Provo, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Provo, 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

Provo Housing Market Information

With a population of 115,264, 32,506 total housing units (homes and apartments), and a median house value of $247,986, Provo real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Provo, accounting for 42.00% of the city's housing units. Other types of housing that are prevalent in Provo include large apartment complexes or high rise apartments ( 27.86%), duplexes, homes converted to apartments or other small apartment buildings ( 14.10%), and a few row houses and other attached homes ( 13.65%).

The most prevalent building size and type in Provo are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 37.79% owning and 62.21% renting.

There is a lot of housing in Provo 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 Provo built between 1940-1969 ( 24.64%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.32%). There's also some housing in Provo built before 1939 ( 8.53%).

Provo Home Appreciation Rates

Appreciation rates for homes in Provo have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 11.04%, which ranks in the top 30% nationwide. This equates to an annual average Provo house appreciation rate of 1.05%.

Appreciation rates are so strong in Provo that despite a nationwide downturn in the housing market, Provo real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Provo appreciation rates continue to be some of the highest in America, at 8.72%, which is higher than appreciation rates in 89.75% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Provo. Provo appreciation rates in the latest quarter were at 2.90%, which equates to an annual appreciation rate of 12.10%.

Importantly, NeighborhoodScout’s exclusive research found that Provo'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 Provo'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 Provo differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Provo - 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 Provo real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$247,986

Provo, UT HOME PRICES

Value Range
> $1,297,000 0.7
$973,001 - $1,297,000 1.1
$649,001 - $973,000 2.5
$519,001 - $649,000 5.1
$389,001 - $519,000 10.5
$260,001 - $389,000 25.4
$129,001 - $260,000 44.6
$65,001 - $129,000 2.4
$0 - $65,000 7.7

Average for UT
High for Nation

Value Relative to Nation Value Relative to State
22.8524551740302 47.6510067114094

Number Of Homes And Apartments:
32,506

Provo 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
54.59% 2.56% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$953 / per month

Homeownership Rate

Homeownership
Owners 37.79
Renters 62.21
Vacant 5.32

Housing Market Details

 

Age of Homes

AGE OF Provo HOMES
2000 or Newer 14.3
1970 - 1999 52.5
1940 - 1969 24.6
1939 or Older 8.5

Types of Homes

TYPE OF Provo HOMES
Single-Family 42.0
Townhomes 13.7
Small Apt. Buildings 14.1
Apt. Complexes 27.9
Mobile Homes 2.3
Other 0.1

Home Size

SIZE OF Provo HOMES
No Bedroom 1.49
1 Bedroom 11.76
2 Bedrooms 27.87
3 Bedrooms 26.39
4 Bedrooms 17.27
5 or more bedrooms 15.22