With home prices soaring in the once-quaint Park City, Utah, frustrated buyers are fleeing the tourist-packed mountain hub for more affordable locations.
Park Citys average home price increased by an eye-watering 35 percent in 2023, with single-family homes hitting a median of $4 million.
By comparison, prices rose by 9.4 percent at Vail and just 3.2 percent at Aspen, according to the resort report by Summit Sotheby’s International Realty.
Meanwhile, towns close to Park City, such as Midway, Heber City and Kamas, offer homebuyers similarly idyllic mountain views near skiing hotspots - but with a slower pace of life and, crucially, far cheaper property prices.
It has led savvy buyers to ditch Park Citys for its charming neighbors – where million-dollar homes are still within reach, the Wall Street Journal reported.
With home prices soaring in the once-quaint Park City, Utah , frustrated buyers are fleeing the tourist-packed mountain hub in search of more affordable options. (Pictured: Park City, Utah)
Nearby towns like Midway, Heber City, and Kamas are reaping the benefits, offering idyllic mountain views of Heber Valley (pictured) and a slower pace of life at a fraction of Park Citys jaw-dropping 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 annually.
Skier visits have exploded to 2.79 million, up from 1.7 million a decade ago.
But as the town increased in popularity, so too did its house prices.
Yet as Park City prices soar out of reach of many buyers, nearby towns are seeing their own real estate boom.
When Rob Ferguson, a cannabis entrepreneur, and his wife Courtney Capellan-Ferguson decided to move back to Park City, Utah, they were in for a shock.
The once-quaint mountain town had transformed into a booming tourist hub with sky-high property prices.
He told the WSJ that the home prices were insane, and he couldnt find anything that wasnt a condo for under $2 million.
But the couple didnt give up on their mountain living dreams just yet.
Instead, Ferguson set his sights on Midway, a charming town just 18 miles south of Park City.
The Fergusons snagged a 3,200-square-foot, five-bedroom house with breathtaking mountain views for a little more than $1 million in July.
Its beautiful and undeveloped, Ferguson said about his new hometown.
But theyre not alone. A growing number of homebuyers are opting for Park Citys less expensive neighbors where prices are growing but still affordable.
Michael Coopman, 63, and Lisa Coopman, 60, were attracted to Heber City for the value.
After living in Park City on and off before moving out for a few years, they returned only to find more of a future for real estate outside the city.
It seemed like a good opportunity, he told the outlet.
The Coopmans purchased a 3,800-square-foot, five-bedroom house in Heber City for around $1.2 million in August.
Park Citys average home price has increased by a staggering 35 percent in 2023, with single-family homes now hitting a median of $4 million. Now, savvy buyers are snapping up properties in its charming neighbors – where million-dollar homes are still within reach
A home is seen in the snow at Park City during the 2024 Sundance Film Festival on January 21, 2024
Michael Coopman, 63, and Lisa Coopman, 60, were attracted to Heber City for 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 in Deer Creek Reservoir, near Heber City, Utah)
Theyve since 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 WSJ.
The median home price in Heber has soared to $982,863, up 16 percent from last year. Kamas is not far behind with a median home price of $1.015 million.
Its attracting a different type of buyer that we havent seen before, Nancy Tallman, a real estate agent with Sothebys International Realty, told the outlet.
Trish McMillen, an agent with Windermere Real Estate, said she sold seven of her 10 listings in Heber City over the summer.
Heber City is now a ski town, she told the outlet.
She said homebuyers are going to Heber City and Midway because they dont want to pay the Park City prices but still want to be close to skiing.
Ken Woetzel, 67, and his wife Lee Ann Worth-Woetzel, 65, ditched their New Jersey home for a custom-built 5,000-square-foot house in Heber Citys Red Ledges development.
Park City crossed our minds, and the convenience would have been nice, but we just didnt want the hubbub, Woetzel told WSJ.
A view of Main Street Park City Utah
The average home sale price in Park City skyrocketed by 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 in addition to home prices, the food in Park City is exorbitantly expensive - aimed at the wealthy tourists visiting who will pay the prices.
Sjogren said the home size he was looking to buy would go for $3 million in Park City - but on top of that, his breakfast alone was a whopping $50 (for an acai bowl and a scone).
Theres nothing to walk to but nature where I live now, Sjogren said, praising the quiet beauty of his new neighborhood.
And when eating out, he says he drives 15 minutes to Midway for cheaper restaurants.
New luxury communities are springing up around Park City, offering a taste of the high 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 options for restaurants than in downtown Park City
Homebuyers are going to Heber City and Midway (pictured) because they dont want to pay the Park City prices but still want to be close to skiing
Kamas (pictured here) isnt 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 high 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 who crave slope-side living, Velvaere is offering ski-in, ski-out properties from $2.75 million to $12 million.
SkyRidge has home sites starting at $685,000 and single-family homes from $3.5 million to $6.3 million.