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Homes Under $500,000 in Orem, Utah
Orem sits in the middle of Utah County between Provo and American Fork, and the under-$500K segment is where most first-time buyers, UVU and BYU staff, and young families actually shop. At this price you're generally looking at 3-bedroom ramblers and split-entries from the 1970s and 80s in neighborhoods like Sharon Park, Sunset Heights, and the grid west of State Street, plus newer townhomes near University Place and the Orem Frontrunner station. Detached homes with a real yard under $500K still exist here, but they move fast and often need some updating — fully remodeled turnkey homes in Orem now tend to cross the $500K line.
What makes Orem work at this budget is location. You're 10 minutes from both UVU and BYU, 5 minutes from the Provo Towne Centre and University Place shopping, and about 40 minutes to Salt Lake City via I-15 or Frontrunner commuter rail. Alpine School District serves the city, and the foothill trails above 800 East feed straight into the Bonneville Shoreline. Property taxes in Utah County stay relatively low compared to neighboring states, and HOA fees on attached product typically run $150–$300 a month. Inventory at this price point shifts week to week, so the list below pulls live MLS data — browse the active listings to see what's currently available in Orem under $500K.
May 2026 · Orem market
Live from the Utah MLS — what's actually happening in Orem right now.
Median sale
$544,000
45 closed in May 2026
Median DOM
15 days
listing → contract
Sale-to-list
99.1%
of final list price
Unsold inventory
214
active + pending
89 matching · page 1 of 4
Active listings
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Common questions
About homes under $500k in Orem.
What kind of home can I actually get in Orem for under $500K? ▾
Most sub-$500K inventory in Orem is townhomes, condos, and older single-family homes built between the 1960s and 1990s — typically 3 bedrooms, 1,400–2,200 square feet, often with a partially finished basement. Newer construction at this price point is almost always attached product near Geneva Road or the University Place area. Detached homes with a yard under $500K usually need cosmetic updates.
Which Orem neighborhoods have the most homes under $500K? ▾
Sunset Heights, Sharon Park, Hillcrest, and the older grid west of State Street tend to have the deepest sub-$500K inventory for detached homes. For townhomes and condos, look around University Place, the Midtown 360 area, and developments near UVU. Northeast Orem against the foothills tends to price well above this range.
Are there any new-construction options in Orem under $500K? ▾
New construction in Orem under $500K is almost entirely townhomes and stacked flats — there's very little raw land left for detached builds in the city. Projects near 800 South and around the Frontrunner station occasionally release units in the $400Ks. Buyers wanting new detached homes at this price typically end up looking in Spanish Fork, Salem, or Eagle Mountain.
What are property taxes and HOA costs like at this price point? ▾
Utah County property taxes run roughly 0.55–0.65% of assessed value, so a $475K Orem home runs about $2,600–$3,100 a year — lower if it's your primary residence. Townhomes and condos typically carry HOA fees of $150–$350 per month covering exterior maintenance, landscaping, and sometimes water. Older detached homes in Orem rarely have an HOA.
Is Orem a good choice for UVU or BYU families on a budget? ▾
Yes — Orem sits directly between UVU and BYU, with most of the city within a 10-minute drive of either campus. Sub-$500K homes near 800 East or south Orem put families inside Alpine School District boundaries and close to both schools. The UTA bus and Frontrunner connections also make a car-light student lifestyle workable.
How fast do homes under $500K sell in Orem? ▾
Well-priced, move-in-ready homes under $500K are still the most competitive segment in Orem and often go under contract within 1–3 weeks, sometimes with multiple offers. Homes needing significant updates or backing busy roads sit longer — 45 to 90 days is common. Working with an agent who can move quickly on showings matters at this price point.