🏡 Utah Housing Market Update – February 16, 2026

In real estate — as in all things — better data makes for better decisions.

Hey guys, I’m Christopher McGee, owner of Halcyon Real Estate affiliated with the Keller Williams Market Center here in Salt Lake City, Utah.

Today is February 16th, 2026, and this is your weekly Utah housing market breakdown — real numbers, real trends, and real-time insights.

Unlike national headlines or quarterly reports that are already outdated, this is week-over-week local Utah data so you know exactly what’s happening right now.

Let’s dive in. 👇

📊 Utah Housing Market Overview

This week we’re looking at:

• 📈 Demand
• 🏘 Supply
• 💰 Home Prices
• 📉 Interest Rates
• 🔎 Key Market Pressure Indicators

📈 Demand: Buyer Activity Is Picking Up

We measure demand using:

• Homes sold last week
• Homes currently under contract

🏠 Homes Sold

470 homes sold last week, up from the previous week.

Looking back to Q4, it may appear like sales are trending downward. But if we zoom in on Q1 2026 only, sales are slowly trending upward.

📝 Homes Under Contract

There are currently 5,133 homes under contract — up again from the previous week.

That’s a clear upward trend since the beginning of the year.

Buyer activity is increasing. 🔥

💰 Home Prices: Downward Pressure Still Showing

📌 Average List Price

The average list price last week came in at $656,130.

That’s down roughly $40,000 from the previous week and continues a moderate downward trend.

Buyers don’t hate seeing that — but don’t expect this trend to continue deep into Q2. A similar seasonal pattern happened in early 2025.

📌 Average Sold Price

The average sold price last week was $643,479.

That creates a difference of $12,651 in the buyer’s favor between list and sold price — right within the consistent negotiation window we’ve seen for months.

📌 Median Sold Price

The median sold price came in at $489,450.

That’s the lowest we’ve seen in quite some time and clearly reflects the pricing pressure we’re experiencing in early 2026.

📉 Interest Rates: Stable and Supporting Buyers

The national average for a 30-year fixed conventional loan is currently 6.04% — slightly down from last week.

Rates are trending stable, which is helping support the increased buyer activity we’re seeing.

Stable rates + softening prices = opportunity for buyers. 🟢

🔎 Additional Market Indicators

⏳ Average Days on Market

Homes are averaging 80 days on market, slightly down from last week but still trending upward overall.

Longer time on market = more downward pressure on price.

🔻 Price Reductions

There were 939 price reductions last week, up from the week before.

This trend is rising in Q1, showing sellers are adjusting expectations.

🚪 Cancelled / Expired / Withdrawn Listings

Last week saw 332 listings cancelled, expired, or withdrawn from the MLS.

This is slightly down and relatively stable overall — signaling sellers still have confidence their homes will sell if priced correctly.

🏡 What This Means for Sellers

If you're listing your home right now:

✔ Get extremely detailed about neighborhood-specific data
✔ Price slightly ahead of the market’s moderate downward direction
✔ Avoid “testing the market” with an inflated price

Homes that sit too long build downward pressure on their asking price.

Pricing correctly from day one matters more than ever.

🏠 What This Means for Buyers

Buyers, the market is leaning a bit more in your favor right now.

You’re benefiting from:

• 📉 Downward price pressure
• 📊 Increased inventory
• 📉 Stable, improved interest rates

But here’s the reality:

If a seller has priced their home correctly, lowball offers (15–20K under asking) aren’t going to work.

Well-maintained and properly priced homes are still attracting competition — especially since more buyers are active than usual for this time of year.

🎯 Final Thoughts

Early 2026 in Utah real estate is defined by:

• Rising buyer demand
• Moderate downward pricing pressure
• Stable interest rates
• Longer average days on market

Zoom out, and you see opportunity.
Zoom in on specific homes, and pricing precision becomes critical.

If you have questions about any of this data, drop them in the comments — I’m always happy to respond.

If you or someone you know is planning a move in Davis County, Salt Lake County, or Utah County, feel free to reach out. I’d be happy to help.

And if this kind of weekly data helps you make better decisions, make sure you subscribe so you stay ahead of the trends.

Have a great week — talk to you in the next one. 👋

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