Murray’s real estate market is showing both momentum and balance as we move into August. July brought higher prices, more closed sales, and strong buyer activity, yet homes are spending more time on the market. The combination signals a market that is still leaning toward sellers but gradually shifting toward a more measured pace.
Prices: Steady Growth
In July, the median sales price in Murray reached $527,450, up 3.4 percent from last year. This increase demonstrates that demand remains strong for Murray’s central location and well-rounded amenities. Sellers continue to benefit from appreciation, though the pace is more moderate than in past years.
Inventory: Slightly Lower Supply
Murray ended July with 125 active listings, a 3.1 percent decrease compared to last year. That small drop in inventory means competition remains, especially for homes that are updated and well-priced. Buyers do not yet have an oversupply of options, which helps keep values firm.
Days on Market: Slowing Down
Homes in Murray averaged 54 days on the market in July, up from 34 days a year ago. That’s a 58.8 percent increase and shows buyers are taking their time to evaluate options. Sellers should expect longer timelines and prepare their homes carefully to stand out.
Buyer’s or Seller’s Market?
With 2.2 months of supply, Murray is still operating in seller’s market territory, but the increase in days on market shows that balance is approaching. Buyers are negotiating more confidently, while sellers who price too high risk sitting.
Interest Rates: Holding Influence
Mortgage rates in the mid-6 percent range continue to play a big role in shaping affordability. While this slows some buyers, Murray’s appeal—central location, schools, and access to shopping and recreation—keeps demand steady.
Neighborhood Spotlight
Murray’s diversity of neighborhoods offers something for everyone. East Murray attracts buyers looking for established communities and larger lots. Downtown Murray remains a hotspot thanks to redevelopment and TRAX access. And areas near Fashion Place Mall continue to draw buyers who value convenience and quick freeway connections.
The Bottom Line
July’s numbers show a market in transition. Prices are up, sales are stronger, and inventory is slightly tighter, but homes are taking longer to sell. Buyers are gaining leverage with more time to decide, while sellers still benefit from rising values. Success in Murray right now requires smart pricing, preparation, and patience.
