Utah Housing Market Update – February 2, 2026: Buyers Are Back and Competition Is Heating Up

Hey home buyers and sellers! Christopher McGee here, owner of Halcyon Real Estate with Keller Williams Utah in Salt Lake City.
It’s a beautiful, unseasonably warm day here on February 2nd, and like every week, I’m bringing you a straight-from-the-MLS breakdown of what’s happening across Utah’s housing market. Whether you’re thinking of moving to Utah or relocating within, this data will help you make smarter real estate decisions.

📊 Current Utah Housing Market Snapshot (as of February 2, 2026)

• Total Inventory: 10,433 homes (⬇ slightly from last week)
• Average Days on Market: 79 days (⬆ trending upward)
• Average List Price: $662,850 (⬇ down from the previous week)
• Average Sold Price: $643,841
• Difference Between List and Sold Price: About $19,000 (in buyers’ favor)
• Median Sold Price: $498,000 (first time dipping below $500k in recent history)
• Homes Sold Last Week: 435 (⬆ increase from the previous week)
• Homes Under Contract: 4,477 (⬆ climbing week over week)
• Price Reductions: 811 (📉 trending down overall)
• Cancelled/Expired/Withdrawn Listings: 628 (normal early-month bump)
• 30-Year Fixed Mortgage Rate: 6.16% (holding steady)

🏡 What This Means for Utah Home Sellers

Buyers are re-entering the market. That’s great news—but don’t mistake activity for desperation. If you try to list too high in hopes of squeezing out a few extra dollars, you’ll likely:

• Sit on the market too long
• Chase buyers instead of attracting them
• Miss your best window of opportunity

Pro tip: Price your home conservatively and realistically. The right strategy today will put you in front of demand rather than behind it.

🔑 What Utah Home Buyers Should Expect

More competition is on the way, but we’re not heading into COVID-era madness. You probably won’t see 20+ offers or homes going $50k over asking—BUT:

• Good homes priced right are getting multiple offers
• Listings that have only been active for a few days are moving fast
• This is not the time to lowball a hot property

Tip: If a listing is new and well-maintained, talk to the listing agent before you submit. Know what kind of competition you’re up against.

📍 Regional Market Data Available

This report covers a bird’s-eye view of Utah’s statewide housing market. If you want custom insights for your city, zip code, or county—just drop a comment. I personally respond and will send over your local data snapshot.

🙌 Ready to Make a Move in Utah?

I specialize in helping buyers and sellers across Davis County, Salt Lake County, and Utah County. If you’re thinking of buying or selling, I’d love to be your resource and partner in this market. I’m professional, proactive, and I know how to position your real estate goals for success.

📬 Stay Informed: Weekly Market Updates

If you found this helpful, hit that subscribe button or check back here weekly. I’ll always break down the latest MLS data and give you the market insights that matter.

Until next time—thanks for reading!

— Christopher McGee
Halcyon Real Estate | Keller Williams Utah

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