Current Market in Park City

Current Market in Park City in 2022

In 2021, everyone watched in awe as real estate markets across the country achieved record-breaking figures and an influx of buyers despite low inventory. While some real estate organizations and mortgage companies are hopeful that growth will continue in 2022, many see a different scenario. Let's take a look back at the real estate market in Park City, Utah in 2021, and see what 2022 may have in store for the best small town in America.

There’s no doubt that 2021 was a significant and rather crazy year for real estate in the United States. Home prices rose quickly that year, so much so that by June of that year, the national median home price was already at $362,800, according to the National Association of Realtors (NAR).

Low mortgage rates (relatively speaking) and limited inventory drove prices higher. In fact, in June 2021, the number of homes for sale across the US was only 1.38 million. People were so eager to purchase homes, listings rarely stayed on the market for a month. Approximately 60% of homes available on the market were sold in just two weeks.

In Park City, Utah, national real estate market trends were as evident. Back in August 2020, the number of homes for sale in Park City went below 1,800 units, which only happened five times in the last eight years.

Home prices zoomed as inventory plummeted. According to the Park City Board of Realtors’ multiple listing service, average and median listing prices went up by 28% and 24% respectively. As of March 2022, the median listing home price in Park City was $1.8 million, while the median listing home price per square feet was $952. While 2021 saw strong market conditions and record-breaking sales, it’s quite unlikely that 2022 will exceed those numbers. But even if 2022 doesn’t look as frenzied for real estate sales as 2021 was, it’s still likely to exceed pre-pandemic levels, which is a good thing.

The same can be said for the real estate market in Park City, Utah. As the demand for properties rises and the inventory stays low, prices will continue to reflect the deficit. Prime properties continue to sell at a premium, and in some cases, the sales price is 10% over the asking price. While selling agents try to prep sellers for more days on the market, multiple offers have pushed prices to the "current market price." The average home in Park City is currently selling for $689 per square foot. Mortgage rates tend to be affecting the entry point of the real estate market in Park City. However, plenty of buyers are willing to pay cash for a property to use and love. In addition, many buyers view owning real estate in Park City as a hedge against inflation.

Park City, Utah is an excellent place to live because of its small-town vibe, its many opportunities for outdoor activities, excellent schools, ski resorts, and lower taxes. It’s not hard to see why there’s such a huge demand for properties in this side of Utah.

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88 Properties
Page 1 of 8
$800,000
Neighborhood: Fox Bay
2
Beds
1F13/4
Baths
1,028
Sq.Ft.
2002
Year Built
1
Day on Site
12202842
MLS
Located just minutes from the Jordanelle Reservoir, Deer Valley Gondola and future Mayflower Mountain Resort, Fox Bay is a haven for any outdoor enthusiast. Enjoy access to an extensive trail system...
$2,300,000
Neighborhood: Snyders Mill
4
Beds
1F23/4
Baths
3,585
Sq.Ft.
1994
Year Built
1
Day on Site
12202847
MLS
Great family home in a fantastic neighborhood, including four bedrooms, plus loft and den/office. Numerous upgrades over the past 5 years allow for immediate enjoyment of the home and all the outdoor...
$5,500,000
Neighborhood: Deer Crossing
5
Beds
3F23/411/2
Baths
6,420
Sq.Ft.
2010
Year Built
1
Day on Site
12202850
MLS
This is a must see if you are considering a home in Promontory. The house checks all of the boxes for the discerning buyer. Incredible views, open floor plan and perfect for entertaining. There is a...
$629,500
Neighborhood: North Bench Farms
3
Beds
2
Baths
2,762
Sq.Ft.
2002
Year Built
2
Days on Site
12202841
MLS
Tastefully updated and impeccably maintained 3 bedroom, 2 bathroom home in Oakley's highly desired North Bench Farms. Enjoy the open floor plan filled with abundant natural light from south-facing...
$5,300,000
Neighborhood: Solamere
5
Beds
5F11/2
Baths
5,100
Sq.Ft.
1997
Year Built
3
Days on Site
12202839
MLS
Mountain retreat in Lower Deer Valley, with spectacular views, less than 5 min to Historic Main Street. Your dream ski/summer home boasts large windows to take in the magnificence of your...
$3,449,000
Neighborhood: Snyders Addition
3
Beds
2F13/4
Baths
2,024
Sq.Ft.
1914
Year Built
5
Days on Site
12202802
MLS
Centrally located with City Park a few steps out of the back, and walking distance to Main Street and Park City Mountain. This is one of the most desirable locations in Park City. Enjoy fine dining,...
$349,000
Neighborhood: Utah Area
5
Beds
2F13/4
Baths
2,127
Sq.Ft.
1980
Year Built
5
Days on Site
12104366
MLS
Fantastic Triplex 100% occupied with the opportunity to increase rents or live in one unit and have the tenants in the other two units help pay the mortgage. Unit 1: 2 bedrooms/1 bathroom. Unit 2: 2...
$4,800,000
Neighborhood: Old Town Area
4
Beds
1F33/411/2
Baths
3,151
Sq.Ft.
2023
Year Built
5
Days on Site
12202804
MLS
Introducing 729 Rossie Hill in Lilac Hill Park City, the first home to be completed in Lilac Hill Phase 2. This is a unique enclave of single-family homes in Old Town, Park City. With 5 new luxury...
$679,900
Neighborhood: Heber And Daniels Area
2
Beds
2
Baths
1,301
Sq.Ft.
1927
Year Built
5
Days on Site
12202805
MLS
Quaint Cottage just off of Hwy 40 on Little Sweden Road in Heber City. 1.0548 acre on an immaculate corner lot. It is a 2 bedroom, 2 bath home. 1 car detached garage. An additional 1361 square...
$2,250,000
Neighborhood: Double Deer Cottages
2
Beds
2F11/2
Baths
1,880
Sq.Ft.
2022
Year Built
5
Days on Site
12202806
MLS
Full membership available with this move-in ready Double Deer Cottage in Promontory! The Cottages are the first of its kind in Promontory, a single-story boutique home along the 18th fairway of the...
$7,900,000
Neighborhood: Oakley
6
Beds
5F11/2
Baths
10,706
Sq.Ft.
2002
Year Built
5
Days on Site
12202807
MLS
You'll find everything you are looking for in a family estate on this secluded 32 acre horse property just 20 minutes from Park City. A true legacy property, a once in a lifetime opportunity. This...
$950,000
Neighborhood: Stagecoach Estates
1
Beds
1F11/2
Baths
1,830
Sq.Ft.
1986
Year Built
5
Days on Site
12202808
MLS
This cabin is a wonderful escape just minutes away from the conveniences of Park City and Salt Lake City. Nestled high in the trees within the gated community of Stagecoach Estates you will find this...

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