Orem, UT—84097
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Orem, UT
As of Oct '25, the median home price in Orem, UT is $579,000, with a year-over-year change of 3.5%. This indicates that home prices in Orem, UT are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $579,000 | 3.5% |
| Single Family | $581,000 | 3.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $522,000 | 5.0% |
4 Bed | $574,000 | 2.7% |
| 5 Bed | $685,000 | 2.9% |
% of Housing Stock
Rental Trends — Orem, UT
As of July '25, Rentcast reports the average rent in Orem, UT is $1,540, with a year-over-year rent change of -11.0%. Per bedroom, the median rent as of July '25 in Orem, UT is studios: $858, 1-bedrooms: $1,100, 2-bedrooms: $1,300, 3-bedrooms: $1,700, 4-bedrooms: $2,440. The most common rental property sizes in Orem, UT are 2-bedroom and 1-bedroom, accounting for 41.7% and 27.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,540 |
| Studio Rent | $795 | $858 |
| 1 Bed Rent | $1,100 | $1,100 |
| 2 Bed Rent | $1,280 | $1,300 |
| 3 Bed Rent | $1,600 | $1,700 |
| 4 Bed Rent | $2,380 | $2,440 |
% of Rental Stock
Property Listings — Orem, UT
As of Oct '25, Realtor.com reports that the median days on market for a home in Orem, UT is 57. This is a increase of 14.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $750,000 | -19.0% |
Listing Count | 45 | -10.0% |
| Listings as % of Homes | 0.5% | -10.0% |
Days on Market | 57 | 14.0% |
Demographics — Orem, UT
As of the latest ACS Survey released in 2023, Orem, UT has a population of 22,000, which has increased by 1.6% over the past 5 years. Orem, UT is a popular place for families, as children make up 28.4% of the population. The area has a highly educated workforce, with 50.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 22,000 | 1.6% |
% Under 18 | 28.4% | -2.4% |
% Seniors | 14.3% | -2.1% |
% WFH | 20.6% | 221.9% |
% w/ College Degree | 50.2% | 7.7% |
As of the latest ACS Survey released in 2023, Orem, UT is a predominantly white area, with 83.8% of the population identifying as white. The white population has shrunk by 2.1% in the last 5 years. The second most common race or ethnicity in Orem, UT is hispanic, making up 9.9% of the population. Foreign-born residents account for 6.5% of the population in Orem, UT, and this percentage has increased by 25.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 83.8% | -2.1% |
% Black | 0.2% | -50.0% |
% Hispanic | 9.9% | 12.5% |
% Asian | 1.1% | -26.7% |
% Foreign Born | 6.5% | 25.0% |
Mortgage and Risk — Orem, UT
According to HUD data as of 2023, there were 321 mortgage originations in Orem, UT, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 46.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Orem, UT. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 321 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Orem, UT
As of 2024, the percent of homes in Orem, UT under the Section 8 program is 1.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Orem, UT, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 23 |
Total Units Section 8 | 23 |
% Rentals under Section 8 | 1.1% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $60 | $1,100 | $1,160 |
| 2 Bedroom | $60 | $1,280 | $1,340 |
| 3 Bedroom | $280 | $1,600 | $1,880 |
| 4 Bedroom | -$130 | $2,380 | $2,250 |
Affordability — Orem, UT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.6 |
| Median Home Price | $579,000 |
| Median Household Income | $97,000 |