One in every 10 Utah homes now sells for $1 million or more
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 Sandy-based 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 percent of all home sales. Million-dollar sales increased 13 percent from 3,527 luxury transactions in 2024. Compared to a decade ago, $1 million-plus sales have surged nearly 700 percent, UtahRealEstate.com said.
And the average price of those expensive homes wasn’t just over $1 million. 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 an agent with Colemere Realty. “Although luxury home sales increased, the majority of homes sold in 2025 (65 percent) were priced under $600,000.”
Colemere said several factors are contributing to the continued rise in luxury sales. Utah has experienced significant home price appreciation, with prices increasing 41 percent 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 also continues to attract higher-income buyers from other states, particularly California, increasing demand in the luxury segment. In addition, the state’s strong economy and sustained job growth have expanded the pool of buyers able to afford higher-priced homes.
Another contributing factor is Utah’s lifestyle appeal, including access to ski resorts, national parks and year-round outdoor recreation, which continues to draw affluent buyers.
Luxury homes are also sold a little faster in 2025. The typical million-dollar home spent 44 days on the market, down from 47 days in 2024.