Homes for Sale in Vernal, Utah

Vernal’s residential market is anchored by a median sale price of $375,000—about $135,000 less than the Utah statewide median—yet it experienced a dramatic 98.4% price jump from the prior month. Single‑family homes dominate the market, with a median price of $400,000 and a modest 14.3% year‑over‑year increase, while townhomes and condos trade around $250,000. Inventory remains generous: 72 single‑family homes and 18 condos are active, outpacing the 65 closed sales in the last quarter. Buyers are still paying close to list, as reflected by a 98.6% sale‑to‑list ratio, but homes linger longer, averaging 119 days on market versus the state’s 79 days, suggesting a balanced rather than overheated environment. The broader economic backdrop supports this equilibrium. Mortgage rates, after a brief dip to 6.06% in March, have risen to 6.42% in the most recent month, nudging financing costs upward. Unemployment stays low and steady (Utah 3.6%, national 4.4%), and consumer sentiment holds at a mid‑50s index, while housing starts have climbed to 1.49 million units, indicating continued construction activity. The recent USU Uintah Basin documentary highlights Vernal’s diversification and community resilience, adding a positive narrative that may attract new residents and investors. With rates beginning to climb again, buyers should act promptly to lock in financing, but the ample supply and modest price levels keep the market approachable for both first‑time homebuyers and investors.