Springville, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Springville Neighborhoods Since 2000




Springville, 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

Springville Housing Market Information

With a population of 32,286, 8,962 total housing units (homes and apartments), and a median house value of $247,078, Springville real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Springville, accounting for 66.92% of the city's housing units. Other types of housing that are prevalent in Springville include duplexes, homes converted to apartments or other small apartment buildings ( 12.59%), row houses and other attached homes ( 9.57%), and a few large apartment complexes or high rise apartments ( 6.36%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Springville. Owner-occupied housing accounts for 68.69% of Springville's homes, and 58.06% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Springville 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 Springville built between 2000 and later ( 32.83%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.96%). There's also some housing in Springville built before 1939 ( 8.55%).

Springville Home Appreciation Rates

Appreciation rates for homes in Springville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.40%, which ranks in the top 40% nationwide. This equates to an annual average Springville house appreciation rate of 0.62%.

Appreciation rates are so strong in Springville that despite a nationwide downturn in the housing market, Springville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Springville appreciation rates continue to be some of the highest in America, at 9.53%, which is higher than appreciation rates in 92.44% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Springville. Springville 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 Springville'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 Springville's latest annual appreciation rate is higher than 80% 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 Springville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Springville - 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 Springville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$247,078

Springville, UT HOME PRICES

Value Range
> $1,267,000 0.8
$951,001 - $1,267,000 0.1
$634,001 - $951,000 1.6
$507,001 - $634,000 3.6
$380,001 - $507,000 8.0
$253,001 - $380,000 30.9
$127,001 - $253,000 44.7
$63,001 - $127,000 3.7
$0 - $63,000 6.6

Average for UT
High for Nation

Value Relative to Nation Value Relative to State
23.0048048751904 48.3221476510067

Number Of Homes And Apartments:
8,962

Springville 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
44.01% 2.14% 3 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,104 / per month

Homeownership Rate

Homeownership
Owners 68.69
Renters 31.31
Vacant 3.46

Housing Market Details

 

Age of Homes

AGE OF Springville HOMES
2000 or Newer 32.8
1970 - 1999 41.7
1940 - 1969 17.0
1939 or Older 8.6

Types of Homes

TYPE OF Springville HOMES
Single-Family 66.9
Townhomes 9.6
Small Apt. Buildings 12.6
Apt. Complexes 6.4
Mobile Homes 4.6
Other 0.0

Home Size

SIZE OF Springville HOMES
No Bedroom 0.09
1 Bedroom 4.24
2 Bedrooms 17.49
3 Bedrooms 31.66
4 Bedrooms 26.40
5 or more bedrooms 20.11