The Salt Lake City, UT metro area housing market in February 2025 presents a complex landscape, characterized by rising prices and declining sales activity. The Median Sales Price has increased to $534,995, marking a 2.9% year-over-year (YoY) growth. Similarly, the Median List Price has risen to $539,900, reflecting a 1.9% YoY increase. These figures indicate a continued upward trend in property values, albeit at a moderate pace.

Price Per Square Foot has seen a more significant rise, with the median Price Per Square Foot reaching $257.86, up 7.7% YoY. The Median List Price per square foot also increased by 5.2% YoY to $262.67. This suggests that while overall property prices are climbing, the value attributed to each square foot of property is growing at a faster rate, indicating strong demand for space within the market.

Despite the increase in prices, the number of Homes Sold has decreased significantly, with 814 Homes Sold, representing a 17.4% decline YoY. Pending Sales have also dropped by 16.7% YoY to 1,041. This decline in sales activity could be attributed to the rising prices, which may be deterring potential buyers, or possibly a reflection of broader economic conditions affecting buyer confidence.

New Listings have decreased by 4.6% YoY to 1,111, while inventory has increased by 17.3% YoY to 2,446. The increase in inventory, coupled with the decline in New Listings, suggests that homes are staying on the market longer, contributing to the rise in the Months of Supply, which has surged by 90.0% YoY to 3.0 months. This indicates a shift towards a more balanced market, where supply is beginning to catch up with demand.

The Median Days on Market have increased by 13.0% YoY to 58 days, further supporting the notion that homes are taking longer to sell. The average sale to list ratio remains relatively stable at 99.2%, with a slight YoY increase of 0.1%. The percentage of Homes Sold above list price has increased marginally by 0.9% YoY to 27.1%, suggesting that while some properties are still fetching competitive offers, this is not a widespread trend.

Price Drops have become more common, with 30.4% of listings experiencing a reduction, up 7.5% YoY. This could indicate that sellers are adjusting their expectations in response to the changing market dynamics. Additionally, the percentage of homes going off the market within two weeks has decreased by 3.6% YoY to 34.9%, further highlighting the slower pace of sales.

Overall, the Salt Lake City housing market in February 2025 is characterized by rising prices and a slowdown in sales activity. While property values continue to appreciate, the market is experiencing a shift towards a more balanced state, with increased inventory and longer selling times. Buyers and sellers alike will need to navigate these changing conditions carefully as they make their real estate decisions.