Homes for Sale in Orem, Utah

Orem’s residential market is showing signs of warming despite a neutral overall regime. The median closed price of $493,000 is modestly below the Utah average, yet the market has surged 9.9 % month‑over‑month, and homes are spending just 65 days on the market—16.9 % less time than the state average. A robust sale‑to‑list ratio of 98.6 % suggests buyers are willing to meet seller expectations, while the inventory balance (193 new listings vs 132 sales) remains tight, keeping competitive pressure on pricing. Single‑family homes command a higher median ($539K) but are down 6.3 % YoY, whereas townhomes/condos sit at $340K, down 3.4 % YoY, offering more affordable entry points. Economic indicators reinforce this warm outlook. The 30‑year mortgage rate has risen from 6.11 % to 6.42 % over the past month, adding cost pressure, yet the Fed Funds rate has held steady at 3.64 %, and both national and Utah unemployment rates have remained stable around 4.4 % and 3.6 % respectively. Consumer sentiment has steadied at an index of 56.4, and housing starts have climbed to 1.49 million units, indicating continued construction activity. Local news adds nuance: a growing “as‑is” sales trend helps owners avoid repair costs, the 1600 North widening project may improve traffic flow, and vibrant community events at University Place Orem enhance livability—factors that can attract buyers despite rising financing costs. Overall, Orem presents a warm, competitive market with solid fundamentals and appealing local amenities.