The Salt Lake City metro area housing market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price stands at $520,000, reflecting a slight decrease of 1.0% year-over-year. Conversely, the Median List Price has increased by 3.9% to $529,990, indicating a divergence between seller expectations and buyer willingness.

Price Per Square Foot metrics show a positive trend, with the median Price Per Square Foot rising by 4.0% to $249.36, and the Median List Price per square foot increasing by 2.3% to $256.64. This suggests a steady appreciation in property values despite the overall decline in sales prices.

Sales activity has experienced a downturn, with the number of Homes Sold dropping by 12.4% to 702 units. Pending Sales have also decreased by 9.2%, totaling 1,073. However, New Listings have surged by 8.2% to 1,131, contributing to a 10.7% increase in inventory, which now stands at 2,353 homes. This rise in inventory is further reflected in the Months of Supply, which has seen a significant increase of 70.0%, reaching 3.40 months.

The Median Days on Market remain unchanged at 56 days, indicating a stable pace in the time it takes for homes to sell. The average sale to list ratio has improved slightly by 0.3%, now at 98.9%, while the percentage of Homes Sold above list price has increased by 4.9% to 23.2%. This suggests that while fewer homes are selling, those that do are often achieving competitive prices.

Price adjustments are becoming more common, with 31.3% of listings experiencing Price Drops, up by 3.9% from the previous year. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.5% to 29.7%, indicating a slower market pace.

Overall, the Salt Lake City housing market in January 2025 is characterized by a mix of rising inventory and list prices, alongside declining sales and stable market times. Buyers and sellers alike must navigate these dynamics carefully to achieve their real estate goals.