The State of the Market, Homebuyers, and Demand for 2025
As we move into June, it’s time for a mid-year market check-in to address the state of the market, the attitudes of homebuyers, and what we predict for demand. The question on everyone’s mind is still whether it's the right time to buy, with interest rates staying steady at around 6.7% and only moderate variation since 2023. This question has sellers asking, “Where are the buyers?” and having buyers asking, “Why do things still feel competitive?”
Let’s walk through what’s happening and what the data is showing here in our local Utah market.
Buyers haven’t disappeared, but they are more selective
The total number of homes sold each month hasn’t changed drastically despite what it might feel like. In April 2025, we saw 3,375 sales, only slightly more than what we saw back in December. But buyer activity and urgency? That’s cooled a bit.
According to the latest data, buyer demand has dropped to just over 15% of what’s considered “normal” this time of year (when adjusted for seasonality).
What that tells us: buyers are still looking, but they’re moving more slowly and weighing decisions carefully. High interest rates and affordability concerns are definitely playing a role, but so is seasonality and a desire to “wait for the right one.”
In short, the market isn’t dead, but it is different.
Inventory continues to rise, but not rapidly
We started the year with just over 9,500 active listings across Utah. As of this spring, we’ve moved closer to 11,800 homes on the market. That’s a healthy increase, but we’re still sitting at about 95% of typical spring inventory levels.
This means that while there is more to choose from for buyers, we’re not in oversupply territory, giving buyers a bit more breathing room to be selective and methodical in their home search. Sales aren’t slowing down, though, which means that well-priced, well-prepared homes are still moving quickly when they hit the market.
The market is more balanced than you might believe
One metric we always keep an eye on is months of supply, which measures how long it would take to sell all current listings at the current pace.
At the end of last year, we were around 2.9 months of supply. Now, it’s 3.5.
Here’s a glance at how this translates:
Less than 3 months = seller’s market
3–6 months = balanced market
6+ months = buyer’s market
We’re inching closer to balance, and that means expectations need to shift. Homes won’t always fly off the shelf in a weekend, and buyers don’t always have to move at lightning speed. It’s a good time to be thoughtful on both sides of the transaction.
So, what should you know heading into the rest of 2025?
If You’re a Buyer
This is your moment to be strategic. Rates may not be ideal, but you’re getting more options and slightly more time. Be prepared, have financing ready, and know what you’re willing to compromise on.
If You’re a Seller
There are still motivated buyers out there, but pricing and preparation matter more than ever. The homes getting the most traction are clean, well-maintained, and listed at a smart, competitive price point.
If You’re Just Keeping Tabs
You’re not alone. Plenty of people are watching the market, waiting to see what happens next. Whether you’re planning to move later this year or just want to be ready when the time comes, this is a great time to stay educated and build a plan.
We’re not in the prediction business, we’re in the perspective business. That means looking at the data, listening to our clients, and helping people make smart, informed decisions that align with their real lives.
