Herriman, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Herriman, UT Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Herriman Housing Market Information

With 39,224 people, 8,180 houses or apartments, and a median cost of homes of $368,559, real estate costs in Herriman are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Utah communities.

Herriman is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Herriman than is found in 98% of the communities in America.

The large homes that make up Herriman are primarily owner-occupied ( 79.96%).

Herriman homes and real estate are some of the newest in America. 81.91% of Herriman's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Herriman real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 13.58%), and before 1939 ( 2.69%). There's also some housing in Herriman built between 1940-1969 ( 1.81%).

Herriman Home Appreciation Rates

Appreciation rates for homes in Herriman have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 28.12%, which ranks in the top 30% nationwide. This equates to an annual average Herriman house appreciation rate of 2.51%.

Appreciation rates are so strong in Herriman that despite a nationwide downturn in the housing market, Herriman real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Herriman appreciation rates continue to be some of the highest in America, at 7.53%, which is higher than appreciation rates in 79.04% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Herriman. Herriman appreciation rates in the latest quarter were at 1.69%, which equates to an annual appreciation rate of 6.93%.

Importantly, this makes Herriman one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Utah, our data show that Herriman's latest annual appreciation rate is lower than 90% of the other cities and towns in Utah.

Average Home Values

 

Median Home Value:
$368,559

Herriman, UT HOME PRICES

Value Range
> $1,263,000 0.5
$948,001 - $1,263,000 0.9
$631,001 - $948,000 11.1
$505,001 - $631,000 15.6
$379,001 - $505,000 32.4
$253,001 - $379,000 28.2
$126,001 - $253,000 8.1
$63,001 - $126,000 0.0
$0 - $63,000 3.3

High for UT
Very High for Nation

Value Relative to Nation Value Relative to State
13.0744525547445 24.1610738255034

Number Of Homes And Apartments:
8,180

Herriman Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
91.40% 3.43%
7
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,532 / per month

Homeownership Rate

Homeownership
Owners 79.96
Renters 20.04
Vacant 6.78

Housing Market Details

 

Age of Homes

AGE OF Herriman HOMES
2000 or Newer 81.9
1970 - 1999 13.6
1940 - 1969 1.8
1939 or Older 2.7

Types of Homes

TYPE OF Herriman HOMES
Single-Family 72.5
Townhomes 8.7
Small Apt. Buildings 4.2
Apt. Complexes 12.2
Mobile Homes 2.4
Other 0.0

Home Size

SIZE OF Herriman HOMES
No Bedroom 0.21
1 Bedroom 3.29
2 Bedrooms 13.04
3 Bedrooms 29.86
4 Bedrooms 20.06
5 or more bedrooms 33.55