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.

Browse The Newest Listings

31 Properties
Page 1 of 3
$7,500,000
Neighborhood: Timberwolf Estates
5
Beds
3F21/2
Baths
5,906
Sq.Ft.
2018
Year Built
1
Day on Site
12204638
MLS
This mountain contemporary masterpiece is located in Timberwolf Estates, one of Park City's most coveted neighborhoods.The home offers privacy, unmatched ski-in/ski-out access, and all the benefits...
$825,000
Neighborhood: Other(Areas 23-41)
4
Beds
2F11/2
Baths
3,500
Sq.Ft.
2005
Year Built
2
Days on Site
12202708
MLS
Beautiful two story home, large half acre corner lot in great location in Heber City! With 4 bedrooms, 3 bathrooms and a unique open floor plan this home offers spacious living with space to expand...
$2,383,915
Neighborhood: Kamas And Marion Area
7
Beds
4F31/2
Baths
6,255
Sq.Ft.
2023
Year Built
2
Days on Site
12204633
MLS
A 'farm-to-table'-inspired community nestled within the foothills of the Kamas Valley. Where farm fresh produce and organic meats come right from the agricultural preserve to your home. Enjoy...
Open 12/7
3028 Meadows Dr Park City, UT 84060
$4,295,000
Neighborhood: Park Meadows
6
Beds
3F23/411/2
Baths
5,587
Sq.Ft.
1983
Year Built
2
Days on Site
12204634
MLS
This 6 bedroom + Office, 6 bathroom home was designed around being able to entertain and host the entire family and guests! Featuring a main floor open floor plan with great indoor/outdoor flow...
$640,000
Neighborhood: Utah Area
5
Beds
3
Baths
3,547
Sq.Ft.
2007
Year Built
2
Days on Site
12204635
MLS
This lovely single family home has a nice deck with fantastic views of the Hurricane Cliffs. It is near hiking, biking, golfing, Sand Hollow, and Zion National Park. The home offers an open floor...
$2,500,000
Neighborhood: Wasatch County Area
4
Beds
4F11/2
Baths
5,684
Sq.Ft.
2022
Year Built
3
Days on Site
12204611
MLS
This stunning modern French Tudor home is currently under construction with anticipated completion in Spring 2023! Replete with luxury organic finishes throughout the open floor plan, this custom...
Open 12/7
8869 Daybreaker Dr Park City, UT 84098
$2,500,000
Neighborhood: Jeremy Ranch Area
4
Beds
2F11/2
Baths
4,843
Sq.Ft.
1993
Year Built
3
Days on Site
12204615
MLS
This custom built view home with an open floor plan sits at the top of Jeremy Ranch and is bordered by open space. Spectacular views of Park City and Deer Valley ski slopes. Huge deck for outdoor...
$1,990,000
Neighborhood: Oakley
5
Beds
2F13/4
Baths
2,462
Sq.Ft.
1985
Year Built
3
Days on Site
12204616
MLS
Imagine owning 28+ acres of amazing Kamas Valley pastureland with down valley views. The warm farmhouse with Southern exposure is waiting for you at the top of a gentle slope at the North end of the...
$305,000
Neighborhood: Carriage House
1
Baths
300
Sq.Ft.
1988
Year Built
3
Days on Site
12204619
MLS
Come see this Fully Furnished - Turnkey Carriage House Condo in the highly desirable Prospector District. Featuring Mid Century Modern furnishings and a stocked kitchenette, this condo is an...
$1,195,000
Neighborhood: River View
4
Beds
1F33/411/2
Baths
3,160
Sq.Ft.
2022
Year Built
3
Days on Site
12204621
MLS
We saved the best for last! A fantastic new uphill town home at River View. Another beautifully constructed townhome by Prime Builders, these residences live very large. It offers two living spaces;...
$894,000
Neighborhood: Timber Wolf Lodges
2
Beds
2F11/2
Baths
1,054
Sq.Ft.
2001
Year Built
3
Days on Site
12204627
MLS
Timber Wolf Lodges have a convenient location at the entrance corridor to Park City Mountain Resort's Canyons Village and on the free bus route. That means you're only minutes away from one of the...
$1,175,000
Neighborhood: Morganco - Henefer And Echo Ar.
4
Beds
2F11/2
Baths
2,420
Sq.Ft.
1998
Year Built
5
Days on Site
12204610
MLS
If you are looking for a quiet, gorgeous location with Horse Property... LOOK NO FURTHER! This 2.32 acre boasts a 4 bed 3 bath home with a HUGE 40' X 76' X 16' barn/shop with 4 horse stalls, four...

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