SANDY, Utah — Luxury home sales in Utah reached an all-time high in 2025, with one in every 10 homes selling for $1 million or more, according to data from UtahRealEstate.com.

In 2025, a total of 39,791 homes were sold statewide. Of those, 3,992 properties sold for $1 million or more — representing 10% of all home sales. Million-dollar sales increased 13% from 3,527 luxury transactions in 2024. Compared to a decade ago, $1 million-plus sales have surged nearly 700%. Homes that sold for $1 million or more in 2025 had a median sales price of $1.425 million.

“Wealthy transplants and several years of strong home-price appreciation are fueling Utah’s million-dollar home sales,” said Scott Colemere, president of the Salt Lake Board of Realtors® and a Realtor® with Colemere Realty. “Although luxury home sales increased, the majority of homes sold in 2025 (65%) were priced under $600,000.”

Several factors are contributing to the continued rise in luxury sales, including:

  • Utah has experienced significant home price appreciation, with prices increasing 41% over the past five years, according to the Federal Housing Finance Agency. As a result, many homes previously priced around $700,000 or more have crossed the $1 million threshold due to appreciation alone.
  • Utah continues to attract higher-income buyers from other states, particularly California, increasing demand in the luxury segment.
  • The state’s strong economy and sustained job growth have expanded the pool of buyers able to afford higher-priced homes.
  • Utah’s lifestyle appeal — including access to ski resorts, national parks, and year-round outdoor recreation — continues to draw affluent buyers.

Luxury homes also moved slightly faster in 2025. The typical million-dollar home spent 44 days on the market, down from 47 days in 2024.

About the Salt Lake Board of Realtors®

The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. The Salt Lake Board of Realtors® is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Salt Lake Board of Realtors® empowers its members to better serve the public by providing continuing education, advocacy, and a professional code of ethics.

About UtahRealEstate.com

Founded in 1994, UtahRealEstate.com is the leading provider of real estate technology in Utah and one of the largest multiple listing services in the United States. The company provides one of the top-ranked real estate websites in the country, serving more than 8 million consumers each year. It also provides multiple listing services to approximately 20,000 real estate professionals, accounting for nearly 97% of all Realtors® in the state of Utah.