Provo’s housing market has experienced notable shifts in recent years, reflecting broader national trends and local dynamics. Understanding these changes is essential for prospective buyers, renters, and investors.
Current Market Trends
As of early 2026, the median home price in Provo stands at approximately $484,203, marking a 2.3% increase over the past year. Homes typically go pending in around 39 days, indicating a moderately paced market. The median sale price is $454,690, with a median list price of $496,633. Notably, 17.4% of sales have closed above the list price, while 63.8% have been below, suggesting varied negotiation dynamics.
Rental Landscape
The rental market in Provo has also seen adjustments. The average rent is $1,430 per month, which is below the national average of $1,910. This represents a 3.2% year-over-year increase, indicating steady demand for rental properties.
New Developments
Provo continues to attract development projects aimed at accommodating its growing population. For instance, the Andaz Heber Valley has broken ground on ‘The Slope,’ a new alpine mountain village featuring hotel suites and fully furnished residences. This development is set to deliver its first phase in 2027, offering new housing options and amenities to the area.
Conclusion
Provo’s housing market is characterized by moderate price growth, a steady rental market, and ongoing development projects. These factors contribute to a dynamic real estate environment, offering opportunities for various stakeholders in the community.