Orem UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Orem, 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 Q2 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

Orem Housing Market Information

With 97,839 people, 27,518 houses or apartments, and a median cost of homes of $329,243, 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 57.16% of the city's housing units. Other types of housing that are prevalent in Orem include large apartment complexes or high rise apartments ( 16.38%), duplexes, homes converted to apartments or other small apartment buildings ( 15.29%), and a few row houses and other attached homes ( 9.33%).

Not only is Orem's real estate primarily composed of large, four, five or more bedroom residences ( 46.58%), but it has a blend of both renters and owners ( 41.13% renters; 58.87% 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 ( 18.65%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.66%). There's also some housing in Orem built before 1939 ( 1.50%).

Orem Home Appreciation Rates

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 44.81% over the last ten years, which is an average annual home appreciation rate of 3.77%, putting Orem in the top 20% 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 8.37%, which is higher than appreciation rates in 95.66% 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 1.27%, which equates to an annual appreciation rate of 5.18%.

Relative to Utah, our data show that Orem's latest annual appreciation rate is higher than 70% 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.

Average Home Values

 

Median Home Value:
$329,243

Orem, UT HOME PRICES

Value Range
> $1,366,000 0.6
$1,025,001 - $1,366,000 0.8
$683,001 - $1,025,000 3.8
$546,001 - $683,000 5.4
$410,001 - $546,000 13.7
$273,001 - $410,000 37.8
$137,001 - $273,000 32.2
$68,001 - $137,000 1.1
$0 - $68,000 4.6

High for UT
Very High for Nation

Value Relative to Nation Value Relative to State
16.6948905109489 38.255033557047

Number Of Homes And Apartments:
27,518

Orem Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
87.28% 3.27%
6
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,258 / per month

Homeownership Rate

Homeownership
Owners 58.87
Renters 41.13
Vacant 5.55

Housing Market Details

 

Age of Homes

AGE OF Orem HOMES
2000 or Newer 15.7
1970 - 1999 64.2
1940 - 1969 18.6
1939 or Older 1.5

Types of Homes

TYPE OF Orem HOMES
Single-Family 57.2
Townhomes 9.3
Small Apt. Buildings 15.3
Apt. Complexes 16.4
Mobile Homes 1.8
Other 0.0

Home Size

SIZE OF Orem HOMES
No Bedroom 1.22
1 Bedroom 4.19
2 Bedrooms 25.38
3 Bedrooms 22.64
4 Bedrooms 21.33
5 or more bedrooms 25.25