Real Estate Market Update August 2025
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Image from utahrealestate.com
This year, the Salt Lake area real estate market has been slower than in years past. We are seeing more houses on the market, and they are taking 30+ days to sell. Normally, in the spring and summer months, we see houses selling more quickly. This year has been a bit different.
What does that mean for you as a buyer or seller? As a seller, it means you need to be more cautious and deliberate in how you price your house. This isn’t the market to try to get more than you think it’s worth. This is the market where you price your house right where it’s worth. Buyers are savvy and don’t have to compete as much. That means they have some negotiating power.
Hear that, buyers? This real estate market is much more balanced than it has been over the last 10 years. There are more houses on the market and fewer “bidding wars.” Sellers and buyers have been able to negotiate and compromise more on sales.
The low interest rates we had drove prices up. Those higher prices, coupled with today’s higher interest rates, are what have slowed the market. There is talk of interest rates coming down. The market will likely shift if that happens.
None of this is bad. A balanced market like this is much more sustainable and fair.
If you’re in the market to move, reach out below and we’ll get started.