Payson, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Payson Neighborhoods Since 2000




Payson, 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

Payson Housing Market Information

With 19,548 people, 5,317 houses or apartments, and a median cost of homes of $242,752, Payson real estate prices are well above average cost compared to national prices.

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

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Payson. Owner-occupied housing accounts for 76.83% of Payson's homes, and 53.30% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Payson 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 Payson built between 2000 and later ( 30.93%). A lesser amount of the housing stock also hails from before 1939 ( 10.92%). There's also some housing in Payson built between 1940-1969 ( 10.56%).

Payson Home Appreciation Rates

Appreciation rates for homes in Payson have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.40%, which ranks in the top 50% nationwide. This equates to an annual average Payson house appreciation rate of 0.43%.

Appreciation rates are so strong in Payson that despite a nationwide downturn in the housing market, Payson real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Payson appreciation rates continue to be some of the highest in America, at 8.36%, which is higher than appreciation rates in 88.32% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Payson. Payson appreciation rates in the latest quarter were at 2.90%, which equates to an annual appreciation rate of 12.10%.

Importantly, this makes Payson 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 Payson's latest annual appreciation rate is higher than 60% 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 Payson differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Payson - 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 Payson real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$242,752

Payson, UT HOME PRICES

Value Range
> $1,263,000 0.1
$947,001 - $1,263,000 0.2
$632,001 - $947,000 1.9
$505,001 - $632,000 1.5
$379,001 - $505,000 4.6
$253,001 - $379,000 29.4
$126,001 - $253,000 56.5
$63,001 - $126,000 1.6
$0 - $63,000 4.2

Average for UT
High for Nation

Value Relative to Nation Value Relative to State
23.6610805109575 52.3489932885906

Number Of Homes And Apartments:
5,317

Payson 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
43.13% 2.10% 3 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$988 / per month

Homeownership Rate

Homeownership
Owners 76.83
Renters 23.17
Vacant 4.51

Housing Market Details

 

Age of Homes

AGE OF Payson HOMES
2000 or Newer 30.9
1970 - 1999 47.6
1940 - 1969 10.6
1939 or Older 10.9

Types of Homes

TYPE OF Payson HOMES
Single-Family 77.5
Townhomes 4.9
Small Apt. Buildings 8.0
Apt. Complexes 6.3
Mobile Homes 3.4
Other 0.0

Home Size

SIZE OF Payson HOMES
No Bedroom 0.77
1 Bedroom 0.88
2 Bedrooms 16.65
3 Bedrooms 30.03
4 Bedrooms 23.28
5 or more bedrooms 28.39