The real estate market in Provo UT has seen its ups and downs the past few years.
The area, and real estate market has boomed. Land prices have doubled, and the average price of homes sold has increased by $100,000 in Utah County in just the last three years. However, in the last six months real estate inventory has skyrocketed and prices have dropped. There is also a large increase in foreclosure homes, Hud Homes, and Short Sales. Provo with all its diversity offers a wide selection of houses, condos, multi-family properties and other real estate for sale.
Provo Multi Family Properties
The Provo Area has a good selection of duplexes, triplexes, fourplexes, and other multi family properties for sale. Most of the duplexes are older houses, and many are near BYU. Provo duplexes seem to be overpriced for the rent they bring in. Even with a 20% down payment, it is hard to make positive cash flow on many of these properties. Most Provo duplexes have been on the market for a very long time. This suggests that prices need to go down for these multi-family properties to sell. With the changes in the lending industry, it is now more difficult to get financing for investment properties. If these properties want to start selling, the prices need to go down, or else rents need to go up.
View Provo Duplexes and Multi Family Property Listing on the MLS
Provo Condos for Sale
Provo condos are a big part of the Provo Real Estate Mix. With so many students and young families in the demographic makeup, condominiums offer an affordable real estate ownership opportunity. Provo city has more than 200 condos listed for sale on the MLS alone. Many condos in Provo are of the "town house" style. There are some small, older one bedroom condos for sale that are less than $100,000. Condominiums offer many advantages, better locations, common grounds, and less expensive utilities and home owners insurance. Search MLS listings of Provo Condominiums and Townhomes.