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Homes Under $500,000 in Elk Ridge, Utah
Elk Ridge sits on the bench above Payson in south Utah County, with Utah Lake to the west and the Wasatch foothills right behind town. It's a small, mostly residential community of roughly 4,000 people, with no commercial center and a lot of lots that back up to hillside or open space. That setup is a big reason the median price here usually lands well above $500K, so homes under that number are a narrow slice of the market. They tend to be older split-levels and rambler-style homes, townhomes, or smaller two-story floor plans on lots with a steep slope.
Buyers in this range are often commuting up I-15 to Provo, Orem, or Lehi, about 25 to 40 minutes depending on traffic. Elk Ridge is in Nebo School District, and it's a short drive to Payson's shops, Salem Pond, and canyon trails such as Payson Lakes. Winters bring real snow, and some homes sit on slopes where driveways and drainage matter, so ask about both. Hillside lots can also mean retaining walls and unfinished basements, which is often where value hides at this price. Inventory moves quickly and the sub-$500K list can change week to week. Browse the active listings below to see what's currently on the market in Elk Ridge.
September 2026 · Elk Ridge market
Live from the Utah MLS — what's actually happening in Elk Ridge right now.
Median sale
$1,750,000
1 closed in September 2026
Median DOM
62 days
listing → contract
Sale-to-list
106.1%
of final list price
Unsold inventory
31
active + pending
19 matching · page 1 of 1
Active listings
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Common questions
About homes under $500k in Elk Ridge.
How many homes under $500K typically sell in Elk Ridge each year? ▾
Elk Ridge is small — roughly 1,200 homes total — so turnover is limited. In a normal year only a handful of resales land under $500K, usually older split-entries or smaller ramblers built in the 1990s and early 2000s. If the budget is firm, set up an instant MLS alert because these listings often go under contract within a week or two.
What kind of home can I realistically get under $500K in Elk Ridge? ▾
Expect a 3-4 bed, 2-3 bath home between roughly 1,800 and 3,200 finished square feet, often on a quarter-acre lot. Newer construction and homes backing the foothills almost always price above the $500K line, so the sub-$500K pool leans toward 20-30 year old homes that may need cosmetic updates.
Are there any townhomes or condos in Elk Ridge under $500K? ▾
Not really. Elk Ridge is zoned almost entirely for single-family homes on larger lots, with no significant townhome or condo developments inside city limits. Buyers wanting attached product under $500K usually look downhill in Salem or Spanish Fork instead.
How do property taxes and HOA fees affect the monthly payment here? ▾
Elk Ridge falls in the Nebo School District tax area, with effective property tax rates around 0.55-0.65% of market value — lower than many Salt Lake County cities. Most neighborhoods have no HOA, which keeps the all-in monthly cost on a $475K home competitive with cheaper sticker prices elsewhere in Utah County.
What's the commute like from Elk Ridge to Provo or Lehi tech jobs? ▾
Elk Ridge sits above Salem at about 5,200 feet elevation, roughly 20 minutes to Provo and 40-45 minutes to the Silicon Slopes corridor in Lehi via I-15. Winter mornings can add time since the road down to Salem (Elk Ridge Drive / Goosenest) gets snowpacked before it's plowed.
Is inventory under $500K growing or shrinking in Elk Ridge? ▾
It's been shrinking for several years. Median sale prices crossed $600K back in 2021-2022, and new construction along the Loafer Mountain bench is pricing in the $700K-$1M range. The sub-$500K segment is now mostly older resales, so the pool is thinner than it was pre-pandemic.