P
ark City Realtors MLS Chair Bronson Calder notes a striking trend in the 2024 third-quarter statistics: the Jordanelle area's median single-family home price has surged to $3.6 million, a 23% increase from last year and the highest rate of growth in Summit and Wasatch counties.

    The Jordanelle area is undergoing significant changes with the development of Deer Valley East Village, Calder explains. Park City remains the most expensive market, with a median single-family home price nearing $4 million. Heber City has seen the greatest sales growth, with homes selling for nearly $1 million and a 40% increase in sales volume.

    Buyers in the Wasatch Back are often seeking turnkey properties that require little to no renovation, Calder observes. New construction or recently remodeled homes tend to perform well in the market, while older properties that haven't been updated are struggling to sell.

    Mortgage rates remain high despite a recent interest rate cut by the Federal Reserve. However, around half of all purchases in Park City are made with cash, making the local market less susceptible to interest rate fluctuations. While interest rates still impact the market, Calder hopes for a decrease in rates in the future.