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Provo-Orem, UT housing market
Housing market indicators
| Indicator | 2022 | 2023 | 2024 | 2025* | Change | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|
| Median Listing Price per Square Feet | $210 | $213 | $215 | $215 | 1% | 1.4% | 0.9% | 0% | |
| Active Listing Count | 2,070 | 1,535 | 2,026 | 2,878 | 255.7% | -25.8% | 32% | 42.1% | |
| Median Days on Market | 86 | 67 | 76 | 62 | 109.8% | -22.1% | 13.4% | -18.4% | |
| Share of listings with price increase | 3.7% | 3.1% | 3.7% | 3% | |||||
| Share of listings with price decrease | 17.2% | 19% | 18.8% | 22.5% | |||||
* last available value
Home prices
Short term housing supply drivers
Long term housing demand drivers
Long term housing supply drivers
Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED
Housing market overview
Provo-Orem, UT MSA Overview
- The Provo-Orem, UT Metropolitan Statistical Area (MSA) includes Utah County and Juab County, anchored by Provo and Orem.
- Population reached 760,531 in 2024 estimates, up from 671,185 in 2020 census.
- Key geographic areas center on the Wasatch Front along Utah Lake, with urban cores in Provo-Orem and expanding suburbs like Lehi toward Silicon Slopes tech corridor.
- Median age is 25.6, reflecting large young population due to Brigham Young University (BYU) influence.
Cities and Towns Table
| Area | City/Town | Population | Density | Income (High/Low/...) | Quality of Schools (GreatSchools rating range) | Crime Level | Property Tax (%) | Comments |
|---|---|---|---|---|---|---|---|---|
| Urban Core | Provo | 115,572 | High (2,500+/sq mi) | Medium ($96k MSA median HH) | 7-9 | Medium | 0.57 | BYU hub, student-heavy, family-oriented |
| Urban Core | Orem | 96,646 | High (3,000+/sq mi) | Medium-High | 8-10 | Low | 0.57 | Commercial center, strong job base |
| Northern Suburbs | Lehi | 93,446 | Medium-High | High | 8-10 | Low | 0.57 | Silicon Slopes tech growth |
| Southern Suburbs | Springville | 35,000+ | Medium | Medium | 7-9 | Low | 0.57 | Family-friendly, growing |
| Western Areas | Spanish Fork | 42,000+ | Medium | Medium | 8-9 | Low | 0.57 | Affordable housing options |
| Rural South | Nephi (Juab Co) | 5,500+ | Low | Low-Medium | 6-8 | Very Low | 0.62 | Agricultural, commuter town |
To view all table columns, please open this table on a laptop or desktop screen.
Citizens: Income and Education
- Median household income: $96,745 in 2023, up 6% from prior year.
- Per capita income aligns with high state averages, driven by tech and education sectors.
- 54.56% hold associate's degree or higher; 44.73% have bachelor's or above.
- Young median age (25.6) boosts workforce participation; 79.1% White Non-Hispanic, growing Hispanic population at 10.7%+.
- High education levels concentrated in Provo (BYU) and Lehi tech areas.
Key Economic Sectors
- Educational services dominate due to BYU in Provo (major employer).
- Technology and software in Silicon Slopes (Lehi, northern areas).
- Healthcare and retail in Orem-Provo core.
- Manufacturing and finance growing across MSA.
- Agriculture in southern Juab County.
- Employment up 2.8% in 2024 statewide, mirroring MSA trends.
Housing Buying Market: Supply Drivers
- Zoning relatively open in suburbs like Lehi and Spanish Fork, allowing multifamily and single-family builds.
- Regulatory strictness moderate; Utah County streamlines permits but faces environmental reviews near Utah Lake.
- Construction workforce costs rising 5-7% annually due to labor shortages from rapid growth.
- New permits issued support 10,000+ units yearly, but land constraints in urban core limit density.
- Property taxes stable at 0.57-0.62%, low nationally, aiding affordability for builders.
Housing Buying Market: Demand Drivers
- Net migration in: 2.64% population growth 2022-2023, driven by tech jobs in Silicon Slopes.
- Growing industries: Tech (Adobe, Microsoft expansions in Lehi) and biotech, adding 5,000+ jobs yearly.
- High birth rates sustain local demand; young families seek suburbs.
- Declining: Traditional manufacturing slowing, minor out-migration from rural Juab.
- Home prices up 6.2% in 2024, fueled by in-migration from high-cost states.
Key Challenges on the Housing Market
- Supply lags demand: Inventory low at 2-3 months, pushing median prices to $500k+.
- Affordability crunch for young buyers despite high incomes; 30%+ of income on housing.
- Water scarcity near Utah Lake restricts large developments.
- Traffic congestion on I-15 corridor hampers northern expansion.
- Student turnover in Provo creates rental volatility.
- Labor shortages inflate construction costs 10-15% over national average.
Investment Potential Differences
| Area | Appreciation Potential | Risk | Key Drivers |
|---|---|---|---|
| Northern Suburbs (Lehi) | High | Medium | Tech boom, Silicon Slopes, job influx, new builds |
| Urban Core (Provo-Orem) | Medium-High | Low | Stable jobs, BYU stability, rental demand |
| Southern Suburbs (Springville, Spanish Fork) | Medium | Low | Family migration, affordable entry, school quality |
| Rural South (Juab County) | Low | High | Limited jobs, slow growth, agricultural limits |
- Overall MSA appreciation projected 5-8% annually through 2027, led by north.
- Risks include interest rate hikes and overbuilding in suburbs.
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