The Park City Multiple Listing Service provided the following analysis of Park City real estate trends. We hope that this information may assist you with making better-informed real estate decisions. For further information about your area's housing market, please contact your ParkCityHomeSales agent. 

Market Report Overview

In January 2022, there are currently 175 homes for sale and 242 pending listings in Park City, Utah. Closed transactions dropped 23% over December and were down slightly, 6% from last year. The median sales price of a single family home continues to dominate the national headlines, and it is now at $2,900,000. However, condominium sales prices rose even more dramatically, up 6.9% over December, and more than doubled in the past year. In January, the median sale price of condominium homes in Park City and Snyderville was $1.39 million.

Park City Market Trends For Active Inventory

The green (2019) chart line shows the traditional historical decline from Summer into the holiday period. 2020 was the exception, as the pandemic initially affected mid-year purchases. 2021 has followed a more "normal" path with few deviations. 2022 has already begun with a drop of 53 listings, almost 20% from the December 2021 final.

Park City Market Trends For Single Family Homes

The median sale price of single-family homes in Park City and Snyderville was $2.9 million in January, an increase of 3.8% from December and a full 73% higher than January 2021.

Park City Market Trends For Condos/Townhomes

Condominium sales prices rose again in January, up 6.9%, and doubled in the past year. The median sale price of condominium homes in Park City and Snyderville was $1.39 million.

More Housing Forecasts in 2022

Matthew Gardner, Windermere's chief economist, is out with his top 10 predictions for 2022: Here's the Reader's Digest version. 

1. Prices will continue to rise - however, the pace of appreciation will slow significantly, increasing by around 6% in 2022 compared to 16% in 2021 (nationally). 

2. Spring will be busier than expected - When employers announce their long-term work-from-home policies, it will likely lead to a new pool of homebuyers who want to move to places that are further away from their workplaces. 

3. The rise of the suburbs - Remote working will be a blend of working from home and the office. Buyers will look for homes in areas relatively proximate to their offices. 

4. New construction jumps - Building costs will fall this year as inflation finally tapers. 

5. Climate change will impact where buyers live - Buyers will want to know about an area's flood and fire risks and how they might affect their insurance costs and mortgage rates. 

6. Urban markets will bounce back - Some urban neighborhoods that were once only convenient to a subset of commuters may now be considered highly desirable and accessible to a more extensive set of potential home buyers. 

7. First-time buyers will be an even more significant factor in 2022 - Once remote working policies are more precise, we should see increased demand by first-time buyers who currently rent. 

What Can We Expect Ahead in Park City Housing Market?

Park City's real estate can be unique from other markets. The beauty, snow, location, and everything else this area offers is a great draw for people to buy homes here. We will see even more new home construction and more active inventories in this market as we hit the spring season this year.

If you want to learn more about Park City and dozens of incredible Park City homes for sale, please explore our website or contact us directly at 435 640-0217. Our goal is to help simplify the buying and selling process for Park City real estate, giving you a great experience.