyers have real leverage on homes that have been sitting — target properties past 45 days on market, where sellers are more likely to negotiate; the sale-to-list ratio on slower-moving inventory trends closer to 96% than the headline 98.48%. The under-$400,000 segment (24 closings in May, median 29 days on market) is more competitive than the broader market suggests, so buyers in that range near the BYU campus corridor or Orem border should move with pre-approval in hand. If FHA or VA financing fits your situation, the 6.25% rate on both programs currently saves roughly $130–$150 per month compared to a conventional 6.75% loan on a median-priced home.
If you're selling
Sellers in Provo's $400,000–$700,000 band — the most active segment with 32 closings in May — should price at or just below recent comparable sales rather than anchoring to last spring's stronger numbers; the median sale price in this band was $505,000 in May 2026 versus $541,888 in May 2025, a real gap that buyers and their agents will cite. Homes in established neighborhoods like Oak Hills and Foothill Park that are priced accurately are still moving in under three weeks, but the 20 of 60 May closings that required a price reduction before going under contract signal that overpriced listings are not self-correcting quickly. If your home needs cosmetic work, completing it before listing is worth more now than it was a year ago — with 256 competing listings, buyers have enough options to pass on homes that need imagination.
Outlook
Over the next 60–90 days, Provo's inventory level is likely to stay elevated or grow further as new listings continue at their spring pace and the BYU summer calendar reduces the pool of student-adjacent rental-to-purchase demand. If the 30-year rate stays above 6.75% through July, expect the under-$400,000 segment — which draws the most rate-sensitive buyers, including first-time buyers priced out of Lehi and Orem — to see days on market lengthen and the sale-to-list ratio soften toward 97%. Sellers who list in June with accurate pricing still have a window before the late-summer slowdown typically trims both new listings and closings heading into September.
Watch for
If the 30-year fixed rate crosses 7.00% before August, expect the months of supply in Provo to stretch past 5 months as the under-$400,000 buyer pool contracts sharply and the $400,000–$700,000 segment — already showing a softening median — loses additional purchasing power.
"More homes, fewer closings, higher rates — Provo's May 2026 is a market recalibrating in real time."
Common questions about Provo this month
Is Provo a buyer's or seller's market in May 2026? ▾
It's shifting toward buyers, though not decisively yet. At May's pace of 60 closings per month with 256 active listings, it would take about 4.3 months to sell every home currently listed — up from 3.1 months in April and 2.4 months a year ago. Sellers are still averaging 98.48% of list price on homes that close, but 36 of 60 closings went below list price, and 20 required a price cut before going under contract.
Why did Provo's median sale price drop from last May? ▾
May 2025's median of $508,000 reflected a more competitive market — 77 closings, a 99.73% sale-to-list ratio, and 26 homes selling above asking. May 2026 saw 60 closings at a 98.48% ratio with far fewer bidding-war outcomes. The mix also shifted: only 4 homes above $700,000 closed in May 2026 versus 11 in May 2025, which pulls the overall median down even if mid-range prices haven't moved as dramatically.
Are homes near BYU or in the Grandview area selling faster than the rest of Provo? ▾
The Grandview neighborhood had 2 closings in April at a median of $597,000 and 59 days on market, suggesting that even well-known areas aren't immune to the slower pace. The fastest-moving homes in May 2026 were in the Bel Courtyard community (median 5 days on market) and Oak Hills (8 days), both of which were priced in ranges with strong buyer demand. Location helps, but accurate pricing is the bigger driver of speed right now.
Should I wait for rates to drop before buying in Provo? ▾
Rates have moved from 6.19% in February to 6.75% today — a climb of 0.56 percentage points that adds $131 per month on a median-priced $445,000 home with 20% down. Waiting for a rate drop is a reasonable strategy if you have flexibility, but inventory is currently elevated, giving buyers more negotiating room than they had a year ago. If rates do fall, more buyers will re-enter and competition will increase — so the current window of higher supply and softer demand has its own advantages.
How does Provo's market compare to nearby cities like Orem or Lehi right now? ▾
Provo's inventory build — from 133 homes in December to 256 in May — reflects a broader Utah County pattern where spring listings outpaced closings. Buyers priced out of Lehi's Silicon Slopes corridor, where prices tend to run higher, have increasingly looked at Provo and Orem as alternatives, which has helped keep Provo's under-$400,000 segment relatively active (24 closings in May). That said, Provo's year-over-year closing volume is down more than Lehi's, suggesting some of that demand has softened rather than simply relocated.
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
61 sold homes that had a list price recorded
Days on market spread
Quartile distribution
Median 20 · 25th percentile 5 · 75th percentile 65
Needed a price change
Sold listings that had a recorded price change before close
20 of 61 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. Oak Hills 2 sold · $1,088K · 8d
- 2. Bel Courtyard 2 sold · $328K · 5d
- 3. Walnut 1 sold · $1,900K · 7d
- 4. Foothill Park 1 sold · $880K · 20d
- 5. Broadview Shores 1 sold · $675K · 41d
May 2026 by property type
How each housing type performed last month — 59 closings total across subtypes.
Summary Statistics
| Metric | May-26 | May-25 | % Chg | 2026 YTD | 2025 YTD | % Chg |
|---|---|---|---|---|---|---|
| Sold Count | 61 | 77 | -20.78% | 265 | 294 | -9.86% |
| Median Sale Price | $445,000 | $508,000 | -12.40% | $464,471 | $472,298 | -1.66% |
| Median DOM | 20 | 19 | +5.26% | 37 | 20 | +85.00% |
| Sale-to-List Ratio | 98.49% | 99.73% | -1.24% | 98.43% | 99.08% | -0.66% |
Past months
Browse historical Provo 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.