Springville, Utah Housing Market Prices
Springville Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 15% below the Utah median$424,018
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Median rent 1% below the Utah median$1,485
Housing Market Overview
| Metric | Springville | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $424,018 | $498,552 | $248,835 |
| Price Trend (Annual %) | 16.4% | 11.3% | 7.5% |
| Median Gross Rent | $1,485 | $1,495 | $1,407 |
| Rent Trend (Annual %) | 6.2% | 6.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Springville is about 15% lower than in Utah. Rent is about 1% lower than the Utah average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Springville, up about 16.4% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Springville rose about 60.3% between 2015 and 2024, from $926 to $1,485. Over the same span, rent in Utah rose about 68.7%.
Affordability
On average, housing unit costs 4.8 yearly household incomes in Springville.
Buying the median-priced home in Springville costs roughly 23.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Springville. The price-to-rent ratio in Utah is about 27.8.
| Metric | Springville | Utah Avg | US Average |
|---|---|---|---|
| Median Home Price | $424,018 | $498,552 | $248,835 |
| Median Household Income | $88,183 | $95,466 | $80,455 |
| Price-to-Income Ratio | 4.8 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Springville rose about 167.3%, while median household income rose about 56.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Springville | Utah Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.7% | 64.6% | 58.5% |
| Rental Rate | 28.0% | 27.3% | 31.2% |
| Vacancy Rate | 2.3% | 8.1% | 10.2% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Springville has a homeownership rate of 69.7%, higher than the Utah average of 64.6%. Its housing vacancy rate is 2.3%, compared with 8.1% in Utah.
Housing Stock
| Metric | Springville | Utah Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.28 people | 2.97 people | 2.53 people |
| Median Structure Built Year | 1991 | 1989 | 1978 |
| Median Number of Rooms | 6.5 | 6.4 | 5.5 |
The typical housing unit in Springville was built around 1991. On average, 3.3 people live in a home with about 6.5 rooms, staying for about 12.0 years on average.
Springville, UT Housing Compared With Nearby Cities
How Springville, UT compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Springville, UT | 32,159 | $424,018 #1/2 | $1,485 #1/2 | 71.3% #1/2 |
| Provo, UT | 102,550 | $422,499 | $1,176 | 36.7% |
Frequently Asked Questions
Common questions about the housing market in Springville, Utah.
What is the median home price in Springville, Utah?
The median home price in Springville, Utah is $424,018, lower than the Utah average of $498,552.
What is the average home price in Springville, Utah?
The typical home price in Springville, Utah, reported as the median sale price, is $424,018. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Springville, Utah?
The median gross rent in Springville, Utah is $1,485 per month, lower than the Utah average of $1,495.
What was the median gross rent in Springville in 2020?
In 2020, the median gross rent in Springville, Utah was $1,119 per month.
What is the price-to-rent ratio in Springville, Utah?
The price-to-rent ratio in Springville, Utah is about 23.8, meaning it would take roughly 23.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Springville.
Are home prices or rent rising faster in Springville, Utah?
Both home prices and rent are rising in Springville, up about 16.4% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Springville, Utah?
69.7% of households in Springville, Utah own their home, higher than the Utah average of 64.6%.
What is the vacancy rate in Springville, Utah?
The housing vacancy rate in Springville, Utah is 2.3%, lower than the Utah average of 8.1%.
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