Park City, UT: Real estate market update
Nestled like a jewel in the Wasatch Mountains, Park City is famed for being a world-class skiing destination. With a resort lifestyle, access to Utah’s wilderness, and the comforts of a metropolis, it’s no wonder Park City has become a sought-after real estate haven for homebuyers and property investors.
If you’re looking to buy or sell a home, or move or invest in Park City real estate, it’s essential to understand market conditions.
Here are a few recent Park City market updates.
Single-family home prices
Compared to 2021, home prices in Park City went up by 35.1 % with a median listing price of $1.8 million in August 2022. Given the status of Park City as a resort town, the price point is acceptable for property investors and second-home buyers looking for a mountain retreat.
Popular neighborhoods like Jeremy Ranch, Silver Springs, Ranch Place, and others, offer homes in the said price range with the following features: 4 to 5 bedrooms, 2 to 5 baths, and between 1,500 to 4,000 square feet.
After some extraordinary swings since the start of the pandemic in 2020, the Park City real estate market is now seeing a significant rise in inventory. As of August 2022, there were around 1,400 units compared to 920 in August 2021. However, with more homes for sale, some sellers are holding back on putting their homes on the market. It’s a trend we see not just in Park City but nationwide as well.
Buyer or seller’s market?
After two years of frenzied activity, with buyers scrambling for available homes in a market with tight inventory, the market is now stabilizing. Increased inventory is creating a market shift that favors buyers. That means a greater selection of homes and better leverage when it comes to negotiating prices.
Days on market
During the first half of 2022, average days on the market for residential properties were down to a single digit. The numbers jumped to 31 days in July 2022 and dipped to 28 days in August 2022.
Market tips for buyers
While the market is cooler than what it has been for the last two years, home prices aren’t expected to drop immediately. The market remains competitive. Whether you’re a homebuyer or an investor, determine how long you can hold off. But, take advantage of the rates now before we see another bounce in mortgage rates.
Market tips for sellers
If you are planning to sell your property, this is the time to do it. Prices are still high, and there are buyers from out-of-state who are looking for the perfect mountain retreat in Park City. With growing inventory, a local real estate agent can help to correct pricing if needed. Be realistic when pricing your home because the average number of days on the market was 69 days in August 2022. Be patient when finding the right buyer.
Whether you are a potential Park City homebuyer, seller, or real estate investor, reach out to an experienced local agent like Team Schlopy for valuable guidance on how the current market situation can work for you.
For the past three decades, Team Schlopy has provided its clients with local market insight and performance-driven results. Call us today at (435) 640-5660 to start your real estate investment journey in Park City, Utah.