The Heber, UT metro area housing market in February 2025 presents a complex landscape characterized by declining prices and shifting sales dynamics. The Median Sales Price has decreased significantly to $1,231,250, marking a 19.3% drop year-over-year. Similarly, the Median List Price has also fallen by 19.3% to $1,390,000. This downward trend in pricing is further reflected in the median Price Per Square Foot, which has decreased by 5.0% to $606.06, while the Median List Price per square foot has seen an 11.4% decline to $621.18.

Despite the decrease in prices, the number of Homes Sold has increased by 5.2% year-over-year, reaching 162 units. This suggests that buyers are taking advantage of the lower prices. However, Pending Sales have decreased by 3.3%, indicating a potential slowdown in future transactions. New Listings have surged by 25.9%, with 321 properties entering the market, contributing to an 8.0% increase in inventory, now totaling 1,023 homes.

The Months of Supply, a critical indicator of market balance, has risen by 20.0% to 6.3 months, suggesting a shift towards a more balanced market, if not slightly favoring buyers. The Median Days on Market have decreased by 11.0% to 82 days, indicating that homes are selling more quickly than they were a year ago.

The average sale to list ratio has improved slightly by 0.7% to 98.2%, and the percentage of Homes Sold above list price has increased by 1.7% to 17.3%. These metrics suggest that while prices are lower, competitive bidding is still occurring for certain properties. Price Drops have decreased by 1.0% to 14.7%, and the percentage of homes going off the market within two weeks has increased by 6.5% to 25.0%, indicating a brisk pace for well-priced homes.

Overall, the Heber, UT metro area housing market is experiencing a period of price correction, with increased sales activity and inventory levels. Buyers are benefiting from lower prices, while sellers are adjusting to the new market conditions. The market dynamics suggest a cautious optimism as the area navigates these changes.