Estimated read time: 4-5 minutes
Although it's been six years since the COVID-19 pandemic began, Utahns likely still feel its impact on the housing market.
Between 2020 and 2022, things were particularly volatile.
According to the 2026 Housing Forecast Executive Report from the Salt Lake Board of Realtors, the median sales price of a home in Salt Lake County increased a staggering 40% during those years — the strongest price surge in Utah's real estate history.
As demand boomed and mortgage rates doubled, many people naturally expected prices to drop in 2023. Instead, they fell just 2.8%.
That whiplash understandably left many would-be homeowners feeling shell-shocked and wondering if they would ever be able to afford a home.
Well, if you've been feeling that way, here's the good news: Prices are stabilizing and the market is catching its breath.
For those considering buying a new home, now may actually be a good time to do it.
Here's what you need to know:
Signs of a stabilizing market
Although prices only dropped 2.8% in 2023, there's reason for potential buyers to feel encouraged.
According to the report, home prices in Salt Lake County have increased just 3.8% from 2022 to 2025. Over the past year alone, the median sales price rose only 1.9% to $550,000.
After a 40% surge between 2020 and 2022, that pace of growth is far more manageable — and far more predictable — for buyers trying to plan their next move.
And price stability is not the only sign that the market is shifting in buyers' favor.
More inventory: More options for buyers
Not long ago, buying a home felt like a race. Homes disappeared almost as soon as they hit the market, and bidding wars became the norm.
That urgency has cooled, giving you more time to pause, think things through and make decisions you actually feel good about.
In Salt Lake County, home sales have dropped 2.4% to 11,797 transactions — about 300 fewer sales than in 2024. Homes are also taking longer to sell, with the median number of days on the market increasing from 29 days in 2024 to 36 days in 2025.
At the same time, listings are up 10%, which means you have more options to choose from.
All of this has pushed sales per capita to the lowest level in 25 years — and if you're in the market for a new home, that's not a bad thing.
With fewer buyers competing for the same homes, you don't have to rush into an offer or settle for something that doesn't quite fit. You can take a little more time, compare your options and move forward with confidence.
Another bonus: Falling interest rates
If you're looking for one more reason to feel good about buying a home in the next couple of years, this might be it. There are signs mortgage rates could ease this year.
In its annual mortgage forecast, Bankrate predicts rates in 2026 may dip below 6% for the first time in three years. The low could reach 5.7%, with the high around 6.5%. Either way, that's far easier to stomach than the 8% rates many buyers faced in 2023.
Why buying now may make the most sense
If current trends hold, home prices are expected to stay fairly steady over the next couple of years. At the historic growth rate, the Salt Lake Board of Realtors projects the median home price will reach $560,150 by 2027.
Even with 2% annual growth, that number only rises to about $572,200 — not a dramatic jump.
Here's the takeaway: Waiting to buy likely won't lead to a major price drop. Buying now, on the other hand, means stepping in while competition is lighter and buyers have more breathing room to make thoughtful decision
Find — or build — your ideal Utah home
As you think about your goals for 2026, homeownership may be worth putting back on the list. Prices are stabilizing. The market is catching its breath.
And with less competition, buying a home doesn't have to feel as stressful or rushed as it did just a few years ago.
This could be the year you move forward with confidence.
If you're considering a first purchase, Woodside Homes is a good place to start.
With options that include move-in ready homes or the ability to build from the ground up, Woodside gives you flexibility to choose what works best for you.
Their team of builders and designers works alongside you every step of the way, helping you create a home that fits your needs, lifestyle and budget.
To browse current listings or learn more, visit woodsidehomes.com.
