Park City is the top metro for fastest growing home sale prices

SALT LAKE CITY — Park City is by and large the metro with the fastest growing home sales prices in the state. 

Home sales prices grew over 114% in Park City since 2023. Which is well above Draper’s 37.2% increase in the same time according to data from Redfin.

“That search for a lifestyle living plus a very friendly business-type state is a great combination for Park City. And that’s why, in our opinion, they’re seeing such a large growth,” said Adam Kirkham, immediate past president of the Utah Association of Realtors (UAR).

The announcement of the Salt Lake City 2034 Olympics also plays a factor in driving prices up in Park City.

While home price increases are dramatic in areas like Park City, Kirkham does not believe they will always be that way.

“I don’t think that we’ll see numbers continue to skyrocket because real estate will ebb and flow,” he said. “I think Park City will tend to maybe outperform one year and then maybe have a year here or there where it’s in line with much of the state.”

State home prices increased 5.1% in 2024.

Expected home price growth in 2025

Nearly all metros with the top 10 fastest-growing home prices were along the I-15 corridor and the Wasatch Front.

Kirkham predicts that the largest growth will be among, “those areas along the corridor where you can access good outdoor recreation but still be close to amenities and close to the tech hub in Utah and Salt Lake counties.”

The largest growth the UAR sees is in the metros that have been willing to work with developers and incentivize all types of buyers to move to their cities.

“We’re seeing a continued boom in the Washington county, St. George area,” he explained. “That area has seen some of the highest growth rates and price increases in the country and we think that will continue.”

Overall, Utah’s housing market is looking more balanced than it has in years.

“Right now, we have a balanced market, as balanced as you really can have. . . This balance in the market brings opportunities for both sellers and buyers,” Kirkham said. “A couple of years ago, if you’re looking for a house, you were most likely going to be put in a bidding war situation. But now, there are homes available where you can find a home. . . and offer on it and not be in a situation where it feels a little hopeless.”

Home prices are expected to increase 3 to 5% in the spring as sales activity increases.

Cities with the fastest-growing sales prices in Utah

The top 10 metros in Utah with the fastest growing sales price according to data from Redfin are:

1. Park City: 108.7%
2. Draper:  37.2%
3. Santaquin: 33.9%
4. Riverton: 23.3%
5. Washington: 17.0%
6. Millcreek: 14.4%
7. Tooele: 11.4%
8. Magna: 10.0%
9. St. George: 8.2%
10. Lehi: 8.1%

Allessandra Harris-Gurr is a reporter for KSL NewsRadio.  

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