Primary homes in Park City jumped 7.1% in FY2021

Photo: TownLift

PARK CITY, Utah — Primary homes in Park City increased by 7.1% in fiscal year 2021, the highest increase in over a decade. Non-primary homes decreased by 4.1% last year.

The trend is a reverse of Covid-induced 2020, in which primary homes fell 8.8% in city limits and non-primary homes increased 6.6%.

“That’s great momentum, and it’s probably a little bit of trailing data I’d imagine, by the time it flows through and how we recognize it,” Park City Councilman Jeremy Rubell said of the numbers at the most recent council meeting.

“I wouldn’t be surprised at all to see an increase come for this fiscal year also once that data is released, and it’s really exciting because it speaks to some of these building community concepts,” he said. “The more we can build that community of primary residents, I think the stronger we are as a team.”

Data as of May 2022. 

Park City’s real estate stock is dominated by non-primary homes, which make up 64% of the total supply. Primary homes make up 31%, with commercial real estate holding 6%.

Park City’s property tax rate is 1.13% for second homes and 0.55% for primary residences. Non-primary homes produced 75% of the city’s property tax revenue in fiscal year 2021.