Sales volumes and prices vary widely across the Wasatch Back, but Park City Realtors MLS Chair Bronson Calder said one number caught his eye in the third quarter statistics for 2024: $3.6 million. That’s the current median price for a single-family home in the Jordanelle area.
“The dynamics of that whole area are changing with Deer Valley East [Village] and everything that’s happening out there,” Calder said.
The jump in the median house price near Jordanelle represents an increase of 23% over the past year. It's the highest rate of increase for any area in Summit and Wasatch counties.
Park City proper remains the most expensive real estate market, with the median price of single-family homes sold coming in just shy of $4 million, the report shows.
Heber City has experienced the most sales growth, with single-family homes selling for a median price of nearly $1 million.
“The actual quantity sold in the Heber Valley is up just about 40% and so you can see that there’s a lot of people that are making that transition down to the Heber Valley,” Calder said. “They’ve got great amenities down there, and I think people are recognizing that and seeing good value and moving that direction.”
Generally speaking, Calder said buyers looking at the Wasatch Back aren’t looking for major remodels.
“New construction or things that have been remodeled - that are turnkey, ready to go, polished - are going to perform a million times better in our market right now,” he said. “We’re at a funny age where the things that were built in the 70s and 80s are really starting to show their age. People that haven’t kept up with keeping those properties fresh and new, they’re struggling. Those are sitting on the market for quite some time.”
Mortgage rates in the U.S. remain at sky high levels despite the Federal Reserve’s recent interest rate cut. But Calder said the Park City market is less susceptible to that factor, because around half of all purchases are all-cash deals.
“That number is staggering, it still blows my mind,” he said. “But the reality is, we’re less interest rate sensitive. All of that said it does impact our market, and I think we’re all hopeful that we’ll continue to see those numbers come down a little bit.”
Read the full third quarter real estate report here.
