Magna, UT—84044
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Magna, UT
As of Oct '25, the median home price in Magna, UT is $442,000, with a year-over-year change of 3.6%. This indicates that home prices in Magna, UT are increasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $442,000 | 3.6% |
| Single Family | $442,000 | 3.3% |
| Condos | $451,000 | 8.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $382,000 | 4.4% |
3 Bed | $434,000 | 4.6% |
4 Bed | $450,000 | 2.5% |
| 5 Bed | $493,000 | 2.3% |
% of Housing Stock
Rental Trends — Magna, UT
As of July '25, Rentcast reports the average rent in Magna, UT is $1,750, with a year-over-year rent change of -10.7%. Per bedroom, the median rent as of July '25 in Magna, UT is 1-bedrooms: $1,020, 2-bedrooms: $1,470, 3-bedrooms: $2,100, 4-bedrooms: $2,880. The most common rental property sizes in Magna, UT are 3-bedroom and 2-bedroom, accounting for 35.5% and 28.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,640 | $1,750 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,100 | $1,020 |
| 2 Bed Rent | $1,280 | $1,470 |
| 3 Bed Rent | $2,070 | $2,100 |
| 4 Bed Rent | $2,840 | $2,880 |
% of Rental Stock
Property Listings — Magna, UT
As of Oct '25, Realtor.com reports that the median days on market for a home in Magna, UT is 56. This is a increase of 33.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $454,000 | 0.0% |
Listing Count | 122 | -14.0% |
| Listings as % of Homes | 1.3% | -14.0% |
Days on Market | 56 | 33.0% |
Demographics — Magna, UT
As of the latest ACS Survey released in 2023, Magna, UT has a population of 29,500, which has increased by 7.4% over the past 5 years. Magna, UT is a popular place for families, as children make up 30.0% of the population. The area has a poorly educated workforce, with 14.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 29,500 | 7.4% |
% Under 18 | 30.0% | -3.8% |
% Seniors | 8.3% | 20.3% |
% WFH | 10.2% | 209.1% |
% w/ College Degree | 14.1% | 48.4% |
As of the latest ACS Survey released in 2023, Magna, UT is a predominantly white area, with 54.0% of the population identifying as white. The white population has shrunk by 11.6% in the last 5 years. The second most common race or ethnicity in Magna, UT is hispanic, making up 35.7% of the population. Foreign-born residents account for 15.8% of the population in Magna, UT, and this percentage has increased by 6.0% 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 | 54.0% | -11.6% |
% Black | 1.6% | 433.3% |
% Hispanic | 35.7% | 9.5% |
% Asian | 2.1% | 50.0% |
% Foreign Born | 15.8% | 6.0% |
Mortgage and Risk — Magna, UT
According to HUD data as of 2023, there were 840 mortgage originations in Magna, UT, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Magna, UT. Investor activity is low, as 1.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 840 |
% Conventional Loans | 74.0% |
% Government Loans | 26.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Magna, UT
As of 2024, the percent of homes in Magna, UT under the Section 8 program is 8.9%. 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 Magna, UT, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 226 |
Total Units Section 8 | 175 |
% Rentals under Section 8 | 8.9% |
% Occupied Section 8 | 92.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $350 | $1,100 | $1,450 |
| 2 Bedroom | $470 | $1,280 | $1,750 |
| 3 Bedroom | $280 | $2,070 | $2,350 |
| 4 Bedroom | -$170 | $2,840 | $2,670 |
Affordability — Magna, UT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $442,000 |
| Median Household Income | $87,500 |