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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 97,828 people, 28,177 houses or apartments, and a median cost of homes of $358,976, Orem real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Orem, accounting for 56.85% of the city's housing units. Other types of housing that are prevalent in Orem include large apartment complexes or high rise apartments ( 17.00%), duplexes, homes converted to apartments or other small apartment buildings ( 14.23%), and a few row houses and other attached homes ( 10.23%).
Not only is Orem's real estate primarily composed of large, four, five or more bedroom residences ( 46.71%), but it has a blend of both renters and owners ( 41.69% renters; 58.31% owner occupied).
There is a lot of housing in Orem 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 Orem built between 1940-1969 ( 18.92%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.55%). There's also some housing in Orem built before 1939 ( 1.49%).
In the last 10 years, Orem has experienced some of the highest home appreciation rates of any community in the nation. Orem real estate appreciated 74.75% over the last ten years, which is an average annual home appreciation rate of 5.74%, putting Orem in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Orem definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Orem that despite a nationwide downturn in the housing market, Orem real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Orem appreciation rates continue to be some of the highest in America, at 6.47%, which is higher than appreciation rates in 91.14% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Orem. Orem appreciation rates in the latest quarter were at 2.37%, which equates to an annual appreciation rate of 9.84%.
Importantly, this makes Orem 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 Orem's latest annual appreciation rate is lower than 50% of the other cities and towns in Utah.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Orem differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Orem - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Orem real estate investment or home purchase decisions.
|$1,032,001 - $1,376,000||0.9|
|$688,001 - $1,032,000||4.4|
|$550,001 - $688,000||7.4|
|$413,001 - $550,000||17.8|
|$275,001 - $413,000||37.6|
|$137,001 - $275,000||26.8|
|$69,001 - $137,000||1.1|
|$0 - $69,000||3.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
2000 Q1 - 2020 Q3
|* 10 is highest|
|AGE OF Orem HOMES|
|2000 or Newer||17.5|
|1970 - 1999||62.0|
|1940 - 1969||18.9|
|1939 or Older||1.5|
|TYPE OF Orem HOMES|
|Small Apt. Buildings||14.2|
|SIZE OF Orem HOMES|
|5 or more bedrooms||26.01|