Park City Vs Steamboat Real Estate Comparison
There are many similarities between Park City, Utah and Steamboat Springs, Colorado. Both are small ski resort towns that are incredible locations for a primary or secondary ski home in the mountains. Much of the decision process for people looking into these areas come down to access and affordability. With Park City, you've got incredibly easy access to Salt Lake City International Airport just 30 minutes away. Steamboat is definitely more remote which is a positive for some, and a negative for others.
Surrounded by some of the best ski resorts in the nation, real estate prices can be expected to be high. While the initial number may be big, it’s best to look at all the different elements that may affect your cost of living when deciding between these cities. Things like the community feel, recreational access, lifestyle, etc are all things that should come into the decision making process when analyzing these areas.
We’ve done some of the comparison for you so read ahead if you are trying to decide where to buy real estate between Park City and Steamboat Springs!
Examples of Real Estate in Park City vs. Steamboat Springs
Steamboat Luxury Home
Sq Ft.: 5,459
Property Tax: $6,163/year
Park City Luxury Home
Sq Ft.: 9,150
Property Tax: $14,034/year
Steamboat Springs Vacation Home
Sq Ft.: 5,733
Property Tax: $12,914/year
Park City Vacation Home
Sq Ft.: 8,444
Property Tax: $26,224/year
Affordability Between Both Ski Towns
Compared to the rest of the country, Steamboat Springs's cost of living is 12.9% higher than the U.S. average. That is a big number to take into account. The median income in Steamboat is a little over $35,000, while the median home cost is almost $600,000. On top of that, sales tax in Steamboat is at 4% and income tax is 4.6%. Comparatively, the cost of living in Park City is 2.9% lower than the national average.
After looking at the general cost of living, it’s important to compare ownership costs between the two cities. Colorado income tax is at 4.63% while Utah is at 4.95%which is quite comparable. One major thing to note is that Steamboat Springs is one of only six municipalities in Colorado that doesn’t levy a property tax.
Overall, Utah has the 7th lowest tax rates in the country while Colorado is in the 9th position.
Access To Each Area
Park City is just a 35-minute drive from the capital Salt Lake. The International Airport is being expanded and upgraded in 2020/2021 making it even more of an easy destination to come to from throughout the country. Once in the city, there are dozens of top ski resorts that are just a 15-30-minute drive. In Park City, you are a 6-hour road-trip away from Las Vegas, 4.5 hours from Jackson Hole, and 8 hours to the Grand Canyon!
Steamboat springs is about 3 hours from the Denver airport (comparatively, Park City is ~30 minutes from the airport). Steamboat has 2 main ski resorts that are accessible, and 2 others that are about a 2-hour drive away. The main resort is Steamboat Ski Resort which sits just 10 minutes outside of town. Steamboat is close to some natural hot springs and hiking trails, it is about 4 hours from Rock Mountain National Park and about 3 hours driving from Boulder. Otherwise, Steamboat Springs is somewhat isolated from the rest of Colorado’s attractions.
Steamboat: Steamboat Ski Resort, Howelsen Hill Ski Area, Granby Ranch, Beaver Creek
Park City: Park City Mountain, Deer Valley, Woodward, Snowbasin, Nordic Valley, Powder Mountain, Sundance
- 51 more ski slopes than Park City
- 11 more restaurants/bars
- 1 extra open hour at the ski resorts
- 48 more ski trails
Park City has:
- 16 inches more seasonal snowfall
- 52 more hotels/hostels
- 1 more ski lift
- 4 more hiking trails
Real Estate Market Dynamics For Park City
|Year Over Year||2019||2020||%Change|
|Average Sold Price||$1,207,418||$1,536,913||27.30%|
|Average Sold Price per Sq. Ft.||$341||$481||41.10%|
|Average Days on Market||100||94||-6.00%|
|Highest Sold Price||$32,500,000||$20,000,000||-38.50%|
|Lowest Sold Price||$100,000||$98,500||-1.50%|
|Number of Properties Sold||1,825||2,426||32.90%|
|% Sold Price to Original List Price||96.20%||97.20%||1.00%|
|Total Dollar Volume Sold||$2,203,537,006||$3,728,551,137||69.20%|
Real Estate Market Dynamics For Steamboat
|Year Over Year||2019||2020||%Change|
|Average Sold Price||$702,509||$841,669||19.80%|
|Average Sold Price per Sq. Ft.||$341||$377||10.60%|
|Average Days on Market||98||78||-20.40%|
|Highest Sold Price||$11,500,000||$12,400,000||7.80%|
|Lowest Sold Price||$152,000||$170,000||11.80%|
|Number of Properties Sold||903||1,091||20.80%|
|% Sold Price to Original List Price||97.70%||98.10%||0.40%|
|Total Dollar Volume Sold||$634,366,003||$918,260,554||44.80%|
At the end of the day, the real estate markets are pretty unique between these two mountain cities. However, Park City is a bit more livable if you’re looking to buy a primary home with access to more resources and surrounding cities. That is, in our own humble opinion!
For more questions feel free to reach out to The Fisher Group. We are long time Park City locals with decades of experience selling vacation property in the area.
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