Millcreek’s housing market is entering August with a mix of stability and adjustment. Prices remain strong, but homes are taking longer to sell, and more inventory is giving buyers a chance to be selective. This balance is creating a healthier pace after years of intense competition.
Prices: Holding Firm
In July, the median sales price in Millcreek was $720,000, up 6.4 percent from the same time last year. This steady growth underscores the appeal of Millcreek’s established neighborhoods, diverse housing stock, and easy access to both downtown and the mountains. Sellers continue to enjoy solid home values, though buyers are showing more caution.
Inventory: More Homes to Choose From
Millcreek closed July with 112 active listings, a 12 percent increase compared to last year. This bump in inventory is giving buyers more options and reducing some of the pressure we saw in previous summers. Sellers, however, need to recognize that buyers have choices and may overlook overpriced or underprepared homes.
Days on Market: Sales Slowing Down
Homes in Millcreek averaged 48 days on the market in July, compared to 36 days a year ago. That 33 percent increase signals a clear shift in buyer behavior. Buyers are taking more time to evaluate options, negotiate terms, and consider financing carefully. Sellers should expect longer timelines and adjust their expectations accordingly.
Buyer’s or Seller’s Market?
With 2.7 months of supply, Millcreek is edging closer to a balanced market. It still leans toward sellers, but not with the same urgency we saw in past years. Buyers now have more leverage, while sellers still benefit from strong pricing if they approach the market strategically.
Interest Rates: The Ongoing Factor
Mortgage rates in the mid-6 percent range continue to weigh on affordability. While this slows some buyers down, Millcreek’s central location and community appeal keep demand steady. Buyers who are financially prepared may find opportunities in this calmer, more balanced environment.
Neighborhood Spotlight
Millcreek’s variety is one of its biggest strengths. Canyon Rim continues to attract buyers who want proximity to Sugar House and the canyons. East Millcreek remains a hotspot for families and outdoor enthusiasts, with quick access to Millcreek Canyon. Meanwhile, Mountair Acres offers larger lots and a quieter feel, appealing to those seeking more space without leaving the city.
The Bottom Line
Millcreek’s July numbers show a market in transition. Prices remain strong, inventory is climbing, and homes are spending more time on the market. Buyers have more breathing room than before, while sellers still enjoy healthy values if they price realistically. Success this season in Millcreek comes down to preparation, strategy, and patience.
