Settled in 1849, Provo the largest city in its county; and the county seat of Utah County. With over 117,000 residents, Provo is the 3rd largest city in the state of Utah. Its elevation is 4,551 ft above sea level and has a total land and water area of 44 square miles.
The average winter temperatures range from 24 degrees to 42 degrees, and in the summertime, temperatures range from 58 degrees to 90 degrees. Provo is the home of Brigham Young University, and the City's Peak Ice Arena was a venue for the Salt Lake City Winter Olympics in 2002.
The number of people looking for homes for sale in Provo, UT is increasing steadily with each year. Because the area is bringing high paying jobs to the Utah economy, the Provo, UT housing market is likely to remain strong and stable.
Utah County leaders are anticipating an influx of 1 million new residents over the next decade. And because Provo, UT has developable land available, home builders in Provo, UT are busy building new homes for the influx of Provo, UT homeowners and move-ins.
Although the homes for sale in Provo, UT are experiencing both a shortage and an increase in value, the demand for houses for sale in Provo, UT has remained stable.
The current housing shortage in Provo, UT is likely due to the quality of life that has become one of the greatest selling points for its residents. It's no wonder Utah County home prices ranked the second highest along the Wasatch Front.
Across the five counties making up the Wasatch Front region, Utah County is the second most active market, capturing 22% of all single-family home sales. And the city of Provo, UT is experiencing similar growth as well.
New Homes in Provo, Utah
For information about New Homes in Provo, Utah, please call Brett Sampson of KW Westfield Keller Williams Real Estate directly at (435) 862-8993. Brett can help you understand which options will best suit your needs and your budget. Currently, the following builders are building in the area:
Edge Homes in Provo, Utah
Ivory Homes in Provo, Utah
Salisbury Homes in Provo, Utah
Silicon Slopes is Beginning to Look Like the Real Deal
Utah County has acquired the nickname of "Silicon Slopes," thanks to a sturdy "high-tech" sector and broad-based job and wage increase. Silicon Slopes is beginning to look like the real deal, and this will likely bring high paying jobs to the Utah economy. When considering the 1) healthy population growth, 2) a steady job market, and 3) homes that remain affordable, this makes the Provo, UT area very attractive and the long-term outlook very good.
All of the employment possibilities in our state are proving to be incentives for out-of-state "transplants" or newly graduated college students to make Utah their new residence. Utah's increase in demand for real estate housing is showing to be a significant factor for the sustained increase in property values. Utah's unemployment rate registered at 3 percent — the lowest rate in Utah since early 2008 just before the Great Recession.
Utah Anticipating an Influx of 1 Million New Residents
Anticipating an influx of 1 million new residents, and their obvious need for housing, education, employment, transport and recreation, Utah County officers began a "visioning and planning" effort this week; in anticipation of staying ahead of that curve and sustaining the quality of life that has become one of Utah's greatest selling points.
According to Utah Economist, Natalie Gochnour, "It really comes down to proximity and land availability...Right now, there are about 230,000 acres of developable land in Utah County while Salt Lake County is down to 30,000 to 40,000 acres. When businesses and residents locate to Utah County, they get the less expensive housing and commercial real estate."
Provo, UT Will Continue To See Exceptional Growth
Provo, UT will continue to see exceptional growth with commercial real estate as well. There has been a surge of large, tech companies moving into the state of Utah. These companies are drawn to Utah County because of the skilled and educated workforce willing to work for a competitive wage. As first-time buyers struggled to qualify for escalating home values, many turned to town-homes and condominiums. Recently, condominium sales have increased to an alarming degree. Utah County saw its condo sales rise 15%.
Utah County Home Prices Ranked Second Highest
As an obvious desirable place to live, Utah County home prices ranked the second highest along the Wasatch Front at a median price of $287,000. Also, Utah County is the second most active market, capturing 22% of all single-family home sales across the five counties making up the Wasatch Front region. Experts are forecasting Utah to be one of the top 5 states in terms of growth of market and value of property. In fact, the Orem/Provo area was ranked as the best preforming city in the county according to the Milken Institute.
Quick Facts About Provo, UT
- Provo was founded in the year 1849.
- The city is located 43 miles south of Salt Lake City, Utah.
- It is the largest city and the county seat of Utah County.
- With a population of 117,335 residents, it is the third-largest city in Utah.
- The elevation of Provo is 4,551 feet above sea level.
- The total area of the city is 44.2 square miles (41.7 land - 2.5 water).
- The average winter temperatures are a maximum of 42 degrees and a minimum of 24 degrees.
- The average summertime temperatures are a maximum of 90 degrees and a minimum of 58 degrees.
- Provo is the home of Brigham Young University.
- The City's Peak Ice Arena was a venue for the Salt Lake City Winter Olympics in 2002.