Week 14
REPORT: March 31, 2025
Local Market Pulse
Median Prices: Utah’s statewide median home price is about $547,700 (Feb 2025), up 2.3% year-over-year . Major markets show mixed trends: Salt Lake City is around $576,000 (+9.7% YoY) , Provo about $425,000 (−5.5% YoY) , and St. George roughly $515,000 (+6.1% YoY) . Week-over-week prices are holding steady with minimal change (Salt Lake City’s median list price ticked up ~+1.6% from Feb to Mar) , indicating a stable pricing environment.
New Listings vs. Sold: Housing supply is slowly growing. Approximately 950 new listings hit the Utah market this week versus about 521 homes sold during the same period . This imbalance pushed active inventory up to 10,641 homes statewide (continuing an upward trend) . In other words, new supply is outpacing sales, giving buyers more options.
Days on Market: Homes are taking around 60–65 days on average to sell, a slight improvement from winter. Last week’s average DOM was ~60 days, down from 65 the week prior and continuing to trend downward as spring demand kicks in . (For context, the median DOM in Feb was 64 days statewide, far higher than the frenzied sub-2 week markets of 2022 .)
Pending Sales Volume: Buyer activity is solid. There are about 5,115 homes under contract across Utah, an increase from earlier this year . Pending sales have been trending up consistently since January, a sign that spring buyers are entering the market.
Price Reductions: Roughly 949 listings had price drops in the past week – nearly 9% of active homes saw a reduction . Many sellers are adjusting expectations to attract buyers, resulting in modest price cuts. This rate of reductions is creeping up, reflecting a market where buyers have slightly more negotiating power than in recent years.
What you need to know: Utah’s housing market is stable with statewide median home prices holding around $547,700 (+2.3% YoY), though major markets vary: Salt Lake City is at $576,000 (+9.7%), Provo at $425,000 (−5.5%), and St. George at $515,000 (+6.1%). Inventory is steadily growing, with about 950 new listings versus 521 sales last week, pushing total active listings to 10,641 and giving buyers more options. Homes average about 60–65 days on market (down slightly from previous weeks), while pending sales remain strong at roughly 5,115 properties under contract statewide. Price reductions affect around 9% of listings, indicating increased buyer negotiating power and realistic seller adjustments.
Interest Rate & Lending Updates
Current Mortgage Rates: Mortgage rates in Utah mirror national averages but have edged down slightly. 30-year fixed rates average about 6.6%–6.7% this week , while 15-year fixed loans are around 6.0%–6.1% . Adjustable-rate mortgages are lower; a typical 5/1 ARM is about 5.98% currently . (By comparison, Freddie Mac’s national survey for April 3 showed 30-year fixed at 6.64% and 15-year at 5.82% .) Notably, some Utah lenders are quoting 30-year rates near 6.125% for well-qualified buyers , thanks to points or local programs.
Trend: Rates have been relatively stable to slightly declining over the past month. The 30-year fixed ticked down from ~6.8% to mid-6.6% range in recent weeks . This stability is encouraging more buyers to apply; lenders report purchase applications at their highest growth rate since late last year . With inflation fears easing, the rate outlook is cautiously optimistic.
Local Lending Programs: No brand-new state programs launched this week, but there are important Utah-specific financing options to note. The Utah Housing Corporation continues to offer special first-time buyer mortgages; its FirstHome FHA/VA loan rate is around 6.125% (30-year fixed) as of April 4 , slightly below market averages. Utah’s flagship First-Time Homebuyer Assistance Program (providing up to $20,000 toward down payment or rate buydowns) remains active and well-funded – state leaders have even discussed adding more funds given its moderate uptake. Realtors should ensure eligible clients know about this resource, which can buy down the effective interest rate significantly.
FHA/VA and Other Updates: FHA and VA loans continue to be attractive in our market – with lower down payments and somewhat easier qualification, they are popular among Utah buyers. Loan limits were previously raised for 2025 (e.g., FHA in Salt Lake County now above $600K), enabling more use of these programs in high-price areas. Lenders also report creative financing trends like 2-1 buydowns (seller-funded rate buydowns) becoming common, essentially a response to those nearly 1 in 10 listings seeing price cuts – sellers are offering to “buy” a lower rate for buyers rather than drop price dramatically.
What you need to know: Utah mortgage rates dipped slightly this week, with 30-year fixed loans averaging 6.6%–6.7% and some lenders quoting as low as 6.125% for well-qualified buyers. The 15-year fixed sits around 6.0%, and 5/1 ARMs average 5.98%. Rates have remained relatively stable, encouraging buyer activity. The Utah Housing Corporation’s FirstHome program offers competitive FHA/VA rates, and the state’s $20K down payment assistance program remains active and well-funded. Creative financing like 2-1 buydowns is on the rise as sellers look to support buyers without heavy price cuts. FHA/VA loan limits are higher this year, expanding their use in more expensive markets.
Hot Neighborhood Spotlight: Granary District (Salt Lake City)
One of Salt Lake City’s fastest-rising neighborhoods is the Granary District/Central Ninth area just southwest of downtown. This former warehouse zone is trending due to major new developments and infrastructure investments:
New Development Approved: Last week, Salt Lake City’s redevelopment board approved a $90.4 million mixed-use project called “Pickle & Hide,” which will renovate two century-old industrial buildings into a hub of 141 residential units (including 54 affordable units) plus retail space . It’s the first project to tap a special Housing & Transit Reinvestment Zone around the 900 South TRAX station, aiming to bring transit-oriented housing growth to the Granary District. This kind of public-private investment is turning the area into a hot spot for urban living.
As of April 5, 2025, there have been no publicly announced approvals for new developments in Southern Utah during the week of March 31 to April 4, 2025. However, the St. George City Council convened on April 3, 2025, and the agenda included items related to city infrastructure and park improvements. While these topics were discussed, no specific new development approvals were documented in the available records from that meeting.
Why It’s Trending: The Granary’s transformation has led to surging interest and property values. Tech startups, breweries, and artists have moved into refurbished warehouses, creating an urban-chic vibe. New apartments and townhomes have filled in vacant lots. Inventory in this area is still limited, so competition is pushing prices up. (Many units are smaller lofts/condos, which still sell quickly due to the prime location.) Year-over-year price appreciation in the broader downtown SLC/Central Ninth area is well above the state average, thanks to this influx of development.
Infrastructure & Zoning Boosts: The city’s reinvestment zone in Granary/Central 9th is a direct catalyst – it channels tax increments to support projects that include affordable housing near transit . Additionally, improved transit (TRAX stations at 900 S and nearby Central Station) and plans for street improvements are making the neighborhood more accessible. The City Council recently committed $11.5M in new affordable housing funds (some likely for projects in this area) . Overall, pro-development zoning changes and investment incentives have created a virtuous cycle – more developers are targeting the Granary, and buyers/renters are eagerly snapping up the new opportunities to live and work in this revitalized enclave.
Legal & Regulatory Roundup
State Legislation – Housing Affordability: Utah lawmakers wrapped up the 2025 legislative session with several housing bills poised to become law. One notable bill (HB 37) will let local governments permit higher-density housing in exchange for affordability and ownership guarantees . For example, a city could allow smaller lot sizes or townhomes if a development deeds at least 25% of units as affordable (<=120% AMI) and 60%+ of units are owner-occupied for 5+ years . This “density for affordability” tool, awaiting the Governor’s signature, could open doors to more starter homes and ADUs in Utah communities. Another bill (HB 368) is a 7,600-line omnibus aiming to streamline land-use regulations and speed up approval processes – essentially trimming red tape so that new housing can be built faster .
Short-Term Rental Enforcement: To help cities combat illegal vacation rentals, HB 256 was passed to strengthen short-term rental enforcement. If signed into law, it will explicitly allow cities/counties to use online rental listings as evidence of an ordinance violation . In practical terms, this makes it easier for places like Sandy or St. George (which restrict Airbnbs in residential zones) to fine owners operating without a permit. This comes on the heels of research showing short-term rentals are eating into housing supply in Utah’s tourist hubs . Realtors with clients looking at investment properties should stay tuned to local ordinances – enforcement is about to get teeth.
Local Programs for Homeownership: Another new measure (HB 360) will empower large cities (65,000+ population) to utilize the state’s Utah Homes Investment Fund for homeownership initiatives . Cities like Salt Lake, Provo, West Jordan, etc., can create revolving loan funds up to $10 million to buy, rehab, and resell homes to owner-occupants . Homes sold through these programs come with 5-year owner-occupancy deed restrictions to prevent flipping . This is a bid to convert more homes into affordable ownership opportunities. (Ogden and SLC already do this on a smaller scale ; the bill will expand such efforts statewide.)
City Council Actions: Across Utah cities, housing stayed in focus. In Salt Lake City, the Council (acting as the CRA Board) approved $11.5 million for new housing projects on March 18 and discussed zoning tweaks to enable a deeply affordable housing development in downtown. Utah County saw cities updating zoning for growth as well – for instance, Provo is considering higher density near its UVX transit line (as noted in city planning meetings). In St. George, the City Council formally updated its Moderate-Income Housing Plan (Ordinance 2025-018) this week , adopting new state-required strategies to promote affordable housing. Washington County continues to strictly require short-term rental licenses in unincorporated areas , reinforcing that investors must comply with local rules. No major new HOA legal precedents emerged this week, but Realtors should remember that recent state law forbids HOAs from barring internal ADUs – a reminder to review any HOA bylaws against current state statutes when advising clients.
What you need to know: Utah’s 2025 legislative session closed with major housing bills advancing. HB 37 allows higher-density projects in exchange for affordability and ownership guarantees, while HB 368 streamlines land-use regulations to accelerate development. HB 256 gives cities the power to use online listings to crack down on illegal short-term rentals—critical for areas like St. George and Sandy. HB 360 enables large cities to launch $10M homeownership funds to rehab and resell homes with deed restrictions, expanding affordable ownership. City councils across Salt Lake, Utah County, and St. George continue to revise zoning and housing plans in response to growth and state mandates. Realtors should also note that HOAs can no longer prohibit internal ADUs under current state law.
Competitive Intelligence & Insider Tips
Leverage Spring Negotiations: With inventory rising and days on market lengthening, smart negotiating is key. Buyers should know that many sellers are now willing to pay closing costs or provide interest-rate buydowns – in fact, Utah sellers are often offering $10,000–$15,000 in concessions on contracts . Use this to your advantage: when writing offers, consider asking for a rate buydown credit instead of a large price cut, which can lower your buyer’s monthly payment significantly. Sellers, on the other hand, should price realistically and be open to these concessions to attract offers. Overpricing will likely lead to a price reduction (nearly 1 in 10 listings had a price drop last week) , so it’s better to price at market and offer a perk (e.g. pay for the buyer’s 2-1 buydown) to secure a deal in this balanced market.
Marketing Insight – Authenticity Sells: In today’s market, authentic social media marketing can set you apart. Utah agent Kaitlin Hannig recently went viral on Instagram (80k+ followers) by posting brutally honest, witty videos about the pros and cons of various Utah neighborhoods . Her “tell it like it is” approach – poking fun at quirks of cities and giving buyers frank reality checks – has resonated with viewers and drawn in many new clients . The takeaway for realtors: don’t be afraid to be creative and candid in your marketing. Highlighting local expertise with a bit of humor or personality (while remaining professional) can build trust with the audience. Successful agents in Utah are using TikTok, Instagram Reels, and YouTube to showcase listings and local lifestyle in engaging ways. Consider sharing short videos touring your favorite neighborhood haunts or giving honest market updates. This kind of content not only attracts eyeballs but also establishes you as a transparent, knowledgeable agent – which is exactly what today’s savvy clients value.
In short, be adaptable: Utah buyers are securing $10K–$15K in seller concessions, often for rate buydowns—a smarter play than price cuts. Sellers should price right and offer perks early. On social, authentic, honest content is outperforming polish—agents like Kaitlin Hannig are gaining traction with candid neighborhood videos. Be real, be local, and show value.
Sources: Utah Association of Realtors & MLS data ; Weekly inventory report (Mar 24, 2025) ; Redfin Market Insights ; City Creek Mortgage rates ; Bankrate Utah rates ; Utah Housing Corp Program details ; Salt Lake Tribune & KUTV news on Ballpark redevelopment ; Utah legislative tracker (2025 session) ; South Salt Lake city ordinance update ; Davis/Webb market report ; KUTV market analysis.
Powered by OpenAI Deep Research and Jordan Brazell.
©2025 Utah Market IQ. All rights reserved.