Park City, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Park City, UT Real Estate Data


Park City Housing Market Information

With a population of 8,128, 3,251 total housing units (homes and apartments), and a median house value of $1,233,337, 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%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

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.

Park City Home Appreciation Rates

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 29.58% over the last ten years, which is an average annual home appreciation rate of 2.63%, 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 2.31%, 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 0.34%, which equates to an annual appreciation rate of 1.36%.

Relative to Utah, our data show that Park City's latest annual appreciation rate is lower than 80% 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.

Average Home Values

 

Median Home Value:
$1,233,337

Park City, UT HOME PRICES

Value Range
> $1,334,000 17.2
$1,000,001 - $1,334,000 14.0
$667,001 - $1,000,000 15.5
$534,001 - $667,000 10.5
$400,001 - $534,000 8.7
$266,001 - $400,000 8.0
$134,001 - $266,000 4.5
$67,001 - $134,000 1.8
$0 - $67,000 2.2

Very High for UT
Very High for Nation

Value Relative to Nation Value Relative to State
0.67971405133013 0.671140939597315

Number Of Homes And Apartments:
3,251

Rent & Ownership

 

Average Market Rent:
$1,459 / per month

Homeownership Rate

Homeownership
Owners 60.90
Renters 39.10
Vacant 66.16

Housing Market Details

 

Age of Homes

AGE OF Park City HOMES
2000 or Newer 19.2
1970 - 1999 74.0
1940 - 1969 3.9
1939 or Older 2.9

Types of Homes

TYPE OF Park City HOMES
Single-Family 37.1
Townhomes 12.5
Small Apt. Buildings 9.4
Apt. Complexes 40.5
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Park City HOMES
No Bedroom 5.65
1 Bedroom 9.87
2 Bedrooms 21.66
3 Bedrooms 30.80
4 Bedrooms 19.94
5 or more bedrooms 12.08

Park City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
138.85% 5.18% 10 10
* 10 is highest