Homes for Sale in Cedar City, Utah

Cedar City’s residential market is currently balanced, with a notable 37% month‑over‑month price increase that has narrowed the gap between asking and sale prices (sale‑to‑list 98.9%). While the median home price of $423,000 remains 17% lower than the Utah statewide median, the city’s inventory is robust—168 new listings over the past three months versus only 69 closed transactions—resulting in an average of 90 days on market, 13.8% longer than the state average. Single‑family homes are commanding a median of $485,000 (up 5.4% YoY), whereas townhomes and condos sit at $319,990, down 10.1% YoY, reflecting divergent demand across property types. Economic indicators show a modestly tightening financing environment: 30‑year mortgage rates have risen to 6.42% after a brief dip, while the Fed Funds rate has held steady at 3.64% and Utah’s unemployment remains low at 3.6%. Consumer sentiment is stable, and housing starts are climbing, suggesting continued construction activity. City‑specific developments—such as the new Intermountain Cedar City Hospital Emergency Department and the $105 million jail project—are injecting jobs and long‑term demand into the local economy, supporting a resilient housing market despite the recent uptick in borrowing costs. Buyers should act promptly to lock in rates, but can expect a competitive yet not overheated market in the coming months.