Market analytics · May 2026 archive
Smithfield, 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
Smithfield's spring closing count dips as rising rates reshape buyer math in Cache Valley.
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Smithfield recorded 20 closings in May 2026, a step back from April's 24 and essentially flat with the 21 closings posted in May 2025 — a signal that the spring momentum that defined March and April has leveled off rather than built further. Active inventory held at 90 homes, up from 79 a year ago, while the sale-to-list ratio slipped to 97.87% from 99.09% in April, meaning sellers are conceding more ground at the negotiating table than they were just a month ago. The mix of closings also shifted notably: 12 of the 20 homes that closed were priced under $400,000, compared to just 11 in April — a sign that buyers still active in Smithfield are gravitating toward the more affordable end of the Cache Valley price range.
Market pulse
Closed sales in Smithfield peaked at 27 in March 2026, pulled back to 24 in April, and settled at 20 in May — a gradual cooling after the winter rebound. Days on market have stayed relatively contained: the median was 74 days in March, compressed sharply to 18 in April, then edged back up to 20 in May, suggesting the fastest-moving buyers have already transacted and those remaining are being more deliberate. The sale-to-list ratio tells a similar story — it ran at 99.06% in March and 99.09% in April before dropping to 97.87% in May, the softest reading since November 2025's 97.85%. Active inventory has been climbing steadily, from 75 homes in February to 84 in March, 89 in April, and 90 in May, while new listings came in at 29 in May — the same as February — indicating supply is building faster than demand is absorbing it at current rates.
Mortgage context
The 30-year fixed rate has climbed to 6.75% — up 0.25 percentage points from 6.5% thirty days ago and 0.56 percentage points above February's monthly average of 6.19%, which was the low point of the past seven months. That trajectory matters in a market like Smithfield where the median home price sits near $378,000: each rate step up meaningfully narrows the pool of buyers who can qualify without stretching their budget. FHA financing at 6.25% is drawing attention from first-time buyers in the Golden Forest and Smithfield Crest neighborhoods, where entry-level homes are still available in the $300,000s.
Payment math
On a median-priced home here — about $378,000 with 20% down — the monthly principal-and-interest payment lands at $1,959 at 6.75% — $50 more than 30 days ago at 6.5%, and $111 above the February low when rates averaged 6.19% and the payment would have been $1,848.
If you're buying
Target homes that have been listed for more than 45 days — at May's 97.87% sale-to-list ratio, sellers on stale inventory in Smithfield Ridges and East Sky View are negotiating, and the gap between list and sale price on those homes is wider than the headline ratio suggests. In the under-$400,000 band, where 12 of May's 20 closings occurred, competition is still real but manageable; consider FHA financing at 6.25% if the conventional payment at 6.75% is a stretch, and look at Golden Forest and Smithfield Crest where entry-level inventory has been turning over consistently.
If you're selling
Price to where the market is, not where it was in March — the sale-to-list ratio has slipped more than a full percentage point since April, and homes in the $400,000–$700,000 band are sitting an average of 34 days before closing. If your home is in Sunset Ridges, Smithfield Ridges, or another mid-to-upper segment, recent comparable sales from April and May are your most reliable pricing anchor; listings that opened at March's stronger ratios are now sitting. Condition and presentation matter more than they did two months ago: with 90 active listings competing for 20 buyers per month, anything that needs work will be passed over in favor of move-in-ready options.
Outlook
Over the next 60 to 90 days, Smithfield's market will be shaped by two competing forces: the seasonal uptick in Cache Valley showing activity as summer arrives, and the continued pressure of a 30-year rate that has now climbed above 6.75% and shows no clear sign of retreating. If new listings continue arriving at roughly 29 to 32 per month while closings hold near 20, active inventory will keep building toward 100 homes or beyond, giving buyers in neighborhoods like Birch Creek Meadows and Canyon View Village more options and more negotiating room than they've had in over a year. Sellers who need to move this summer should plan for a longer marketing period than April's pace suggested.
Watch for
If the 30-year rate crosses 7.0%, expect the under-$400,000 segment — which carried more than half of May's closings — to thin out further, pushing months of supply past 6 and giving buyers in Smithfield meaningful leverage on price for the first time in several years.
"Fewer closings, more listings, softer ratios — Smithfield's May tells a cautious spring story."
Common questions about Smithfield this month
Is Smithfield a buyer's or seller's market in May 2026? ▾
It's shifting toward buyers, though not decisively yet. The sale-to-list ratio dropped to 97.87% in May — meaning the average home sold about 2% below its list price — and active inventory reached 90 homes with only 20 closings. At that pace, it would take roughly 4.5 months to sell every home currently listed, which is approaching balanced-market territory. Buyers have more options and more room to negotiate than they did in March or April.
Why did the Smithfield median sale price drop in May 2026? ▾
The median sale price of $377,500 in May reflects a shift in the mix of what closed, not necessarily a broad price decline. Twelve of the 20 closings were in the under-$400,000 price band — including 7 in Golden Forest with a median sale of $319,900 — which pulled the overall median down. The $400,000–$700,000 band actually posted a median of $581,200 on its 6 closings, and the two homes over $700,000 averaged $825,000.
How are rising mortgage rates affecting Smithfield buyers in 2026? ▾
Rates have climbed from a monthly average of 6.19% in February to 6.75% today — a move of 0.56 percentage points. On a median-priced Smithfield home with 20% down, that translates to a monthly principal-and-interest payment of $1,959, compared to $1,848 at February's low. That $111-per-month difference is meaningful for buyers already stretching to afford Cache Valley prices, and it's one reason the under-$400,000 segment is carrying a disproportionate share of closings.
Which Smithfield neighborhoods are selling fastest right now? ▾
Golden Forest led all subdivisions in May with 7 closings at a median sale price of $319,900 — the most active community in Smithfield by a wide margin and a consistent top performer across the past several months. Smithfield Crest posted 2 closings with a median of $375,000 and a median of just 10 days on market, suggesting strong demand at that price point. Higher-end communities like Smithfield Ridges and East Sky View are seeing longer marketing times, with days on market in the 19–42 day range.
Should I wait to buy in Smithfield or act now? ▾
That depends on your rate sensitivity and timeline. Inventory is building — 90 active listings in May versus 79 a year ago — so you have more choices than you would have had last spring. But rates at 6.75% are near their recent peak, and there's no clear signal they'll fall soon; waiting for a rate drop that doesn't come means competing in a market that could tighten again if rates ease. If you're targeting homes in the $300,000–$400,000 range in Golden Forest or Smithfield Crest, the current environment gives you negotiating room that wasn't available in March.
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
22 sold homes that had a list price recorded
Days on market spread
Quartile distribution
Median 20 · 25th percentile 2 · 75th percentile 92
Needed a price change
Sold listings that had a recorded price change before close
4 of 22 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. Golden Forest 7 sold · $320K · 0d
- 2. Smithfield Crest 2 sold · $375K · 10d
- 3. Summit Ridge 1 sold · $750K · 13d
- 4. Elk Ridge 1 sold · $637K · 20d
- 5. East Sky View 1 sold · $630K · 19d
May 2026 by property type
How each housing type performed last month — 22 closings total across subtypes.
Summary Statistics
| Metric | May-26 | May-25 | % Chg | 2026 YTD | 2025 YTD | % Chg |
|---|---|---|---|---|---|---|
| Sold Count | 22 | 21 | +4.76% | 94 | 85 | +10.59% |
| Median Sale Price | $377,500 | $490,000 | -22.96% | $451,432 | $441,643 | +2.22% |
| Median DOM | 20 | 40 | -50.00% | 42 | 48 | -12.50% |
| Sale-to-List Ratio | 98.06% | 99.38% | -1.33% | 98.60% | 99.04% | -0.44% |
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.