Source: Housing Wire —
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.
“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.