Utah Housing Market Update - February 23 2026

Utah Housing Market Update — February 23, 2026

If you’re out looking at homes to buy this week, next week, or the following week, what I’m about to say to sellers still holds true.

Hey guys — this is Christopher McGee. I’m the owner of Houseian Real Estate. We’re affiliated with the Keller Williams Utah Market Center in Salt Lake City, Utah.

I’m coming to you from my hotel room in Atlanta, Georgia. I’m here this weekend for a realtor conference. Every year, Keller Williams does what they call “Family Reunion,” with a bunch of breakout sessions. It’s me coming and learning how to be a better realtor for you.

It’s Monday, February 23, 2026, and this is the series of videos I give you every Monday so you know exactly what Utah’s housing market looks like right now.

Utah Housing Market Snapshot (As of Feb 23, 2026)

Inventory (Available Homes)

• 10,839 homes available to buy
• Up from the previous week
• Trend: inventory declined through 2025, bottomed out the last Monday of 2025, then leveled out and began rising in early 2026
• Expectation: inventory will likely continue trending up for the foreseeable future (good for buyers)

Homes Sold (Last Week)

• 452 homes sold
• Down from the prior week (surprising given contract activity)

Homes Under Contract

• 5,320 homes currently under contract
• Up from the previous week by about 200 homes

You can’t have 200 more homes going under contract week over week for two months and not start to see a rising trend in sold data — unless buyers are backing out at unusually high rates. I’m not seeing that in my own practice.

Pricing Trends

Average List Price (Last Week)

• $704,060 (up from last week)
• Overall trend: moderate downward pressure remains

Average Sold Price (Last Week)

• $684,500 (a little less than that)

Buyer Advantage (List vs. Sold)

• Average list vs. average sold favors buyers by $19,568 (as of last week)

Median Sold Price (Last Week)

• $505,000 and some change

Why median matters: The difference between average and median suggests most buyers’ real-world experience is closer to $500K than $700K (about a $180K gap).

Mortgage Rates

• 30-year fixed conventional: 5.99%
• Down from last week, and down in a stable way
• Notable: this is the first Monday reporting in the 5% range since 2022

Market Pace & Seller Behavior

Average Days on Market (Last Week)

• 76 days
• Down from the previous week
• Overall trend: still trending up, which contributes to downward price pressure
• My guess: we’ve likely seen the peak and it may soon level out and begin trending down

Price Reductions (Last Week)

• 863 price reductions
• Down from the previous week
• Trend: hovering between about 800–1,000 per week lately

Cancelled / Expired / Withdrawn Listings (Last Week)

• 317 listings removed from the MLS (cancelled, expired, or withdrawn)
• Down from the prior week
• Trend: moderately down, suggesting increasing seller confidence that homes will sell once listed

What This Means If You’re Selling in Utah Right Now

On the macro level — zoomed out across the entire Utah market (your neighborhood may vary) — we still see:

• Downward pressure on prices and a moderate downward trend
• Average days on market trending up
• Available supply trending up

Seller takeaway: If you’re putting your home on the market this week, it’s wiser to price conservatively rather than trying to squeeze every last dollar out of the listing. In other words, get ahead of the direction the data is moving.

What This Means If You’re Buying in the Next 1–3 Weeks

If you’re looking at homes to buy this week, next week, or the week after, the seller advice above still matters — but buyers should also notice something important:

• More homes are going under contract week over week
• Interest rates are trending down in a stable way

Buyer takeaway: We’re likely at an inflection point. I think the downward pressure on prices is about to level out. Demand is definitely there, and as rates come down, you’re likely to see more competition than we’ve had recently.

Is This Going Back to the 2019–2021 Market?

Not based on what we’re seeing right now.

• In 2021, we had a low point around 1,500 homes on the market statewide
• Right now, we have just under 11,000 homes on the market
• Back then, we were seeing 2,000+ sales per week
• Right now, we’re seeing more like 450–500 sales per week
• During that period, buyers were locking in 2–3% mortgage rates — and we’re simply not there today

That said, there is a lot of pent-up demand, and the market is moving slightly more in favor of sellers than it has been.

Questions or Want Neighborhood-Specific Data?

If you have any questions about these numbers, how I’m presenting them, or what they mean, drop a comment.

And if you need this data specific to your neighborhood — especially if you’re moving into Utah or around Utah (Salt Lake City, Davis County, or Utah County) — I’m happy to help.

Better real estate data makes for better real estate decisions.

If this is the kind of information you want your head wrapped around, subscribe so you can keep up with these weekly market updates.

Thanks for watching this week, guys. We’ll see you in the next one. Bye-bye.

‍