With home prices soaring in once-scenic Park City, Utah, frustrated buyers are fleeing the tourist-filled mountain center in search of more affordable locations.
The median home price in Park City increased by a staggering 35 percent in 2023, with single-family homes reaching a median of $4 million.
By comparison, prices rose 9.4 percent in Vail and just 3.2 percent in Aspen, according to Summit Sotheby’s International Realty’s resort report.
Meanwhile, towns near Park City, such as Midway, Heber City and Kamas, offer buyers similarly idyllic mountain views near ski spots, but with a slower pace of life and, more importantly, much cheaper real estate prices.
It has led savvy buyers to abandon Park City for its charming neighbors, where million-dollar homes are still within reach, The Wall Street Journal reported.
With home prices soaring in once-scenic Park City, Utah, frustrated buyers are fleeing the tourist-filled mountain center in search of more affordable options. (Pictured: Park City, Utah)
Nearby towns like Midway, Heber City and Kamas are reaping the benefits, offering idyllic views of the Heber Valley mountains (pictured) and a slower pace of life at a fraction of Park City’s impressive home prices.
The former silver mining town of Park City, which has a population of just 8,500, today welcomes a staggering 8.4 million visitors a year.
Skier visits have skyrocketed to 2.79 million, up from 1.7 million a decade ago.
But as the city rose in popularity, so did home prices.
However, as Park City prices skyrocket out of reach for many buyers, nearby cities are experiencing their own real estate boom.
When Rob Ferguson, a cannabis entrepreneur, and his wife Courtney Capellan-Ferguson decided to return to Park City, Utah, they were in for a surprise.
The once picturesque mountain town had been transformed into a booming resort with sky-high real estate prices.
He told the WSJ that home prices were crazy and he couldn’t find anything other than a condo for less than $2 million.
But the couple still did not abandon their dreams of living in the mountains.
Instead, Ferguson set his sights on Midway, a charming town just 18 miles south of Park City.
The Fergusons purchased a 3,200-square-foot, five-bedroom home with stunning mountain views for just over $1 million in July.
“It’s beautiful and underdeveloped,” Ferguson said of his new hometown.
But they are not alone. A growing number of homebuyers are opting for Park City’s less expensive neighbors, where prices are rising but are still affordable.
Michael Coopman, 63, and Lisa Coopman, 60, were drawn to Heber City because of the value.
After living in Park City on and off before moving away for a few years, they returned only to find a future for real estate outside the city.
“It seemed like a good opportunity,” he told the outlet.
The Coopmans bought a 3,800-square-foot, five-bedroom home in Heber City for about $1.2 million in August.
The median home price in Park City has increased by a staggering 35 percent in 2023, with single-family homes now averaging $4 million. Now, savvy buyers are snapping up properties in their lovely neighbors, where million-dollar homes are still within reach.
A house is seen in the snow in Park City during the 2024 Sundance Film Festival on January 21, 2024.
Michael Coopman, 63, and Lisa Coopman, 60, were drawn to Heber City because of the value.
In Heber City, the median home price has soared to $982,863, up 16 percent from last year (Pictured: Snow-covered Mount Timpanogos at Deer Creek Reservoir, near Heber City, Utah)
Since then, they’ve invested heavily in renovations, adding wallpaper, a glass shower, repainting and re-stoning the fireplace.
“It would have been twice as much in Park City,” Michael told the WSJ.
The median home price in Heber has skyrocketed to $982,863, up 16 percent from last year. Kamas is not far behind with a median home price of $1.015 million.
“It’s attracting a different type of buyer that we haven’t seen before,” Nancy Tallman, a real estate agent with Sotheby’s International Realty, told the outlet.
Windermere Real Estate agent Trish McMillen said she sold seven of her 10 properties in Heber City over the summer.
“Heber City is now a ski town,” he told the outlet.
He said home buyers go to Heber City and Midway because they don’t want to pay Park City prices but still want to be close to skiing.
Ken Woetzel, 67, and his wife Lee Ann Worth-Woetzel, 65, left their New Jersey home for a 5,000-square-foot custom home in Heber City’s Red Ledges development.
“Park City crossed our mind, and the convenience would have been nice, but we just didn’t want the fuss,” Woetzel told the WSJ.
A view of Main Street Park City Utah
Park City median home sale price soars 35 percent in 2023
Meanwhile, Karl Sjogren, 39, a cybersecurity expert, opted for a $1.75 million, 3,300-square-foot home in Jordanelle, near the upcoming Deer Valley East Village development.
He said that, in addition to housing prices, food in Park City is exorbitantly expensive, aimed at the wealthy tourists who visit and who will pay the prices.
Sjogren said the size of the house he was looking to buy would cost $3 million in Park City, but on top of that, his breakfast alone was a whopping $50 (for an acai bowl and a muffin).
“Where I live now there’s nothing to walk to except nature,” Sjogren said, praising the quiet beauty of his new neighborhood.
And when he goes out to eat, he says he drives 15 minutes to Midway to find cheaper restaurants.
New luxury communities are springing up around Park City, offering a taste of the good life at a fraction of the cost.
Karl Sjogren, 39, a cybersecurity expert, opted for a $1.75 million, 3,300-square-foot home in Jordanelle, near the upcoming Deer Valley East Village development.
Midway has cheaper restaurant options than downtown Park City
Homebuyers go to Heber City and Midway (pictured) because they don’t want to pay Park City prices but still want to be close to skiing.
Kamas (pictured) is not far behind, with a median home price of $1.015 million.
New luxury communities are springing up around Park City, offering a taste of the good life at a fraction of the cost.
The Marcella Club is tempting buyers with ski homes ranging from $2.78 million to a whopping $8 million.
For those longing to live next to the slopes, Velvaere offers ski-in/ski-out properties from $2.75 million to $12 million.
SkyRidge has homesites from $685,000 and single-family homes from $3.5 million to $6.3 million.
