There are many moving parts when you’re buying and selling real estate. In addition to understanding how local property values affect home values, it’s also essential to know how location factors into a home’s resale value. Knowing a little more about the community where your property is located makes selling your house much more manageable.
Knowing the amenities and property values is also crucial to ensure you’re making a wise investment if you’re looking to purchase.
Utah has a very competitive housing market. It offers an array of climates and backdrops that will appeal to nearly any buyer. The state provides easy access to various outdoor activities, entertainment, fine dining, and Broadway-caliber plays. This unassuming state ranked number 3 on U.S. News’s list of Best States to live in 2022.
Located in northeast Utah, Summit County is home to around 42,0000 people. The county borders Wyoming on the south and east. The Wasatch Mountain Range borders the county on the west. The largest city in Summit County is Park City.
Summit County offers stunning mountain views, open plains, and access to some of the best snow in the country. The county primarily consists of smaller communities, but it also houses one of the state’s most well-known communities, Park City. Each year thousands of visitors flock to the mountainsides for the Sundance Film Festival and take advantage of the slopes.
The county is one of the snowier portions of the state. While it only averages 19 inches of rain per year, the county gets around 87 inches of snow annually. The temperatures are moderate in the summer, with highs sitting around 87 degrees Fahrenheit. Winter months are far colder, with winter lows averaging about 13 degrees Fahrenheit in the winter.
While Summit County is one of the smaller counties in the state, it has some of the highest home prices. At publication, the average sale price is $1,448,100, with homes staying on the market for about 20 days. Since last year, the median sales price has increased, and homes are selling much faster. At this same time last year, the average sales price was $940,000, with homes staying on the market for about 70 days.
In 2017, the average home price in Summit County was $825,424, and homes stayed on the market for about 87 days.
The housing market is a little different than most areas of the state. While the summer months are still the best months to purchase a home, the number of sales spreads out a little more evenly between June and October. Sales don’t dip nearly as sharply in the winter months, thanks to an influx of traffic in the area to enjoy the snow.
Summit County offers an array of outdoor activities, shopping, and entertainment options. Visitors and residents have plenty to choose from, depending on the time of year. Some popular attractions in Summit County include:
Outdoor Activities (Skiing, Hiking, etc.)
Museums, Zoos, and Parks
Sports
Shopping
Entertainment
Hospitals in Summit County
Hospitals in Summit County include:
Universities and Colleges in Summit County
Park City has a University of Utah campus.
Not all properties are created equal, and some will be a better fit for your needs than others.
Investing in real estate is (typically) a long-term decision. Purchasing a multi-family residential property is a commitment. Fortunately, real estate tends to perform better as a long-term investment, so it’s a good fit for investors who want a reliable way to let their investments grow over time.
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