Utah Multi-Unit Listings Jump 33% Year-Over-Year as Buyers Gain Leverage

Utah Market Data

More Inventory. Flat Prices. Buyers Have Options.

Single-Family

Active listings sit at 10,898, up 8.2% from 10,075 a year ago. Pricing is essentially flat: average $/SF is $316.35 (+0.96% YoY), median is $251.65 (+0.24% YoY). That's zero real appreciation once you account for inflation. More supply, no price growth — buyers have leverage they haven't had in years.

Multi-Unit

This is where it gets interesting. Active multi-unit listings sit at 315, up 33% from 236 a year ago and up 14% from just 30 days ago. That's 79 more properties competing for buyer attention than this time last year.

On pricing, average $/SF is $284.61, down 2.36% from $291.47 a year ago. But the median tells a different story: $256.31, essentially flat YoY (down just 0.17%). When the average drops but the median holds, it means the high end is repricing while core product — your bread-and-butter 2 to 4-unit buildings — is holding value. The typical deal trades closer to that $256 median, not the $285 average.

What This Means for You

If you're buying: 33% more multi-unit listings and softening average $/SF means the market is coming to you. Buyers willing to take action in this high interest rate environment could be rewarded — motivated sellers are showing flexibility, especially on small commercial properties.

If you own: Median $/SF is flat at $256. Your values aren't falling off a cliff. This looks like a pricing plateau, not a freefall. Utah's fundamentals — job growth, population, constrained geography — haven't changed.

If you're selling: Price to today's market, not six months ago. There are 33% more listings competing for the same buyer pool, and average $/SF is down from $291 to $285. Overpricing just burns days on market.

The Bottom Line

Utah's spring 2026 market is leaning buyer-favorable. Inventory is building, pricing is flat to slightly down, and rising mortgage rates are adding pressure. For patient, well-capitalized investors, this cycle is creating better entry points than we've seen in years.

_{Data sourced from UtahRealEstate.com / WFRMLS active listings data.}

Canovo Group may not be the listing brokerage for the above properties. The price listed above is our recommended price based upon our underwriting and my not be the sellers asking price. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.

Mortgage Rates & Financing

Mortgage rates moved sharply higher this week, with the 30-year fixed climbing to 6.55% — up 26 basis points from a week ago and up 56 basis points over the past month. That's the highest level we've seen in several months and reverses the modest relief borrowers saw in early 2026. The good news: rates are still 22 basis points lower than a year ago, when the 30-year sat around 6.77%. FHA loans came in at 6.02% and VA at 6.04%, both still offering meaningful spreads below conventional. The 7/6 SOFR ARM jumped to 6.25%, up 52 bps on the week — narrowing the spread that had made ARMs attractive in recent months.

The 10-Year Treasury yield sits at 4.323% as of this morning, down slightly from yesterday's close of 4.369%. The 5-day chart shows a range between roughly 4.2% and 4.4%, reflecting ongoing uncertainty. The Fed held rates steady at 3.50%–3.75% at last week's meeting, with the dot plot pointing to just one cut remaining in 2026 — a more hawkish posture than markets had hoped for. Since mortgage rates track the 10-year, investors should expect the current 6.5%+ rate environment to persist until Treasury yields show a sustained move lower.

Source: Mortgage News Daily/Market Watch

Headlines & Insights

Utah Headlines

Utah Foundation Report Makes the Case for Shared-Equity Homeownership Programs — The "Appraising Utah's Homeownership Approaches" report argues that down-payment assistance alone won't close the affordability gap, and shared-equity models — where investors split purchase costs in exchange for a share of future appreciation — could help more Utahns buy in high-priced markets along the Wasatch Front.

Utah's Housing Stock Has a Median Age of 30 Years — Among the Youngest in the Nation — NAHB's latest analysis of Census data shows Utah's owner-occupied homes have a median age of 30, reflecting decades of rapid construction driven by population growth — a structural advantage for investors buying relatively newer product compared to older-stock markets in the Northeast and Midwest.

21 Nephi Homeowners Sue Builder Over Sinking, Cracking New-Construction Homes — Families in the Winn Ridge Community allege their homes — built between 2022 and 2023 at an average of $550,000 — were constructed on collapsible soil despite a geotechnical report warning of "moderate to high collapse potential," with complaints including sloped floors, cracked drywall, and dangerous radon levels.

Lehi-Based Entrata Launches First Agentic AI Property Management System With 100+ Embedded Agents — The Utah proptech company's new Operations Experience Platform embeds AI agents across leasing, maintenance, accounting, and resident operations, advancing its vision for autonomous property management across the multifamily industry.

National Headlines

Treasury Yields Tumble as Trump Talks Up Iran Ceasefire Plan — The 10-year yield dropped from above 4.4% to 4.32% after Trump signaled a potential pause in strikes on Iranian energy infrastructure, though Iran rejected the U.S. ceasefire offer and proposed a five-point counteroffer including sovereignty over the Strait of Hormuz.

Fed Holds Rates Steady, Dot Plot Signals Just One Cut Left in 2026 — The FOMC voted 11-1 to keep the federal funds rate at 3.50%–3.75%, with updated projections pointing to one reduction this year and another in 2027.

630,000 More Sellers Than Buyers — The Biggest Gap on Record — Redfin's weekly update shows mortgage rates jumped from 6.36% to 6.53% last week, the typical February buyer scored 1.8% off list price (biggest discount since 2023), and homes spent 66 days on market — the slowest February pace in a decade.

Office-to-Apartment Conversions Hit 90,300 Units Nationwide, Up 28% Year-Over-Year — Office conversions now account for 47% of all adaptive reuse projects, with vacancy rates near 20% and remote work continuing to push developers toward repurposing underused office space for housing.

Construction Costs Spike 12.6% Annualized in Early 2026 as Tariffs Bite — Steel and aluminum tariffs reaching 50% on some products are driving material cost increases of 20–30% for key commodities, with 53% of contractors citing materials costs as a top concern for 2026.

Multifamily Starts Fell 40%+ From 2023–2025, Setting Up Tighter Supply Ahead — Yardi expects about 450,000 new apartment deliveries in 2026, down 24% from 2025, while investors remain bullish — 62.7% of industry executives expect multifamily acquisitions to increase this year.

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David Robinson - Principal Broker | Investor