What it’s really like to invest in Park City, UT

Average home price: $1,509,057 (up 2.6% YoY)
Homes that sell over list price: 5.6%
Homes that sell under list price: 81.2%
Average rent: $3,800/month

Lay of the land: Park City is a skier’s paradise with steep prices to match—like this four-bedroom, 3,656-square-foot condo (shown above) for $11,950,000. But it is entirely possible to snag property here for a lot less if you know where to look.

“You don’t have to be in Park City proper anymore,” says Hilary Reiter Azzaretti, who operates a condo rental in the area. She recommends checking out nearby Heber City, where homes go for an average of $781,380.

Worried your rental cash flow might dry up outside of the winter ski season? Shruthi Reddy Kinkead, who’s owned a short-term rental here since 2015, points out, “Summer and fall tourism are growing, and help offset seasonal risk. And the 2034 Winter Olympics position Park City for long-term appreciation, making it a compelling market for investors.”

Take-home advice: “We think ski-in-ski-out is the best bet because you cannot replicate that convenience, so it tends to hold value,” says Kevin Hannaway, who bought a pre-construction condo in Canyons Village. But although establishing a short-term rental might seem like the obvious cash cow, “Park City is so inundated with nightly rentals that when we did the math, long-term rental profits were comparable,” says Azzaretti, adding that her rental brings in $3,000 per month. “A long-term rental also meant we could be more selective about our tenant and have less wear and tear on our property.”

Have a real estate market you’d like to highlight? Share it here, and we’ll feature it in the future.