Parowan—84761
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Parowan
As of Oct '25, the median home price in Parowan is $393,000, with a year-over-year change of 1.9%. This indicates that home prices in Parowan are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $393,000 | 1.9% |
| Single Family | $396,000 | 1.8% |
| 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 | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Parowan
As of July '25, Rentcast reports the average rent in Parowan is $1,240, with a year-over-year rent change of -28.3%. Per bedroom, the median rent as of July '25 in Parowan is studios: $650, 1-bedrooms: $1,020, 2-bedrooms: $1,120, 3-bedrooms: $1,480, 4-bedrooms: $2,800. The most common rental property sizes in Parowan are 3-bedroom and 2-bedroom, accounting for 58.7% and 19.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,000 | $1,240 |
| Studio Rent | $650 | $650 |
| 1 Bed Rent | $1,020 | $1,020 |
| 2 Bed Rent | $1,000 | $1,120 |
| 3 Bed Rent | $1,480 | $1,480 |
| 4 Bed Rent | $2,800 | $2,800 |
% of Rental Stock
Property Listings — Parowan
As of Oct '25, Realtor.com reports that the median days on market for a home in Parowan is 83. This is a increase of 6.0% 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 | $549,000 | 27.0% |
Listing Count | 45 | 32.0% |
| Listings as % of Homes | 0.5% | 32.0% |
Days on Market | 83 | 6.0% |
Demographics — Parowan
As of the latest ACS Survey released in 2023, Parowan has a population of 3,130, which has decreased by -3.8% over the past 5 years. Parowan is a moderately popular place for families, as children make up 23.5% of the population. The area has a poorly educated workforce, with 18.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,130 | -3.8% |
% Under 18 | 23.5% | -2.5% |
% Seniors | 22.6% | -6.2% |
% WFH | 19.3% | 73.9% |
% w/ College Degree | 18.6% | 5.7% |
As of the latest ACS Survey released in 2023, Parowan is a predominantly white area, with 90.7% of the population identifying as white. The white population has shrunk by 0.2% in the last 5 years. The second most common race or ethnicity in Parowan is hispanic, making up 2.2% of the population. Foreign-born residents account for 3.6% of the population in Parowan, and this percentage has decreased by 28.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 90.7% | -0.2% |
% Black | 0.0% | -100.0% |
% Hispanic | 2.2% | -56.0% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 3.6% | -28.0% |
Mortgage and Risk — Parowan
According to HUD data as of 2023, there were 179 mortgage originations in Parowan, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Parowan. Investor activity is low, as 4.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 179 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 4.0% |
% Second Loans | 18.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Parowan
Parowan lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$90 | $1,020 | $930 |
| 2 Bedroom | $140 | $1,000 | $1,140 |
| 3 Bedroom | $120 | $1,480 | $1,600 |
| 4 Bedroom | -$890 | $2,800 | $1,910 |
Affordability — Parowan
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.7 |
| Median Home Price | $393,000 |
| Median Household Income | $50,600 |