Quarterly Statistics

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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

October 2025 – The Park City real estate market demonstrated remarkable resilience during the third quarter of 2025, with what local agents described as “another boring quarter” – meaning steady, stable growth without dramatic swings. In the primary market, which includes Summit and Wasatch counties, the market showed continued strength with transaction volumes holding firm and prices remaining stable to moderately higher across most segments.

Year-over-year comparisons through September 30, 2025 revealed a market that has returned to pre-pandemic equilibrium. Single-family sales remained robust with median prices showing double digit appreciation, while the condominium market demonstrated more varied performance across different neighborhoods and price points. Perhaps most significantly, inventory levels crossed the 1,000-unit threshold for the first time since 2020, providing buyers with greater selection while maintaining healthy market dynamics. 

The Bifurcated Market Story

The most striking finding from Q3 is the emergence of a clearly bifurcated market. Properties priced above $2.5 million saw unit sales jump 38% and sales volume go up 50% year over year, while properties below that threshold experienced increases of only 2% and 4% respectively. This divergence reflects a fundamental shift in buyer behavior and market dynamics that sellers and their agents need to understand.

High-net-worth buyers continue to view Park City as an attractive investment, driven by lifestyle amenities rather than economic considerations. These buyers are largely insulated from interest rate concerns, with cash purchases exceeding 60% of transactions in the luxury segment. They want what they want, and they’re willing to pay for it – provided the property meets their exacting standards. 

Single-Family Homes: New vs. Existing

The single-family market revealed a fascinating dynamic between new construction and existing homes. When new construction is included in the calculations, the overall median price jumped 26% year over year. However, when new construction is excluded, existing home prices rose by a more modest 6.7% – much closer to the long-term average appreciation rate of 6-8% that has characterized the Park City market since 2001.

This dramatic difference underscores a crucial market reality: buyers are paying a significant premium for new, move-in-ready construction. As one agent noted, today’s Park City buyers “have more money than time” and are choosing pristine, turnkey properties over older homes that require updating, even when those older homes offer superior locations.

Key Single-Family Highlights:

• Park City proper (Areas 1-9): The median price within Park City limits reached $4. million, while condominiums averaged a bit more than half that price at $2.2 million (up 8% year-over-year)
• Old Town: Only 41 homes sold in the past 12 months, with the median price holding steady at $3.8 million, reflecting the scarcity of inventory in this coveted neighborhood
• Park Meadows: Emerged as a hot spot with multiple-offer situations reported, demonstrating the premium placed on in-town locations with convenient access to resorts and cultural amenities
• Promontory: Continued its dominance in the Snyderville Basin, accounting for nearly 40% of all sales in the region by volume. The development experienced exceptional growth with land sales up 260% (18 lots) in Q3 alone, driven by golf membership availability and lifestyle amenities

 Snyderville Basin Diversity

The Snyderville Basin again demonstrates the extraordinary diversity among neighborhoods around Park City. From Promontory in the east to Jeremy Ranch and Summit Park in the west and south to Canyons Village, the market shows substantial differences in housing stock, sale prices, and transaction velocity.

Of the 362 sales in the Basin during the 12-month period, the highest price was $27.8 million (3 were over l$20 million) while the lowest was $760,000. Fifteen sales were under $1 million, mostly (7) in Summit Park and Silver Creek South (6) near I-80. Twenty sales exceeded $10 million. This range exemplifies the “something for everyone” character that has long defined the greater Park City market. 

The Condominium Challenge

The condominium market faces unique headwinds that require careful navigation by both buyers and sellers. Several high-profile buildings are experiencing significant special assessments, with some owners facing six-figure bills for deferred maintenance and capital improvements. 

Notable challenges include:

• Assessments: Large HOA special assessments (some exceeding $150,000 per unit for four-bedroom residences) in isolated developments have caused inventory to spike and prices to drop as much as 50% from recent peaks.
• HOA fee concerns: Buildings with HOA fees comparable to five-star hotels but without matching rental income potential are facing buyer resistance

Buyers are strongly advised to thoroughly investigate HOA financial health, review meeting minutes, and speak directly with HOA presidents or property managers before making purchase decisions. The agents’ advice: look beyond the quarterly HOA dues to understand reserve fund health and upcoming capital projects. 

Bright Spots in the Condo Market

Despite these challenges, several condo markets showed exceptional strength:

• Park City proper: Sales were up 10% with the median price jumping 34% to $2.1 million, driven by new luxury developments
• Upper Deer Valley: The median price soared to $4.8 million, nearly double year over year
• Jordanelle area: New developments at Jordanelle Ridge and Mayflower Lakeside drove a 12% increase in unit sales, though pricing remained diverse depending on the specific project. Median sale prices at the most popular developments:
  • Mayflower Lakeside $1.6 million
  • Pioche Village $496,000
  • Residences at Grand Hyatt $2.1 million 

Location, Location, Condition

Perhaps the most important takeaway from Q3 is the premium buyers are placing on condition and amenities over location alone. Historically, proximity to ski resorts commanded the highest premiums. Today, buyers are increasingly willing to travel further from the slopes if it means getting a new, pristine property with modern amenities.

The data reveals a counterintuitive trend: in Park City proper (Areas 1-9), Condo properties under $2.15 million took longer to sell than properties above that threshold, contrary to the traditional pattern where more expensive properties languish longer. Agents attribute this to the prevalence of new construction in higher price ranges and buyers’ willingness to pay premiums for move-in-ready homes.

Conversely, in outlying areas like Heber and Kamas valleys, the traditional pattern holds: more expensive properties take roughly twice as long to sell as less expensive ones. 

Interest Rates: A Non-Factor for Luxury

One of the most frequently asked questions is whether interest rates will impact the Park City luxury market. The Q3 data provides a clear answer: not significantly.

Interest rate sensitivity is concentrated in the sub-$2.5 million market segment where buyers typically require financing. In the luxury segment, the prevalence of all-cash purchases (over 60% of transactions) means that interest rate fluctuations have minimal impact on buying decisions.

Additionally, 80% of existing mortgage holders nationwide have rates under 6% (54% are under 4% and 20% are under 3% interest), creating a “lock-in effect” that reduces inventory as homeowners are reluctant to give up favorable financing. This dynamic actually benefits the Park City market by pushing would-be sellers to hold their properties longer, maintaining price stability. 

Promontory’s Exceptional Performance

Promontory deserves special attention for its remarkable Q3 performance. The development saw a 260% increase in land sales for Q3 compared to the prior year, with year-to-date transactions up 37% over 2024. This surge is driven by several factors:

• Golf membership scarcity: With only one resale lot under $2.4 million available with a golf membership, buyers are snapping up lots without memberships, betting on future membership availability
• Shift toward custom construction: The ratio of lot sales to home sales has increased from 27% in 2023 to 33% currently, indicating growing buyer confidence in the custom home process
• Lifestyle amenities: The combination of golf, skiing (via shuttle), and a private club atmosphere continues to attract high-net-worth buyers seeking the “best of both worlds”

Market Outlook and Future Indicators

Looking ahead, several factors suggest continued stability with the potential for selective strength: 

Leading Indicators:

• Inventory has increased to over 1,000 units, the highest level since pre-Covid, potentially leading to price stabilization in certain segments
• New listings are outpacing pending contracts, suggesting a gradual shift toward more balanced market conditions
• Buyers are transacting later in the season (into October) than in previous years, potentially extending the traditional buying season

Economic Considerations:

• National economic uncertainty continues, but Park City’s luxury market remains largely insulated due to the wealth profile of its buyers
• The long-term appreciation rate of 6-8% since 2001 provides strong historical support for continued steady growth
• Multiple agents report existing homeowners indicating they would consider selling “for the right offer” in the next 90 days, suggesting potential new inventory

The New Construction Premium

Perhaps the most actionable insight for sellers is understanding the new construction premium and what it means for existing homes. Buyers are demonstrating a clear willingness to pay 20-30% more for new, pristine construction over comparable existing homes. This places pressure on sellers of older homes to either:

1. Price strategically: Accept that dated homes, even in prime locations, will sell at a discount to new construction
2. Invest in updates: Hire quality contractors to modernize kitchens, bathrooms, and finishes to compete with new inventory
3. Wait for the right buyer: Accept that properties requiring work will take longer to sell and will appeal to a narrower buyer pool

As one veteran agent observed, “We have contractors that come in and do that for [sellers] sometimes” when updating makes financial sense, but many long-term owners are “unwilling or unable” to make the necessary investments.

Single-family Homes by the numbers

Condominiums by the numbers

* Primary Market totals include only Summit and Wasatch Counties.

Comparing Market Segments

Opinions and Observations

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

Demand remains as steady as a chairlift with both pended and closed sales rising slightly for Q3.  The Greater Park City (GPC) area saw a 6.4% year-over-year increase in overall sales fairing considerably better than the -0.2% nationally. All areas except Kamas Valley saw a considerable increase with single family sales rising by ~20% for both Park City and the Basin.  Also, while Park City experiences a high percentage of cash buyers, it appears other areas of the market are not totally exempt from the gravitational drag of interest rates.

Similarly, supply continues to inch upward.  For the overall market, listing inventory increased by 4.3% with Q3 cresting over first 1,000 units of inventory for just the second time in five years. Much of the oxygen in the market came from fresh listings and new developments giving buyers more choices with exciting new product.

Overall prices continue to rise at an eye-popping rate.  The median price for existing property in GPC jumped 26% over the past year; the kind of increase that makes appraisers reach for oxygen tanks. Once the influx of new builds is factored out, the increase moderates to a still heady 6.7%,  a far cry from the 2% national increase.   The cost of a single-family property is staggering. The median price in Park City now exceeds $4 million while in the Basin the median price is over $2.5 million.  We not only live in a bubble, but at a very high altitude.

Park City exists in a paradox: insulated yet influenced by national economics. High interest rates, political noise, tariffs, and the occasional government shutdown make it hard to read the gauges; the country is in a fog about current inflation and employment data as market volatility increases. Yet, despite the angst, uncertainty, and constant headlines predicting doom, Park City’s market keeps progressing along quietly outperforming expectations.

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 3rd Quarter 2024 to 3rd Quarter 2025. The two lines in Blue compare the total year-long results on a rolling year-over-year basis for the period ending September 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.