Market analytics · May 2026 archive
Salt Lake City, 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
Salt Lake City homes are closing in 7 days — but rising rates are quietly raising the cost of that speed.
Get this report emailed every month
✓ You're in — see you next month.
The defining story in Salt Lake City's May 2026 market wasn't price — it was pace. The median days on market fell to just 7, down from 11 in April and a dramatic drop from the 40-day median recorded in February, meaning the typical home that closed in May went under contract within a week of hitting the MLS. That speed came alongside 267 closings and a sale-to-list ratio of 99.32%, even as active inventory climbed to 799 homes — up from 736 in April and 39% above May 2025's 575. Salt Lake City buyers had more choices than a year ago, but the well-priced ones were still gone fast.
Market pulse
From December through February, Salt Lake City's median days on market ranged between 37 and 41 days — a slow winter pace consistent with the city's seasonal pattern. March snapped that trend sharply, with the median dropping to 14 days as spring listings arrived and buyers re-engaged; April tightened further to 11 days. May's reading of 7 days extends that compression and marks the fastest median pace in the six-month window, with a quarter of homes closing in 3 days or fewer. Meanwhile, new listings came in at 388 in May — down from April's 460 but still well above the 127 recorded in December — and active inventory reached 799, continuing a steady climb from 451 in December. The sale-to-list ratio eased slightly from April's near-parity 99.92% to 99.32%, a modest pullback that suggests sellers who overreached on price in April are finding slightly more resistance in May.
Mortgage context
The 30-year fixed rate now sits at 6.75%, up 0.25 percentage points from 6.50% thirty days ago and well above February's monthly average of 6.19% — the low point of the past seven months. That February-to-now climb of 0.56 percentage points translates directly into a heavier monthly payment for Salt Lake City buyers financing at today's rates. FHA and VA options at 6.25% remain meaningfully cheaper for qualifying buyers, and jumbo borrowers — relevant in the Avenues and Highland Park segments where prices routinely clear $800,000 — are looking at 7.25%, which is compressing demand at the upper end.
Payment math
On a median-priced home here — about $575,000 with 20% down — the monthly principal-and-interest payment lands at $2,984 at 6.75% — $76 more than 30 days ago at 6.50%, and $170 above the February low when rates averaged 6.19% and the payment would have been $2,814.
If you're buying
Target homes that have been sitting 25 days or more — Rose Park and some of the Plat A corridor listings that didn't move in the first week are where negotiating room exists, and the sale-to-list ratio on slower-moving inventory is closer to 97% than 100%. In the $400,000–$700,000 band, where 120 homes closed in May with a median of just 7 days on market, you'll need to be pre-approved and ready to move within 48 hours on anything priced accurately; consider widening your search to include Meadows and Hoffman Heights neighborhoods where May's median days on market ran longer and competition was less acute.
If you're selling
The 7-day median is real, but it belongs to well-priced homes — the 133 closings that sold below list price in May are a reminder that overpricing still costs sellers time and concessions. If your home is in the Avenues or Highland Park and you're pricing above $800,000, note that jumbo rates at 7.25% are thinning the buyer pool at that level; pricing to recent comparable sales rather than last spring's peak will move the needle faster. Sellers in the $400,000–$700,000 range have the most leverage right now: 120 closings in that band with a 7-day median means demand is real and active.
Outlook
Over the next 60–90 days, Salt Lake City's inventory will likely continue building as summer listings arrive, but the pace of closings — 267 in May, consistent with April's 269 — suggests demand is holding. If rates stay near 6.75% or drift higher toward 7%, expect the under-$400,000 segment (where buyers are most payment-sensitive) to slow further; that band already showed an 18-day median in May versus 7 days in the $400,000–$700,000 range. Seasonal patterns suggest new listing volume will ease from June onward, which could keep active inventory from growing much beyond the current 799 — but buyers who've been waiting for a clear softening may not find it this summer unless rates move meaningfully lower.
Watch for
If the 30-year fixed rate crosses 7.00%, expect the over-$700,000 segment — where 97 homes closed in May at a median of $882,000 — to see days on market stretch back toward the 20-day range and the sale-to-list ratio slip below 98%, as jumbo financing at 7.25%-plus prices out a meaningful share of move-up buyers.
"Fastest closings in months, more inventory than a year ago, and a mortgage payment that's $170 heavier than February — Salt Lake City's May in full tension."
Common questions about Salt Lake City this month
Is Salt Lake City a buyer's or seller's market in May 2026? ▾
It's a split market. Homes priced accurately in the $400,000–$700,000 range are closing in a median of 7 days with a sale-to-list ratio near 99%, which favors sellers. But active inventory has climbed to 799 homes — 39% more than a year ago — and 133 of May's 267 closings sold below list price, which means buyers have real leverage on anything that isn't priced sharply or in top condition.
Why are homes selling so fast in Salt Lake City right now? ▾
The 7-day median days on market reflects strong demand in the $400,000–$700,000 price band, which drove 120 of May's 267 closings. Neighborhoods like the Avenues and Highland Park saw homes go under contract in 4–5 days. The speed is concentrated in well-priced, move-in-ready homes; slower-moving listings in areas like Rose Park averaged 29 days, showing the market is not uniformly fast.
How much does a $575,000 home in Salt Lake City cost per month right now? ▾
With 20% down and a 30-year fixed rate at 6.75%, the monthly principal-and-interest payment on a $575,000 home is $2,984. That's $76 more per month than 30 days ago when rates were at 6.50%, and $170 more than February's low when rates averaged 6.19% and the payment would have been $2,814. FHA financing at 6.25% can reduce that cost for qualifying buyers.
Are there price reductions happening in Salt Lake City? ▾
Yes — 45 of the 267 homes that closed in May had taken a price cut before going under contract. That's about 17% of all May closings. This figure is only reliably tracked from May 2026 onward in our data, so we can't compare it to prior months, but it signals that a meaningful share of sellers are adjusting expectations, particularly in the slower-moving under-$400,000 and upper-end segments.
Is now a good time to sell in the Avenues or Highland Park? ▾
Demand in both neighborhoods remains real — the Avenues saw 4 closings in May at a median of $784,000 and just 4 days on market, while Highland Park has consistently appeared in the top-selling subdivisions throughout spring. The caution is on the financing side: buyers above $800,000 are typically using jumbo loans at 7.25%, which is compressing the pool of qualified buyers. Sellers who price to current comparable sales rather than peak-2025 figures will move faster.
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
270 sold homes that had a list price recorded
Days on market spread
Quartile distribution
Median 7 · 25th percentile 3 · 75th percentile 30
Needed a price change
Sold listings that had a recorded price change before close
44 of 270 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. Park 15 sold · $583K · 5d
- 2. Avenues 4 sold · $784K · 4d
- 3. Rose Park 4 sold · $479K · 29d
- 4. Meadows 4 sold · $460K · 2d
- 5. Plat A 4 sold · $438K · 6d
May 2026 by property type
How each housing type performed last month — 268 closings total across subtypes.
Summary Statistics
| Metric | May-26 | May-25 | % Chg | 2026 YTD | 2025 YTD | % Chg |
|---|---|---|---|---|---|---|
| Sold Count | 270 | 284 | -4.93% | 1,107 | 1,127 | -1.77% |
| Median Sale Price | $577,450 | $547,500 | +5.47% | $574,414 | $537,496 | +6.87% |
| Median DOM | 7 | 16 | -56.25% | 19 | 23 | -17.39% |
| Sale-to-List Ratio | 99.34% | 98.69% | +0.66% | 98.81% | 98.76% | +0.05% |
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.