Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 8,128, 3,251 total housing units (homes and apartments), and a median house value of $1,237,832, Park City house prices are not only among the most expensive in Utah, Park City real estate also is some of the most expensive in all of America.
Large apartment complexes or high rise apartments are the single most common housing type in Park City, accounting for 40.52% of the city's housing units. Other types of housing that are prevalent in Park City include single-family detached homes ( 37.07%), row houses and other attached homes ( 12.53%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.41%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
The most prevalent building size and type in Park City are three and four bedroom dwellings. The city has a mixture of owners and renters, with 60.90% owning and 39.10% renting.
There is a lot of housing in Park City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Park City built between 2000 and later ( 19.23%). A lesser amount of the housing stock also hails from between 1940-1969 ( 3.86%). There's also some housing in Park City built before 1939 ( 2.88%).
A decent proportion of the Park City housing stock is seasonally occupied. That is, homes and condos in Park City are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Park City housing market speaks to its popularity as a vacation location of choice.
In the last 10 years, Park City has experienced some of the highest home appreciation rates of any community in the nation. Park City real estate appreciated 28.24% over the last ten years, which is an average annual home appreciation rate of 2.52%, putting Park City in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Park City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Park City appreciation rates have trailed the rest of the nation. In the last twelve months, Park City's appreciation rate has been 2.41%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Park City were at 0.44%, which equates to an annual appreciation rate of 1.77%.
Relative to Utah, our data show that Park City's latest annual appreciation rate is lower than 90% of the other cities and towns in Utah.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Park City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Park City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Park City real estate investment or home purchase decisions.
|$1,004,001 - $1,339,000||14.0|
|$670,001 - $1,004,000||15.5|
|$535,001 - $670,000||10.5|
|$401,001 - $535,000||8.7|
|$268,001 - $401,000||8.0|
|$134,001 - $268,000||4.5|
|$67,001 - $134,000||1.8|
|$0 - $67,000||2.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Park City HOMES|
|2000 or Newer||19.2|
|1970 - 1999||74.0|
|1940 - 1969||3.9|
|1939 or Older||2.9|
|TYPE OF Park City HOMES|
|Small Apt. Buildings||9.4|
|SIZE OF Park City HOMES|
|5 or more bedrooms||12.08|