2025 2ND QUARTER STATISTICS

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For further information, contact the Park City Board of REALTORS®

Maverick Bolger                                                                                                   Todd Anderson

President, Park City Board of REALTORS®                                         President, Park City Board of REALTORS®

303-588-0568                                                                                                      435-901-1417

maverick@utahluxurygroup.com                                                               Todd@YouInParkCity.com

July 2025 – The summer season is traditionally thought of as the busiest time of year for real estate agents. This past quarter was no exception. Year-over-year unit sales of single-family homes were 5% to 21% higher in all major areas that make up Greater Park City, with sales volume up 15% to 62% across the region. Median sale prices were steady to up slightly, with the exception of Kamas Valley, which saw a jump of 17%.

In the primary market, which includes Summit and Wasatch Counties, condominium sales were also strong, as 12% more sales units were reported, while the median price was off slightly (2.1%) at $1.12 million. Sales in Heber Valley more than doubled, pushed by new developments at Jordanelle Ridge (Lennar Homes) and Coyote Ridge (Ivory Homes).

Residential inventory hit the highest level since pre-Covid. At the end of June, there were 765 Residential (Single Family and Condo) units for sale. In the nine years prior to the pandemic, June inventory averaged 867 units. While we still have a ways to go to reach that level, the 765 listings for sale was the highest June tally, and the third highest monthly count overall, since the pandemic was declared over in May 2023.

The total sales volume for single-family homes in Summit and Wasatch Counties for the full year ending 6/30/25 was up 19% from the same period a year earlier. Prices rose at historically normal rates with the median home sale price in the PCMLS primary market area up 6.9% to $1.79 million for the year.

Condominium sales eclipsed those of single-family homes by almost 50%. Sales volume was up 29% year over year, but the median sale price dipped slightly (2.1%) to $1.12 million.

Single-family Homes Highlights

More than 1,000 single-family homes sold in the 12 months ending June 30, 2025 across the primary market area (Summit & Wasatch Counties), 12% more than in the prior year.

A significant rise (6.9%) in the median sales price to $1.79 million confirmed that the market continues to perform above national averages (up 1.3% Y-o-Y). With various national economic indicators continuing to be unpredictable and in flux, the resort market, with pockets of luxury offerings, remains a haven of strength that should continue throughout 2025.

Highlights of the single-family home market:

• Total unit sales were up 12% to 1,046 units. Sales volume remained robust, up 19%.
• The median prices of a single-family home were up 10% or more in all areas except within Park City limits and around the Jordanelle, both of which dipped slightly, and in Heber Valley where prices were flat.
• In the close-in communities, Park Meadows outperformed the market with a 44% increase in sales volume and an 18% increase in median sale price to $3.7 million.
• The Snyderville Basin again demonstrates the diversity seen among and between neighborhoods around Park City. From Promontory in the east to Jeremy Ranch and Summit Park in the west and south to Canyons Village, we note substantial differences in housing stock, sale prices, and number of sales. In the most recent 12 months, The Silver Creek area, both north and south of the interstate, saw unit sales double in the past year. However, the median price of homes north of the highway increased by 9% ($2.7 million) while those to the south dipped 10% ($1.1 million).
• Promontory traditionally accounts for 25% or more of unit sales in the Basin and this past year was no different. Units sold were up 12%, and despite a slight decline (7%) in median sale price, those sales accounted for 38% of total Snyderville sales volume.
• Park City has a history of offering a great diversity in housing stock with something for everyone regardless of preferred price range. This variety is exemplified in the Snyderville area. Of the 352 sales in the Basin, the highest prices were for five homes in the Colony at White Pine Canyon, all of which sold for $15 million or more. The lowest prices were in Summit Park where five homes sold for less than $1 million.
• Market activity across the Wasatch Back was strong in all major areas with double digit percentage increases in sales volume prevalent in all areas. Median sale prices rose between 5% and 17% in all areas except inside Park City limits, where prices changed very little.
• Tuhaye saw a large jump in median price (40%) to $5.8 million, edging out the traditional leader, Promontory, as the most expensive area west of Hwy 40/189 (with 10 or more sales) by posting a median price of $5.6 million.

The wide disparities within the regional market tended to cancel each other out resulting in price changes of 5% or less both median and average across the region.

* Primary Market totals include only Summit and Wasatch Counties.

Condominiums

Prices in the condominium market across the entire Wasatch Back varied as widely as did the single-family homes, ranging from about $550,000 in Heber Valley to almost $2 million in Park City.  However, unit sales exploded in Wasatch County as construction of multiple new developments completed and large inventories became available. The hot areas were the new Jordanelle Ridge (53 Sales) and Mayflower Lakeside (54 sales).

To completely understand the condo market around the Jordanelle, one must dig deeper into the details.  While the Jordanelle sales volume increased 40% year over year, the median sale price rose only 13%. That’s because a major portion (22%) of the condo sales in the Jordanelle were newly constructed units in the Pioche Village development, which sold at an average price of $550,000, one-third of the overall area average. This was balanced by sales in the new developments at Mayflower Lakeside that sold on average at $1.7 million. This is another example of the need to look closely at the micro-markets within a given area.

• Sales in the close-in neighborhoods of Park City metro were steady, but prices were up 23% pushed by the opening of Founders Place in Deer Crest, which accounted for 14% of all sales at an average sale price north of $5 million. By comparison, the median price of a condominium sold in Old Town is now $1.05 million.
• In Canyons Village, which accounted for 55% of all condo sales volume in the Snyderville area, prices were down slightly (off 2%).
• In Wasatch County, (areas where 10 or more sales are reported) areas around the Jordanelle continued a trend we expect to see more of in the future–new resort activity stimulating sales and raising prices. Condo unit sales were up 6%, on a healthy (13%) gain in median sale price to $1.2 million. That combination resulted in sales volume jumping 40% to $451 million. The median price for a condo around the Jordanelle is now over $1.2 million.

* Primary Market totals include only Summit and Wasatch Counties. 

Opinions and Observations

What do Park City agents see as current trends and anticipated changes in the next few months? Here are a few observations about the important market results that point the way, coming from those agents on the front lines.

• The market exited ski season with great momentum but that seems to have ebbed in May and June. The quarterly numbers don’t really tell the whole story. The high net-worth ski crowd was very active, wanting to invest in a luxury market, but the lower end of the market was sluggish.
• Many high-end buyers were more interested in new construction, looking at properties that didn’t require a short-term closing. Short term economic volatility was less of a factor in many of those contracts.
• Interest rates have a much lower impact on the Park City market because more than half of sales here are all cash.
• Inventory continues to accumulate as new listings outpace pending contracts. The number of available single family homes is now very near the level seen before the Covid pandemic became a significant influence on the housing market.
• Buyers seem to be more focused on what they can get for their target price, leaning toward shiny new construction, even though the location is not as close to the resorts or the cultural attractions in Park City as some older houses.
• Buyers in the very high end of the market are much more likely to buy new construction, even if there is a lengthy wait for completion, than they are to buy existing homes in need of extensive remodeling. Sellers need to be aware that their competition is not their neighbor but the large new development which might be many miles away.
• Insurance costs, or even availability, is becoming more and more of a factor, even in the pricey gated communities. Buyers are encouraged to seek insurance commitments well ahead of their anticipated closing date, so they are not surprised by the rising costs. The resident sales teams in the resort communities have the latest information on insurers they can rely on to cover the new purchases. 

Comparing Market Segments year over year through 6/30/25:

At the national level, interest in interest rates remains high as do the rates themselves. This is one of the major factors affecting consumer confidence, as reported by the Conference Board. Their Expectations Index has fallen to 69, which is substantially below the threshold of 80 that typically signals a pending recession.

One of the most frequently asked questions posted to Park City agents is, “What has been the appreciation rate for an average home in this area over, say, the past 25 years?” After explaining that there is no “average” home in the Wasatch Back, there are numbers to verify an average annual appreciation rate of 7.2% since 2001. If one looks at appreciation since the more significant events that occurred during that period, one finds that when measured from the peak that preceded the mortgage crisis (April, 2008) prices are up 6.5%. When measured from the bottom of the market that happened after that catastrophe, prices are up by over 10%. These measures offer strong confirmation that the Wasatch Back market is attractive to both families looking for a particular lifestyle that Park City offers, as well as to potential investors seeking a higher rate of return than they might find in the volatile stock market.

In mid-July, NAR Chief economist Lawrence Yun revised his prediction of home sales in 2025 down to 3% from 6% reported in March. But he revised upward his forecast of a 14% increase in 2026, IF (and it’s a big IF) mortgage interest rates (currently around 7%) trended lower (6% or less).

Moody’s Chief Economist Mark Zandi echoed those thoughts with a sharper warning: “Home sales, homebuilding, and even house prices are set to slump unless mortgage rates decline materially from their current near 7 percent soon. That, however, seems unlikely.” After hitting a recent low of 6.48% in April, rates have inched upward since. Federal Reserve policymakers have said they’re waiting to see what impact tariffs will have on inflation before resuming interest rate cuts they began last year.

Interest rates have little impact on Wasatch Back sales, where over 50% of homes were purchased without a loan (cash).

Locally sales were up. Single family sales volume was up 12% year over year. Condo sales were also up 12% yearly. Looking at total sales (residential and vacant land) in just the close-in Greater Park City area, results were even more positive. For the six-month period ending 6/30, combined sales in 2025 were 22% higher than in 2024, and 49% above the 2023 tally.

In his quarterly market report, local economist Rick Klein summarized the results.

The Q2 2025 terrain was mixed. Pending sales climbed 10%, hinting at a stronger Q3 – typically our busiest quarter. Park City’s market often floats above the national turbulence thanks to our cash-heavy buyer pool, but we’re not immune to economic headwinds—tariff uncertainty and high interest rates continue to buffet the climb. Risk still matters, even at altitude.

The real bright spot is inventory, which topped 1,000 units for the first time in nearly five years. About 25% of that bump is due to slower sales, but the rest reflects healthy additions—new and existing listings that give the market room to breathe.

Prices continue to rise. Nationally, the median home or condo sits at $422,800 (up 1.3%), while our market saw an 8.7% rise to a median price of over $1.63M or nearly four times the national average.  If we remove new construction, we’re closer to a 3.2% increase—more in line with national trends.

Looking ahead, we’re navigating both fog and clear skies. Recession risks loom—driven by trade policy and immigration uncertainty—but tax policy has stabilized, and a rate cut could bring tailwinds in the second half of 2025.  

Overall, how did the local market fare? The tables above and those that follow show two ways of looking at the market: For each area. The first two lines (white) compare the results of the 2nd Quarter 2024 to 2nd Quarter 2025.
The two lines in Blue compare the total year-long results on a rolling year-over-year basis for the period ending June 30, 2024 and 2025. (Note: only areas with 10 or more sales are considered in the report.) 

About the Wasatch Back Market:

Real estate in the Wasatch Back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, view, and inventory. Buyers and Sellers are advised to contact a local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.