Provo, UT—84606
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 $424,000, with a year-over-year change of 2.8%. This indicates that home prices in Provo, UT are increasing. According to Zillow, the 1-year price projection is 0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $424,000 | 2.8% |
| Single Family | $457,000 | 3.2% |
| Condos | $350,000 | 3.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $351,000 | 3.8% |
3 Bed | $411,000 | 2.0% |
4 Bed | $480,000 | 3.2% |
| 5 Bed | $591,000 | 3.3% |
% of Housing Stock
Rental Trends — Provo, UT
As of July '25, Rentcast reports the average rent in Provo, UT is $1,380, with a year-over-year rent change of -3.5%. Per bedroom, the median rent as of July '25 in Provo, UT is studios: $903, 1-bedrooms: $957, 2-bedrooms: $1,240, 3-bedrooms: $1,880, 4-bedrooms: $1,980. The most common rental property sizes in Provo, UT are 2-bedroom and 3-bedroom, accounting for 38.5% and 25.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,380 |
| Studio Rent | $895 | $903 |
| 1 Bed Rent | $1,040 | $957 |
| 2 Bed Rent | $1,200 | $1,240 |
| 3 Bed Rent | $1,950 | $1,880 |
| 4 Bed Rent | $2,050 | $1,980 |
% 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 52. This is a decrease of -9.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $425,000 | -8.0% |
Listing Count | 60 | 52.0% |
| Listings as % of Homes | 0.3% | 52.0% |
Days on Market | 52 | -9.0% |
Demographics — Provo, UT
As of the latest ACS Survey released in 2023, Provo, UT has a population of 35,900, which has remained stable by 0.5% over the past 5 years. Provo, UT is a moderately popular place for families, as children make up 15.5% of the population. The area has a highly educated workforce, with 45.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 35,900 | 0.5% |
% Under 18 | 15.5% | -2.5% |
% Seniors | 2.7% | 12.5% |
% WFH | 14.2% | 195.8% |
% w/ College Degree | 45.1% | 0.9% |
As of the latest ACS Survey released in 2023, Provo, UT is a predominantly white area, with 71.3% of the population identifying as white. The white population has shrunk by 7.0% in the last 5 years. The second most common race or ethnicity in Provo, UT is hispanic, making up 16.5% of the population. Foreign-born residents account for 11.9% of the population in Provo, UT, and this percentage has increased by 29.3% 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 | 71.3% | -7.0% |
% Black | 1.2% | 100.0% |
% Hispanic | 16.5% | 13.0% |
% Asian | 2.3% | -4.2% |
% Foreign Born | 11.9% | 29.3% |
Mortgage and Risk — Provo, UT
According to HUD data as of 2023, there were 254 mortgage originations in Provo, UT, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Provo, UT. Investor activity is low, as 8.0% 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 | 254 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 8.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Provo, UT
As of 2024, the percent of homes in Provo, UT under the Section 8 program is 4.2%. 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 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 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 403 |
Total Units Section 8 | 362 |
% Rentals under Section 8 | 4.2% |
% Occupied Section 8 | 94.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $1,040 | $1,110 |
| 2 Bedroom | $90 | $1,200 | $1,290 |
| 3 Bedroom | -$140 | $1,950 | $1,810 |
| 4 Bedroom | $120 | $2,050 | $2,170 |
Affordability — Provo, UT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 8 |
| Median Home Price | $424,000 |
| Median Household Income | $52,100 |