Provo, UT—84601
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Provo, UT
As of Oct '25, the median home price in Provo, UT is $446,000, with a year-over-year change of 1.8%. This indicates that home prices in Provo, UT are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $446,000 | 1.8% |
| Single Family | $465,000 | 2.2% |
| Condos | $280,000 | -1.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $325,000 | 0.0% |
3 Bed | $435,000 | 1.6% |
4 Bed | $494,000 | 2.1% |
| 5 Bed | $588,000 | 2.6% |
% of Housing Stock
Rental Trends — Provo, UT
As of July '25, Rentcast reports the average rent in Provo, UT is $1,440, with a year-over-year rent change of -5.3%. Per bedroom, the median rent as of July '25 in Provo, UT is studios: $1,070, 1-bedrooms: $1,150, 2-bedrooms: $1,410, 3-bedrooms: $1,820, 4-bedrooms: $2,430. The most common rental property sizes in Provo, UT are 2-bedroom and 1-bedroom, accounting for 45.6% and 21.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,280 | $1,440 |
| Studio Rent | $995 | $1,070 |
| 1 Bed Rent | $1,150 | $1,150 |
| 2 Bed Rent | $1,350 | $1,410 |
| 3 Bed Rent | $1,750 | $1,820 |
| 4 Bed Rent | $2,500 | $2,430 |
% of Rental Stock
Property Listings — Provo, UT
As of Oct '25, Realtor.com reports that the median days on market for a home in Provo, UT is 56. This is a increase of 3.0% 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 52.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $481,000 | -4.0% |
Listing Count | 80 | 22.0% |
| Listings as % of Homes | 0.4% | 22.0% |
Days on Market | 56 | 3.0% |
Demographics — Provo, UT
As of the latest ACS Survey released in 2023, Provo, UT has a population of 32,900, which has decreased by -4.2% over the past 5 years. Provo, UT is a moderately popular place for families, as children make up 24.3% of the population. The area has a moderately educated workforce, with 33.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,900 | -4.2% |
% Under 18 | 24.3% | -18.2% |
% Seniors | 7.5% | 59.6% |
% WFH | 13.2% | 193.3% |
% w/ College Degree | 33.5% | 20.5% |
As of the latest ACS Survey released in 2023, Provo, UT is a predominantly white area, with 59.2% of the population identifying as white. The white population has shrunk by 5.3% in the last 5 years. The second most common race or ethnicity in Provo, UT is hispanic, making up 33.0% of the population. Foreign-born residents account for 18.6% of the population in Provo, UT, and this percentage has increased by 10.7% 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 | 59.2% | -5.3% |
% Black | 1.0% | -28.6% |
% Hispanic | 33.0% | 11.9% |
% Asian | 2.0% | 53.8% |
% Foreign Born | 18.6% | 10.7% |
Mortgage and Risk — Provo, UT
According to HUD data as of 2023, there were 512 mortgage originations in Provo, UT, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Provo, UT. Investor activity is low, as 3.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 512 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Provo, UT
As of 2024, the percent of homes in Provo, UT under the Section 8 program is 9.0%. 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. In Provo, UT, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 731 |
Total Units Section 8 | 545 |
% Rentals under Section 8 | 9.0% |
% Occupied Section 8 | 97.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$100 | $1,150 | $1,050 |
| 2 Bedroom | -$140 | $1,350 | $1,210 |
| 3 Bedroom | -$50 | $1,750 | $1,700 |
| 4 Bedroom | -$470 | $2,500 | $2,030 |
Affordability — Provo, UT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.6 |
| Median Home Price | $446,000 |
| Median Household Income | $64,800 |