What's Happening in the Market?

The Park City market continues to reveal a distinct split in buyer behavior. On one side, luxury homes and high-end condos remain the clear outperformers, in that buyers are readily paying record-high prices for newer, high-end construction and like-new properties that have been remodeled and upgraded. Momentum for luxury properties keeps moving onward and upward. Cash remains a significant indicator. Over 50% of buyers in the Park City area are paying in cash for their real estate purchases. This keeps the luxury segment highly competitive, when many buyers are not concerned about mortgage rates or pinching pennies.

On the other side, properties that need updates or are priced lower are moving more slowly, particularly while higher interest rates have a greater impact on affordability. Buyers for these properties are “value-driven”, and they are approaching the market thoughtfully and well-informed. These buyers are moving more slowly and driving a harder bargain for the sellers.

Market Performance Snapshot: Homes, Condos, and Vacant Land

The latest numbers show a nuanced shift in Park City’s real estate landscape. Single-family homes are up 18%, while condos have posted a modest 2% gain. In contrast, lot sales have declined by roughly 10%. The driver behind this change is clear: inventory.

In the early 2020s, buyers purchased land because there simply weren’t enough finished homes available for what they were looking for. Building became the only path to securing the size, style, or location they wanted. Today, the dynamic has reversed. There are more completed homes and condos on the market, particularly brand new construction or recently-built options. Buyers no longer feel pressured to purchase raw land and begin the construction process. As a result, demand for lots has softened while move-in-ready properties continue to lead the market, especially if they are new or updated. It is also a fact, particularly within Park City limits, that vacant land is a rare commodity. It has been true for many years, but was driven almost to extinction during the very early 2020s.

It is a Buyer's Market and a Seller's Market

It is both a buyer's market and a seller's market. It is a buyer's market for older homes and condos, especially those and any properties needing updates, upgrades, or remodels. It is a seller’s market for high-end luxury homes and condos, updated ski properties, and new or newer construction.

Understanding the Park City Area's Micro-Markets

Markets in and around Park City can vary significantly from neighborhood to neighborhood, and sometimes within a short distance. This is exactly why we are here.

Looking to buy in Park City?

We are happy to create a buyer's guide for different neighborhoods and provide market reports on those areas. We can set you up with search criteria that match your needs, and you can log on to check them, or get reports emailed to you daily, weekly, bi-weekly, or monthly, according to your own preferences.

Thinking about selling?

We will send you a report that reveals prices that comparable properties sold for in your neighborhood or surrounding area, and create a Property Valuation Assessment that will go over the current market, as well as your property's individual value.

LEARN WHAT YOUR PROPERTY IS WORTH

Are you interested to learn what your property is worth in today's market? Contact us for a free Property Value Assessment, and we'll help you find the sweet spot.

Home Sales & Prices

Park City Home Sales The total number of homes sold in the last 12 months was 588 compared to 498 the prior 12 months. Within the Park City city limits, number of sales of homes went from 106 to 138, a 30% hike. Homes sold in the Snyderville Basin rose from 305 to 356. In the Jordanelle area there was an increase in homes sold, from 87 the earlier period to 94 in the more recent 12 months; an 8% step up.

Park City Median Home Sale Prices The comparison of average sold prices shows us that homes went up about 4% within Park City city limits and 9% in the Snyderville Basin. Jordanelle average home sold prices increased by 15%. Average prices in city limits went from $4,923,799 to $5,107,044. In the Basin they went from 3,345,787 up to $3,641,822, and from a average price of $4,090,825 up to $4,713,480 at Jordanelle. That means there was an combined uptick in average price of about 9% over the 3 areas.

Condo Sales & Prices

Park City Condo Sales The total number of condos sold had a modest rise from 786 sales between November 1, 2023 and October 31, 2024 to 801 between November 1, 2024 and October 31, 2025. Condominium sales within the city limits rose from 247 to 272(+10%), and in Snyderville Basin they dropped from 244 to 240 (-2%). Jordanelle also experienced a 2% drop. In the earlier period it was 295 and in the more recent it was 289.

Park City Median Condo Sale Prices Prices of condos had an average increase of about 51% in town and a decrease of 2% (about $29,555) in the Basin. Jordanelle saw the average price of condos go from $1,134,2992 to $1,552,082 a healthy 16.67% climb.

Land Sales & Prices

Park City Vacant Land Sales Vacant land sales in Park City city limits experienced a decrease -- 64%, or 7 fewer sales than the previous year. The period of November 1, 2023 through October 31, 2024 saw 11 sales. The more recent 12 months had just 4 sales. Lot sales went up in the Snyderville Basin, from 69 to 87, +46%. In Jordanelle, sales decreased by 21% -- from 184 to 146.

Park City Median Vacant Land Sale Prices Overall, average lot prices dipped 48% in city limits, had an 17% rise in the Snyderville Basin, and an 1% step up in Jordanelle. This roughly translates to an decrease in average lot price in city limits of $1,777,955, an average increase of $229,880 in the Snyderville Basin, and and increase of $19,920 in the Jordanelle Park Area, or a 10% drop between the 3 areas.

Average Time on the Market of Closed Home Sales vs. Active Home Listings

When properties are priced correctly, based upon recent comparable sales, they sell in an average of 83 days. Meanwhile, the active listings that have not yet gone under contract are staying on the market for an average of just over five months.

The silver bar on this graph shows that homes that are selling are taking an average of 83 active days on the market before going under contract. The red bar shows the cumulative days on the market for listed homes that have not yet sold. The average number of days on the market without selling is 158; about 5.3 months.

Many factors impact why one property sells over another. They include location, views, age, upgrades, condition, and other details, but the number one factor is price. After more than 30 years of selling real estate in Park City, I have learned that there is a buyer for every property, at a certain price.

If you’re thinking of selling your property, realize that selling a home is a hassle. You must keep your home clean and in "ready to show" condition at a moment's notice. Nobody wants to be inconvenienced for more than six months, especially with no sale to show for all the effort. When you decide to list your property, choose a price that will result in a sale within a reasonable time.