Located just a short half-hour drive from Salt Lake City, Park City, Utah, is a beautiful mountain town known for its world-class ski resorts and outdoor activities. Despite the city’s small population of over 8,000 people, the Park City real estate market is thriving.
As we look to the future, it’s essential to understand what to expect. In this article, property expert Keri Holland will take a deep dive into the real estate market in Park City. Whether you’re an investor, buyer, or simply interested in learning about Park City’s new developments, read on to gain valuable insights into what’s on the horizon.
Why invest in Park City real estate?
Park City is a highly desirable location with a strong economy, making it an ideal place to invest in real estate, thanks to its astounding ski resorts, entertainment spots, and beautiful scenery. Park City promises adventure at every turn, with a variety of trails for hiking and mountain biking enthusiasts during the warmer months. Plus, it has a lively restaurant scene, with everything from high-end cuisine to casual pub fare. The historic Main Street is home to various shops, boutiques, and galleries, offering everything from unique gifts to high-end fashion. Overall, Park City is a popular destination for tourists and second-home owners, creating a steady demand for rental properties and vacation homes alike.
Park City has historically had a robust real estate market, with home values consistently increasing within Park City and Summit County as a whole. From Park City luxury condos to spacious homes, there are plenty of opportunities to see a return on your investment.
Current trends in the Park City real estate market
If you're looking to buy or sell a home in Park City, now is the time to pay attention. The real estate market here is booming, with plenty of opportunities to invest. Keri Holland will walk you through some of the current trends in the local real estate market.
The growing interest in vacation homes
Are you looking for a second home or a lucrative investment property? Park City’s breathtaking mountainous surroundings and year-round amenities make it a popular vacation destination. Tripadvisor has ranked Park City at No. 7 among the best places to ski in the world due to its “rugged beauty” and proximity to luxury amenities.
Visitors have a variety of rental options to choose from, including condos, townhomes, single-family homes, and luxury estates. A vacation rental property in Park City real estate can generate high rental income during the peak winter season and summer vacation, making it an attractive investment opportunity for property owners.
A closer look at the data
According to the latest market statistics from the Park City Board of Realtors, the median sales price of Park City homes is currently $2.265 million, which is up by 18.7% compared to the year prior. Additionally, the median price of a single-family home in Summit County currently sits at $2.1 million, which is also up from the year before.
In addition, while the number of closed sales in Park City is down by 21.4% in a year-over-year comparison, the number of home sales has risen by 37.5% from April to May 2023. This indicates that although the market may have slowed down since 2022 due to rising interest rates, closed sales and buyer activity are on the rise once more as we progress through the year. New listings have also increased by 5.7% from April to May 2023. Lastly, homes are spending much less time on the market than the month prior.
It’s also worth noting that active inventory has risen slightly since last year (a 1.6% increase). While the increase is indeed small, it gives buyers slightly more choices when looking at properties and finding the right fit.
Factors that will shape the Park City real estate market in 2023
What does the future hold for the real estate landscape in Park City? As we look further into 2023, several factors will likely shape the market and determine what kind of properties buyers and renters will look for. Below, Keri Holland discusses potential factors that could affect the local real estate market.
Population growth
Utah’s population is currently seeing record-level population increases. From 2021 to 2022, the state’s population rose by more than 60,000 residents. Summit County, the home of Park City, saw an increase of over 400 new residents. As the population in the Park City area continues to grow, so will the demand for housing. Moreover, Park City's new developments could be built to accommodate a growing population.
Tourism
Tourism isn’t just a boon for Park City’s local business. It has long been a driving force in the local real estate market, and that trend is only set to continue. Additionally, tourism can create new job opportunities in the area, attracting more residents and further driving up the real estate demand. Also, to accommodate an increased level of tourism, Park City could invest in infrastructure improvements like new hotels, restaurants, and entertainment venues. This can lead to increased property values and economic development in the surrounding area.
Increase in Park City’s new developments
New Park City luxury condos and homes could bring a wave of new housing options. Additionally, the Park City and Summit County councils have considered forming a new regional housing authority to create more affordable housing options for Park City residents. The authority would be able to access state and federal funding to help finance new projects and would work in partnership with local developers to create affordable housing units.
Contact an experienced Park City agent
Whether you're a first-time homebuyer or an experienced Park City real estate investor, reach out to expert Keri Holland for advice you can count on. Keri would be glad to answer any questions you have and learn more about your real estate investment goals. Contact her today for a free consultation and get started on your journey.
*Header photo courtesy of Keri Holland
