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Nestled between Utah Lake and the towering peaks of the Wasatch Mountain Range, it is hard to imagine that anything in the Provo-Orem metropolitan area could be anything other than serene. But for the past 12 months, the metro’s housing market has been in complete chaos.

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“It is hot, hot, hot here,” Clay Winder, a real estate agent for Keller Williams Westfield, said. “The Provo-Orem market is growing at a faster rate per capita than really anywhere else in the state of Utah, including our capital, Salt Lake City.”

The median home price in Provo was up 24.4% to $410,000 in August compared to the year prior, while in Orem it was up 22.2% to $440,000, according to reports from Redfin. In comparison, the national median was only up 16.2% year-over-year.

On average, in August 2021, homes in the area sold for about 2.5% above the list price and sat on the market about 11 days before going pending. Newer homes and fully updated older houses, however, were selling, on average, for about 6% above asking and only sitting six days before going pending.