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Homes Under $500,000 in Provo, Utah
Provo's median sale price has hovered in the mid-$500s for a couple of years now, which makes the sub-$500K segment the entry point for most first-time buyers, BYU staff, and families relocating to Utah County. At this price you're mostly looking at townhomes near the Riverwoods and south Provo, condos within walking distance of BYU, and older single-family homes in established grid neighborhoods like Joaquin, Maeser, Franklin, and Dixon. Newer construction under $500K is rare inside city limits — when it shows up, it's usually a smaller townhome unit in developments off Lakeview Parkway or near East Bay.
The trade-off at this price is square footage versus location. A 1950s rambler near Center Street might be 1,400 finished square feet but puts you ten minutes from campus, the Provo River Trail, and the FrontRunner station. A newer three-bedroom townhome out toward Springville gives you more space and an attached garage but a longer commute. Property taxes in Provo run around 0.55-0.65% of assessed value, and homes with legal accessory apartments (common in the university neighborhoods) can offset the mortgage with rental income — worth asking about if you're stretching your budget. Browse the active listings below to see what's currently on the market under $500K, and reach out if you want a heads-up when new ones hit.
May 2026 · Provo market
Live from the Utah MLS — what's actually happening in Provo right now.
Median sale
$445,000
61 closed in May 2026
Median DOM
20 days
listing → contract
Sale-to-list
98.5%
of final list price
Unsold inventory
247
active + pending
142 matching · page 4 of 6
Active listings
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Common questions
About homes under $500k in Provo.
What kind of home can I actually get in Provo for under $500K? ▾
Most listings in this range are townhomes, condos, and older single-family homes built between the 1950s and 1990s. Expect 3-4 bedrooms and roughly 1,400-2,200 square feet for detached homes, or newer townhomes near the south end of town and along Center Street. Fully updated single-family homes with yards are tighter to find under $500K and tend to move within a week or two.
Which Provo neighborhoods are most realistic at this price? ▾
Look at Joaquin, Maeser, Franklin, Dixon, and parts of the Tree Streets for older homes near downtown and BYU. Sunset, Lakeview North, and Provost have more 1970s-90s ranches and split-levels. East Bay and the newer townhome developments off University Parkway also show up regularly under $500K.
Are these homes close to BYU? ▾
Many are. Joaquin and Maeser sit within walking distance of campus, which is why a lot of homes in those neighborhoods are zoned for student rentals or accessory apartments. If you want a quieter owner-occupied street, Sunset and Lakeview tend to feel more residential while still keeping you 5-10 minutes from BYU.
Do homes under $500K in Provo qualify for FHA or VA financing? ▾
Most do, as long as the condition meets minimum property standards. The 2024 FHA loan limit in Utah County is well above $500K, so financing isn't the hurdle — condition usually is. Older homes in Joaquin or Franklin sometimes need roof, electrical, or sewer line work that can complicate FHA appraisals.
Is it worth buying a fixer-upper in this price range? ▾
It can be, especially in the older grid neighborhoods where lots are larger and zoning sometimes allows a basement apartment. FHA 203(k) and conventional renovation loans are options if you want to roll repair costs into the mortgage. Just budget realistically — Provo's older housing stock often has knob-and-tube wiring, original sewer laterals, and outdated panels.
How fast do sub-$500K homes in Provo sell? ▾
Move-in ready single-family homes under $500K are the most competitive segment in the city and often go under contract within 7-14 days, sometimes with multiple offers. Townhomes and condos sit a bit longer, usually 3-6 weeks. Having financing fully underwritten before you tour helps when something good hits the market.