Provo, UT—84604
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 $589,000, with a year-over-year change of 5.3%. This indicates that home prices in Provo, 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 | $589,000 | 5.3% |
| Single Family | $644,000 | 5.7% |
| Condos | $340,000 | 3.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $391,000 | 2.6% |
3 Bed | $480,000 | 4.3% |
4 Bed | $582,000 | 5.1% |
| 5 Bed | $783,000 | 5.4% |
% of Housing Stock
Rental Trends — Provo, UT
As of July '25, Rentcast reports the average rent in Provo, UT is $1,680, with a year-over-year rent change of -1.8%. Per bedroom, the median rent as of July '25 in Provo, UT is 1-bedrooms: $705, 2-bedrooms: $1,550, 3-bedrooms: $1,760, 4-bedrooms: $1,790. The most common rental property sizes in Provo, UT are 2-bedroom and 3-bedroom, accounting for 34.6% and 25.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,680 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $605 | $705 |
| 2 Bed Rent | $1,500 | $1,550 |
| 3 Bed Rent | $1,800 | $1,760 |
| 4 Bed Rent | $1,900 | $1,790 |
% 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 77. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $756,000 | -14.0% |
Listing Count | 106 | -1.0% |
| Listings as % of Homes | 0.6% | -1.0% |
Days on Market | 77 | 0.0% |
Demographics — Provo, UT
As of the latest ACS Survey released in 2023, Provo, UT has a population of 43,700, which has decreased by -5.8% over the past 5 years. Provo, UT is a moderately popular place for families, as children make up 18.7% of the population. The area has a highly educated workforce, with 56.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 43,700 | -5.8% |
% Under 18 | 18.7% | -13.4% |
% Seniors | 9.6% | 0.0% |
% WFH | 15.1% | 179.6% |
% w/ College Degree | 56.1% | 3.1% |
As of the latest ACS Survey released in 2023, Provo, UT is a predominantly white area, with 79.3% of the population identifying as white. The white population has shrunk by 5.4% in the last 5 years. The second most common race or ethnicity in Provo, UT is hispanic, making up 10.8% of the population. Foreign-born residents account for 8.1% of the population in Provo, UT, and this percentage has increased by 11.0% 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 | 79.3% | -5.4% |
% Black | 1.0% | 100.0% |
% Hispanic | 10.8% | 25.6% |
% Asian | 2.4% | -20.0% |
% Foreign Born | 8.1% | 11.0% |
Mortgage and Risk — Provo, UT
According to HUD data as of 2023, there were 422 mortgage originations in Provo, UT, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 51.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Provo, UT. Investor activity is low, as 4.0% 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 | 422 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 4.0% |
% Second Loans | 2.0% |
% 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 1.5%. 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 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Provo, UT, because HUD payments exceed market rent, while 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 108 |
Total Units Section 8 | 88 |
% Rentals under Section 8 | 1.5% |
% Occupied Section 8 | 97.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $555 | $605 | $1,160 |
| 2 Bedroom | -$200 | $1,500 | $1,300 |
| 3 Bedroom | $30 | $1,800 | $1,830 |
| 4 Bedroom | $300 | $1,900 | $2,200 |
Affordability — Provo, UT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.3 |
| Median Home Price | $589,000 |
| Median Household Income | $74,500 |