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Homes Under $500,000 in Monroe, Utah
Monroe sits in Sevier County at the foot of the Tushar Mountains, about 3 hours south of Salt Lake City and roughly 25 minutes from Richfield. In this small town, a $500K budget goes a long way. Most of the homes on the market here sell well below that number, and the ceiling tends to buy a newer build, a large lot, or a small acreage property with room for animals, a shop, and a garden. Monroe's irrigation heritage means many lots include secondary water shares, which keeps landscaping costs down.
Buyers here tend to be local families, farmers and ranchers, remote workers, and people who want Fishlake and Fremont Indian State Park country, ATV trails, and Monroe Hot Springs close by. Winters are cold and snowy at roughly 5,300 feet, and summers are hot and dry, so insulation, heating type, and roof condition deserve a close look. Inventory is thin because the town is small, so good listings can go quickly, and a few may need updating. Sevier School District serves the area, with Monroe Elementary in town and Richfield schools for older students. Browse the active listings below to see what's currently available under $500K in Monroe.
October 2026 · Monroe market
Live from the Utah MLS — what's actually happening in Monroe right now.
Median sale
—
2 closed in October 2026
Median DOM
223 days
listing → contract
Sale-to-list
—
of final list price
Unsold inventory
22
active + pending
31 matching · page 2 of 2
Active listings
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Common questions
About homes under $500k in Monroe.
What does $500K actually buy in Monroe right now? ▾
At this price range in Monroe you're typically looking at 3-4 bedroom homes on a quarter-acre to a full acre, often with a detached shop or outbuildings. Many listings include irrigation shares from the Monroe Canal Company, which is a meaningful add when summer water bills climb. Newer construction is rarer at this number — most inventory is updated older homes or 1990s-2000s builds.
Are there many homes for sale in Monroe under $500K? ▾
Monroe is a small town (population around 2,500), so active inventory is thin — usually a handful of listings at any given time rather than dozens. Most homes that hit the MLS in town fall under $500K, so the price cap isn't the limiting factor; available supply is. Setting up MLS alerts is the practical move since new listings move quickly to buyers from out of state.
Can I get acreage in Monroe for under $500K? ▾
Yes, though it depends on how much. Half-acre to one-acre parcels with a livable home show up regularly in this range. Larger lots of 2-5 acres with a house occasionally come in just under $500K, especially on the south end of town or out toward Elsinore, but they don't sit long.
What's the property tax situation in Sevier County? ▾
Sevier County's effective property tax rate runs around 0.55-0.65%, which is meaningfully lower than Utah, Salt Lake, or Washington County. On a $450,000 primary residence with the residential exemption, expect annual taxes in the $1,400-$1,700 range. Non-primary residences lose the 45% exemption and pay roughly 1.8x that amount.
Is Monroe a good fit for remote workers? ▾
It can be — fiber internet is available through South Central Communications in much of town, which is faster and more reliable than what some Wasatch Front suburbs get. The trade-offs are limited dining, a small grocery selection (Richfield handles the rest), and longer drives for air travel. Buyers who want quiet, dark skies, and outdoor access tend to make it work.
Do homes in Monroe usually come with water rights or irrigation shares? ▾
Many do, particularly older properties on lots large enough to need them. Shares typically come through the Monroe Irrigation Company or Annabella systems and are assigned per parcel. Always confirm share count and transfer terms in the title work — irrigation water is separate from culinary water and is what keeps pastures and gardens alive through July and August.