Springville, UT Real Estate Market

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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Springville, UT Housing Market Trends

With 33,310 people, 9,227 houses or apartments, and a median cost of homes of $353,310, 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 66.48% of the city's housing units. Other types of housing that are prevalent in Springville include row houses and other attached homes ( 11.53%), duplexes, homes converted to apartments or other small apartment buildings ( 9.92%), and a few large apartment complexes or high rise apartments ( 7.49%).

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 68.73% of Springville's homes, and 57.89% 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 ( 36.25%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.15%). There's also some housing in Springville built before 1939 ( 6.73%).

Springville Home Appreciation Rates

In the last 10 years, Springville has experienced some of the highest home appreciation rates of any community in the nation. Springville real estate appreciated 89.83% over the last ten years, which is an average annual home appreciation rate of 6.62%, putting Springville in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Springville 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 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 9.54%, which is higher than appreciation rates in 87.63% 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 2.61%, which equates to an annual appreciation rate of 10.85%.

Importantly, this makes Springville 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 Springville's latest annual appreciation rate is lower 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 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:
$353,310

Springville, UT HOME PRICES

> $1,311,000
0.3%
0.3%
$984,001 - $1,311,000
1.1%
1.1%
$656,001 - $984,000
5.3%
5.3%
$525,001 - $656,000
7.0%
7.0%
$394,001 - $525,000
20.0%
20.0%
$262,001 - $394,000
40.8%
40.8%
$131,001 - $262,000
18.0%
18.0%
$66,001 - $131,000
2.4%
2.4%
$0 - $66,000
5.0%
5.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for UT

Value Relative To Nation

Number Of Homes And Apartments:
9,227

Springville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
101.38% 3.35%
2
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,255 / per month

Homeownership Rate

Owners
68.7%
68.7%
Renters
31.3%
31.3%
Vacant
3.5%
3.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
36.2%
36.2%
1970 - 1999
41.9%
41.9%
1940 - 1969
15.1%
15.1%
1939 or Older
6.7%
6.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
66.5%
66.5%
Townhomes
11.5%
11.5%
Small Apt. Buildings
9.9%
9.9%
Apt. Complexes
7.5%
7.5%
Mobile Homes
4.6%
4.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.8%
0.8%
1 Bedroom
2.6%
2.6%
2 Bedrooms
16.8%
16.8%
3 Bedrooms
32.3%
32.3%
4 Bedrooms
25.6%
25.6%
5 or more bedrooms
21.9%
21.9%
0.0% 100.0%
% OF HOMES