Utah housing market recalibrates with rising inventory
Economic drivers
Utah's information, financial services, and education and health services industries are experiencing job growth. Construction also shows elevated activity, with residential construction values rising in late 2025. Intermountain Health remains a major employer in the state, with nearly 70,000 employees across several states.
Housing market right now
The Utah housing market is stabilizing, with inventory levels increasing by approximately 40% in 2025 compared to 2024. Median home prices are projected to see modest increases of 3% in 2025 and 4% in 2026 statewide. In Salt Lake County, the median single-family home price was $610,000 in mid-2025.
Migration patterns
Utah's population growth rate slowed to 1% between July 2024 and July 2025. Net international migration into Utah significantly decreased in 2025, mirroring national trends. Utah County added the most new residents by absolute number in 2025, accounting for approximately 36% of the state's population growth.
Headwinds
Housing affordability continues to challenge new buyers, contributing to a decline in Utah's homeownership rate. While consumer spending has grown, a January 2026 poll indicated that 85% of Utah voters are concerned about the country's economy, with inflation and housing costs being primary worries.
Key facts
- Utah's population reached an estimated 3,551,150 as of July 1, 2025.
- The Utah Department of Transportation announced 176 new construction projects worth $2.8 billion starting in 2026.
- Utah's nonfarm payroll employment increased by an estimated 0.7% between February 2025 and February 2026.
- The median sale price for single-family, townhomes, condominiums, and twin homes in Utah rose by 1.9% to $550,000 from 2024 to 2025.
- Utah's unemployment rate was estimated at 3.6% in December 2025.