In 2021, everyone watched in awe as real estate markets across the country achieved record-breaking figures and an influx of buyers despite low inventory. While some real estate organizations and mortgage companies are hopeful that growth will continue in 2022, many see a different scenario.
In this report, we’ll take a look back at the real estate market in Park City, Utah in 2021, and see what 2022 may have in store for the best small town in America.
A quick review of Utah’s real estate market trends in 2021
There’s no doubt that 2021 was a significant and rather crazy year for real estate in the United States. Home prices rose quickly that year, so much so that by June of that year, the national median home price was already at $362,800, according to the National Association of Realtors (NAR).
Low inventory nationwide
Low mortgage rates and limited inventory drove prices higher. In fact, in June 2021, the number of homes for sale across the US was only 1.38 million. People were so eager to purchase homes, listings rarely stayed on the market for a month. Approximately 60% of homes available on the market were sold in just two weeks.
Real estate inventory and appreciation in Park City, Utah
In Park City, Utah, national real estate market trends were as evident. Back in August 2020, the number of homes for sale in Park City went below 1,800 units, which only happened five times in the last eight years.
By November 2021, the city’s inventory decreased even further. The number of single-family homes for sale decreased by 48 units. Condominium units were down by 28. Land also had 15 fewer listings. In mid-December 2021, there were 86 homes and 50 condominiums for sale in the Park City Multiple Listing Service.
Home prices zoomed as inventory plummeted. According to the Park City Board of Realtors’ multiple listing service, average and median listing prices went up by 28% and 24% respectively. As of March 2022, the median listing home price in Park City was $1.8 million, while the median listing home price per square feet was $952.
Real estate market trends and updates for Park City, Utah in 2022
According to NAR, the country’s housing market may normalize in 2022. While 2021 saw strong market conditions and record-breaking sales, it’s quite unlikely that 2022 will exceed those numbers. But even if 2022 doesn’t look as frenzied for real estate sales as 2021 was, it’s still likely to exceed pre-pandemic levels, which is a good thing.
The same can be said for the real estate market in Park City, Utah. As the demand for properties rises and the inventory stays low, prices will continue to reflect the deficit. Some Realtors even expect to see Park City real estate prices jump to 20%-40% toward the end of the year.
Park City, Utah is an excellent place to live because of its small-town vibe, its many opportunities for outdoor activities, excellent schools, ski resorts, and lower taxes. It’s not hard to see why there’s such a huge demand for properties in this side of Utah.
Interested in exploring the real estate market in Park City, Utah?
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