Park City Real Estate Market Overview
The Park City market—which includes Summit and Wasatch counties—continued its steady momentum in Q3 2025 toward long-term equilibrium. Nearly every category saw increased activity, with total transactions up 21% and total sales volume up 23% year-over-year. Inventory also surpassed 1,000 units for the first time since COVID, giving buyers more options without creating an oversupply. The Park City real estate market remains positive.
Bifurcated Market Dynamics
The market is increasingly divided, with luxury properties outperforming lower-priced segments. High-net-worth buyers continue to view Park City as an attractive investment, driven by lifestyle amenities rather than economic considerations. They want what they want, and they're willing to move quickly when a property truly fits their standards. The market remains positive:
- Properties priced above $2.5 million saw unit sales increase by 38% and sales volume by 50% year-over-year
- Sales for properties below this threshold only increased by 2% in units and 4% in volume
- High-net-worth buyers are less affected by interest rates, with over 60% of luxury transactions being cash purchases
Single-Family Homes: New vs. Existing
There is a significant price difference between new construction and existing homes:
- Including new construction, the overall median price rose by 26% year-over-year
- Excluding new construction, existing home prices increased by only 6.7%, aligning with long-term averages
- Buyers prefer new, move-in-ready homes, often paying a premium of 20-30% over older homes
Single Family Homes Sales Overview
The single-family homes market in the Park City MLS area showed significant growth in sales volume and units sold from Q3-2024 to Q3-2025.
- Q3-2024: 253 units sold, volume of $765,278,047, average price of $3,024,814, median price of $1,985,000
- Q3-2025: 337 units sold, 33% increase in units, volume of $935,744,953, 22% increase in volume, average price of $2,776,691, 8% decrease in average price, median price of $1,900,000, 4% decrease in median price
Key Highlight in Single-Family Sales:
- Park City proper's median price reached $4 million, while condominiums averaged $2.2 million
- Old Town's median price remained steady at $3.8 million, reflecting the scarcity of inventory in this coveted Park City neighborhood
- Park Meadows emerged as the premium in-town location, with high demand, increased values, and multiple-offer situations reported
- Promontory accounted for nearly 40% of sales in the Snyderville Basin areas. The development also experienced land sales up 260% (18 lots) in Q3 alone, driven by golf membership availability and lifestyle amenities
Condominium Sales Overview
The condominium market experienced steady growth in both sales and volume, with notable increases in average and median prices.
- Q3-2024: 200 units sold, volume of $337,240,182, average price of $1,686,201, median price of $1,099,450.
- Q3-2025: 215 units sold, 8% increase, volume of $364,724,327, 8% increase, average price of $1,696,392, 1% increase, median price of $1,150,000, 5% increase.
Key Highlights: Condominium Sales & Challenges:
- Park City proper saw a 10% increase in sales, with median prices jumping 34% to $2.1 million.
- Upper Deer Valley's median price soared to $4.8 million, nearly double year-over-year.
- New developments in the Jordanelle area contributed to a 12% increase in unit sales.
The condominium market faces unique headwinds that require careful navigation by both buyers and sellers. Several high-profile buildings are facing significant HOA special assessments, including six-figure bills for deferred maintenance and capital improvements. Buyers should investigate the HOA's financial health, review meeting minutes, and speak directly with HOA presidents or property managers before making purchase decisions. As long-time local Park City Realtors we are here to guide you and help you look beyond the quarterly HOA dues to understand the reserve fund health and future capital projects.
Posted by Cindy Wallace on
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