Park City single-family home prices up 48% in the past two years

The average price for a single-family home in Park City is over $3.3 million. Photo: Michele Roepke

PARK CITY, Utah — At the Park City Council meeting last week, councilmember Becca Gerber expressed the need for urgent action to tackle housing affordability in the city.

“When you start looking at some of these numbers and what that means to our community — it’s very brutal… There’s a housing crisis going on in Park City right now,” Gerber said.

“As we move into winter, I think everybody knows that workforce is going to be hard to come by as it is… we are going to be bleeding workforce. Everytime something comes up for sale that was formally rented, they are not moving down the street or down the block to another condo — they are moving out of town or back with their parents.”

“It’s ugly, and this is not the community that we have said in the past we want to be.”

The Park Board of Realtors released their third quarter report this week, illustrating the high cost of living in Park City:

• There are no homes within Park City limits listed under $2.5 million
• The median price of a single-family home in the Snyderville Basin is up 46% in the past two years — currently $1.9 million
• The median price of a single-family home within Park City limits is up 48% in the past two years — currently $2.93 million
• The median price for a condo in Old Town is $729,000
• The median price for a single-family home in nearby Heber is $835,000

“Within Park City limits, sales were up 30% and sale prices jumped 22 to 28%. In the Snyderville Basin, sales climbed 23% with average and median prices spiking 44% and 34% respectively,” said the report.