Magna, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Magna, 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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Magna Housing Market Information

With a population of 27,208, 7,931 total housing units (homes and apartments), and a median house value of $205,077, Magna real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Magna, accounting for 84.38% of the town's housing units. Other types of housing that are prevalent in Magna include large apartment complexes or high rise apartments ( 6.52%), row houses and other attached homes ( 4.77%), and a few mobile homes or trailers ( 2.54%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Magna. Owner-occupied housing accounts for 77.02% of Magna's homes, and 66.97% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Magna built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Magna built between 1940-1969 ( 18.65%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.55%). There's also some housing in Magna built before 1939 ( 10.10%).

Magna Home Appreciation Rates

Appreciation rates for homes in Magna have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 14.49%, which ranks in the top 30% nationwide. This equates to an annual average Magna house appreciation rate of 1.36%.

Appreciation rates are so strong in Magna that despite a nationwide downturn in the housing market, Magna real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Magna appreciation rates continue to be some of the highest in America, at 12.09%, which is higher than appreciation rates in 97.54% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Magna. Magna appreciation rates in the latest quarter were at 2.95%, which equates to an annual appreciation rate of 12.32%.

Importantly, NeighborhoodScout’s exclusive research found that Magna's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$205,077

Magna, UT HOME PRICES

Value Range
> $1,328,000 0.2
$996,001 - $1,328,000 0.0
$664,001 - $996,000 0.3
$531,001 - $664,000 0.8
$398,001 - $531,000 2.2
$265,001 - $398,000 14.8
$133,001 - $265,000 72.4
$66,001 - $133,000 5.5
$0 - $66,000 3.9

Low for UT
High for Nation

Value Relative to Nation Value Relative to State
31.0383218094457 64.4295302013423

Number Of Homes And Apartments:
7,931

Magna Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
59.81% 2.75% 7 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,350 / per month

Homeownership Rate

Homeownership
Owners 77.02
Renters 22.98
Vacant 4.94

Housing Market Details

 

Age of Homes

AGE OF Magna HOMES
2000 or Newer 15.5
1970 - 1999 55.7
1940 - 1969 18.7
1939 or Older 10.1

Types of Homes

TYPE OF Magna HOMES
Single-Family 84.4
Townhomes 4.8
Small Apt. Buildings 1.8
Apt. Complexes 6.5
Mobile Homes 2.5
Other 0.0

Home Size

SIZE OF Magna HOMES
No Bedroom 0.07
1 Bedroom 2.84
2 Bedrooms 16.01
3 Bedrooms 34.66
4 Bedrooms 32.30
5 or more bedrooms 14.11