Salt Lake City Housing Market Teetering on the Edge of a Correction in 2025: “Sellers Are Cutting Prices at Record Rates”
May 15, 2025
Salt Lake City’s housing market is flashing red warning signals as a record share of home listings undergo price cuts. According to data from Reventure App, 34.4% of all active listings in Salt Lake County saw a price reduction in 2025, which is the highest rate ever recorded since tracking began. That’s nearly triple the pandemic low of just 6.2% in 2021 and well above the historical average of 18%.
Out of 3,724 active listings, 1,284 had their prices slashed this year, an indication that sellers are struggling to meet buyers where they are.
The share of listings with price reductions in Salt Lake County soared to 34.4% in 2025. Access the article here. [Link]
This surge in price cuts follows a sharp climb over the past three years, rising from 11.4% in 2022 to 25.8% in 2024 before hitting today’s high. And if this trend continues, Salt Lake City will soon face broader price corrections, especially as high inventory levels strain market balance and buyer affordability weakens.
Inventory Hits 8-Year High as Buyer Demand Fails to Keep Pace in Salt Lake County
Salt Lake County’s housing inventory has surged to its highest level since at least 2017, indicating mounting pressure in the market. According to data from Reventure App, the number of active listings reached 2,410 in April 2025, up sharply from 1,709 in 2024 and nearly quadruple the pandemic low of just 614 in 2021.
This is the first time since 2019 that inventory has crossed the 2,000 mark, and it now sits well above the 8-year average of approximately 1,600 homes for sale. The steep rise reflects not only a growing supply of homes but also a significant slowdown in buyer activity.
Salt Lake County’s active listings surged to 2,410 in 2025, the highest level in over eight years. Access the above article here. [Link]
While rising inventory alone doesn’t guarantee a correction, it becomes a concern when paired with record-high price cuts. Sellers are listing homes faster than buyers can absorb them, and many are finding they must drop asking prices to stay competitive.
The inventory spike also suggests that more homeowners are rushing to sell before the market shifts further. Due to financial pressures, rising mortgage rates, or fears of declining home values, the surge in listings is a key sign that Salt Lake City’s housing market is tipping into oversupply territory.
Home Value Growth Flatlines in Salt Lake County in 2025
Following years of explosive price appreciation, home value growth in Salt Lake County has cooled dramatically, adding more weight to signs of a looming correction. Home Value Index data shown by Reventure App indicates that the year-over-year growth in Salt Lake County dropped to just 2.8% in 2025, a steep fall from the pandemic-era high of 22.6% in 2022. This cooling trend reflects a sharp reversal in market momentum.
Paired with record-high price cuts (34.4%) and a spike in for-sale inventory (2,410 listings), it’s clear that sellers are losing pricing power.
Salt Lake County’s home value growth has slowed to just 2.8% in 2025. Access the above graph here. [Link]
The slowdown comes after a three-year boom that pushed affordability to the brink. Now, with buyer demand weakening and inventory flooding the market, sellers are forced to recalibrate expectations. The mild positive growth in 2025 suggests that while prices haven’t completely crashed, the era of double-digit annual gains may be over, at least for now.
Reventure App’s CEO, Nick Gerli, thinks that the Salt Lake City Market is due for a modest correction in 2025. “We wouldn’t be surprised if prices fall 5-6% over the next 12 months, based on the current trends in inventory and price cuts.”
If economic uncertainty or interest rates remain elevated, Salt Lake City’s housing market may be headed toward a prolonged correction phase. If you need ZIP code-level information on Salt Lake’s housing situation, sign up for Reventure Apps’ premium plan for just $39/ month. Get exclusive access to various market metrics across any state, metro, county, or ZIP code in the U.S.
FAQs About Salt Lake City Housing Market
1. Is Salt Lake City’s Housing Market in A Correction in 2025?
While not officially labeled a correction, several indicators suggest Salt Lake City is heading in that direction. Price cuts are at a record high (34.4%), inventory has surged to its highest level in eight years, and annual home value growth has slowed to just 2.8%. These signs reflect declining buyer demand and growing pressure on sellers.
2. Will Salt Lake County Home Prices Drop in 2025?
Home prices in Salt Lake County are still slightly up year-over-year, but momentum is clearly weakening. With inventory spiking and sellers slashing prices, there’s a strong likelihood that home values could decline later in 2025 if demand remains low and interest rates stay high.
