Is the Park City Market Broken?!

Is housing affordability in Park City and the Wasatch Back officially broken? After sitting in on this year's Zions Bank Economic Summit, I think it's more nuanced than that — and a lot more sustainable than most people think.

Here's the backdrop. Heber housing prices are up three times since the early 2000s. Doug Smith, the Wasatch County Planner, said that when he bought his first home here in 2001, it cost three times his salary. That same home today? "To buy the same home I bought in 2001, you now need to make eight times the average median income." And it's not just prices — the types of homes we're building are completely lopsided. As Summit County's Peter Barnes put it: "We're building more of those luxury homes… and seemingly less of the missing middle." You've seen the listings — 30,000-plus square foot homes with trampoline rooms and golf simulators. But if you're a ski patroller, a chef, or a firefighter, it's getting harder to live here.

Now, as a full-time agent and investor, let me be clear: that doesn't mean the market is broken. Park City's market is incredibly strong — and sustainable — when you compare it to places like Aspen, which faces the same affordability pressure at prices four times higher than ours, with no slowdown in demand. That tells me this market isn't overheated; it needs better balance.

That's why Park City's plan to build 800 new workforce units matters, and why Summit County is shooting for 1,500. Developers like Ryan Davis — who launched the Engine House project with 99 affordable units in town — are doing their part too. His own words: "It's a drop in the bucket." But it's progress: more creative financing, more rezoning conversations, more public-private partnerships.

Because this isn't just about housing. It's about traffic, infrastructure, and long-term livability. We need to support the people who keep this community running — while recognizing that Park City's housing market isn't crashing. It's evolving.

Thinking about buying, selling, or investing in Park City? Reach out anytime — call or text (801) 837-4445.