Spanish Fork, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Spanish Fork, 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

Spanish Fork Housing Market Information

With a population of 37,935, 9,484 total housing units (homes and apartments), and a median house value of $257,913, Spanish Fork real estate prices are well above average cost compared to national prices.

Spanish Fork is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Spanish Fork 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 Spanish Fork. Owner-occupied housing accounts for 73.26% of Spanish Fork's homes, and 56.86% have either three or four bedrooms, which is average sized relative to America.

Spanish Fork homes and real estate are some of the newest in America. 40.01% of Spanish Fork's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Spanish Fork real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 39.00%), and between 1940-1969 ( 14.44%). There's also some housing in Spanish Fork built before 1939 ( 6.55%).

Spanish Fork Home Appreciation Rates

Appreciation rates for homes in Spanish Fork have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.90%, which ranks in the top 40% nationwide. This equates to an annual average Spanish Fork house appreciation rate of 0.48%.

Appreciation rates are so strong in Spanish Fork that despite a nationwide downturn in the housing market, Spanish Fork real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Spanish Fork appreciation rates continue to be some of the highest in America, at 8.67%, which is higher than appreciation rates in 89.59% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Spanish Fork. Spanish Fork 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 Spanish Fork'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 Spanish Fork'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 Spanish Fork differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Spanish Fork - 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 Spanish Fork real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$257,913

Spanish Fork, UT HOME PRICES

Value Range
> $1,263,000 0.5
$947,001 - $1,263,000 0.2
$631,001 - $947,000 0.6
$505,001 - $631,000 1.8
$379,001 - $505,000 10.0
$253,001 - $379,000 31.5
$126,001 - $253,000 51.7
$63,001 - $126,000 1.2
$0 - $63,000 2.4

Average for UT
High for Nation

Value Relative to Nation Value Relative to State
21.3641157857729 41.6107382550336

Number Of Homes And Apartments:
9,484

Spanish Fork 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
44.09% 2.14% 3 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,066 / per month

Homeownership Rate

Homeownership
Owners 73.26
Renters 26.74
Vacant 3.63

Housing Market Details

 

Age of Homes

AGE OF Spanish Fork HOMES
2000 or Newer 40.0
1970 - 1999 39.0
1940 - 1969 14.4
1939 or Older 6.6

Types of Homes

TYPE OF Spanish Fork HOMES
Single-Family 78.1
Townhomes 8.9
Small Apt. Buildings 9.3
Apt. Complexes 2.8
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Spanish Fork HOMES
No Bedroom 0.57
1 Bedroom 1.66
2 Bedrooms 14.88
3 Bedrooms 32.37
4 Bedrooms 24.49
5 or more bedrooms 26.03