Are you on the lookout for prime real estate? Do you desire a life away from the COVID-induced panic of other big cities? If your answer to these questions is “yes,” Park City, Utah, is the place for you.
Park City, Utah, has always had a thriving real estate market. Even as prices go up, the mark-ups have done little to dissuade prospective buyers. In fact, COVID-19 did not heavily impact the Park City real estate market.
Park City can be the city for you to grow roots. If the prospect of owning a luxury home in this part of Utah entices you, read on to learn more.
Who knows? Maybe this article might make your decision-making easier.
Why Park City, Utah?
Park City, Utah, has earned popularity with its proximity to nature. The Wasatch Range makes up a good portion of the city’s skyline, and during the winter months, the mountain ranges become capped with snow. The peaks and slopes provide a marvelous backdrop to residents and visitors alike.
Due to the city’s proximity to more than one mountain range, Park City’s major attraction is skiing. Park City is home to several large four-season resorts offering lodging along with a variety of other activities for families and outdoor enthusiasts. It comes as no surprise that Park City is a premier destination for fishing, kayaking, and even golf.
The buildings on Park City’s Main Street provide a glimpse into the city’s past. In the 19th century, an exodus of silver miners made their way to the area. The developments that followed led to the early infrastructure that can still be seen in many of the buildings today.
All in all, Park City’s appeal is the result of its natural beauty coupled with the charms of city living.
The State of Real Estate in Park City
With the average home pricing at about $585 per square foot, Park City homes are pricey. Park City Realtors would also attest to the fact that house and condominium prices are going up.
Given its city-resort vibe, Park City’s real estate is dominated by two types of home offerings:
- Single-family homes
- Condominiums
The most recent Park City real estate market report shows an increase in the prices of both. What is more, the rate of increase is staggering. These increases characterize much of the city’s real estate market today.
For example, the average price of a single-family home was around 1.6 million dollars in 2015. Within just half a decade, despite COVID-19, this figure has risen by as much as $800,000.00.
When it comes to condominiums, the average price at the time of writing has nearly doubled since in 2015.
While common sense tells us that the number of buyers may decline, the facts disagree. A look at real estate market data from 2015 shows a concurrent upward trend between prices and buyers.
2020 was the year when sales peaked. Coincidentally, peak sales occurred at the same time as the COVID-19 pandemic’s peak in the US.
COVID-19 And Park City Real Estate
The COVID-19 pandemic has single-handedly shut down businesses across the board. To many, it was the single largest disruption to the world economy, let alone that of the United States.
Nevertheless, the real estate industry seems to have been bolstered by the course of events that began in March 2020. And in Park City, the real estate market seems to have made a killing, luring many wealthy customers.
We can attribute Park City’s COVID-boosted real estate boom to a couple of factors.
Demand for the Great Outdoors and Wide Open Spaces
Governments have restricted movement in many parts of the United States. This has created a clamor for life without worries, social distancing, and masks.
The mass exodus of residents from Los Angeles to neighboring rural areas is an example of this development. Elsewhere, droves of homeowners leave for COVID-free life beyond the concrete jungle.
For many, the preference is for areas with wide spaces and close proximity to nature. Park City fits this description to a tee.
Low Unemployment Rate
COVID-19 has led to some of the highest unemployment levels in the United States and beyond. For this reason, any part of the US with low unemployment rates can entice prospective homeowners.
The low unemployment rates of Park City are enough to distract buyers and realtors from the steep home prices.
Wait Out COVID-19 in Park City, Utah
Demand is high right now for places with open spaces and city-nature balance. Park City has proven itself to be just the type of place to escape the pandemic-hit metros of the United States.
Conducive to recreation and job hunting, Park City and its real estate market have capitalized on demand. In doing so, it has kept itself safe from the negative effects of the pandemic.
Nature. Urban life. The perfect mixture of both.
Park City has these in spades. And, if you want to be on the receiving end of the city’s charms, consider Park City for your next house-hunting adventure.