Price, UT Housing Market

Market Overview

Price, UT posts a PropertyIQ Score of 5 out of 100, signaling a weak market position relative to Utah benchmarks. The median home value is $281,344, which is well below the state average of $534,582. The rent index is $950, compared with $1,496 statewide. Median household income is $58,377, also far below the state average of $95,166. Unemployment is 3.6%, matching the state average. These figures describe a market that is much less expensive in absolute terms, but one where local incomes are also significantly lower than the state norm.

The low PropertyIQ Score is shaped by several score drivers: 12-month home value momentum of 6.33%, 3-month home value momentum of -1.40%, median days on market of 95 days, and a 26.7% share of listings with a price cut. While the 12-month figure shows some annual appreciation, the recent 3-month decline and slow selling pace point to softening conditions. Home value year over year is -$11, essentially flat to slightly negative. With 98 homes for sale, Price, UT is a small market that currently leans in favor of buyers.

Key Trends

One clear trend is cooling price momentum. The 12-month home value momentum of 6.33% suggests prices rose over the past year, but the 3-month momentum of -1.40% and a year-over-year home value change of -$11 indicate that recent movement has stalled or reversed slightly. The longer-term gain is being offset by near-term softness.

A second trend is a slow selling environment. Median days on market is 95 days, meaning homes are taking more than three months to sell on average. In addition, 26.7% of listings have had a price cut. Together, these metrics show that sellers are facing longer timelines and increasingly need to reduce prices to attract buyers.

A third trend is affordability relative to the state, but with lower local incomes. The median home value of $281,344 is roughly half the state average of $534,582, which may appear more affordable. However, the median household income in Price is $58,377, below the state average of $95,166. This means local buyers may still face financial constraints despite lower home prices. The rent index of $950 is also far below the state average of $1,496, reflecting a lower-cost but lower-income rental market.

A fourth trend is limited rental market strength. The rent index of $950 is significantly below the state benchmark of $1,496. For investors, this suggests lower potential rental income than what may be found in other parts of Utah, although lower home values may partially offset that through reduced entry costs.

Who Is This Market For

Price, UT is likely best suited for first-time buyers and budget-conscious owner-occupants seeking a lower purchase price. The median home value of $281,344 is far below the state average of $534,582, which may create an entry point for households earning near the local median income of $58,377. Buyers who plan to stay long term and are not relying on rapid appreciation may find opportunity here, especially given the negotiating power created by 95 days on market and a 26.7% price cut share.

Investors may be more cautious. The rent index of $950 is low compared with the state average of $1,496, which limits gross rental income potential. However, investors focused on lower acquisition costs or long-term holds could still evaluate the market. Move-up buyers or those seeking quick equity gains are less likely to find this market attractive, given the 5/100 PropertyIQ Score and recent 3-month negative momentum. Population growth data is not available, so demand-side strength cannot be fully assessed.

Outlook

The near-term outlook for Price, UT is cautious. The 3-month home value momentum of -1.40% and a year-over-year change of -$11 suggest flat to slightly negative price movement. With median days on market at 95 days and more than one-quarter of listings reducing prices, sellers are likely to continue facing pressure. The 12-month momentum of 6.33% indicates some underlying annual strength, but that strength appears to be fading. Without population growth data, there is no clear demand signal to reverse current conditions. If these trends persist, Price, UT is likely to remain a slow, buyer-friendly market with modest price risk rather than a high-growth market.