January 2026 – The Park City real estate market concluded 2025 with remarkable performance, posting the second-highest sales volume in recorded history at $5.75 billion (combined single-family and condominium sales) —just behind the COVIDera peak. Despite December showing some weakness, not unusual for the holidays, the year demonstrated exceptional strength in pricing, solid transaction volumes, and a return to stable, pre-pandemic market patterns.
Year-over-year comparisons through December 31,2025, revealed a market that has returned to pre-pandemic equilibrium. Single-family sales remained robust, totaling $3.52 billion (up 26% year over year) impelled not by units sold (up only 6%) but by 17-19% rises in sale prices. A similar result was seen in the condominium market that saw a 20% increase in sales volume (to $1.66 billion) despite selling 8% fewer units, because the average sales price was up 30% to $1.8 million.
Single-Family Homes: Considerations
The dramatic difference between newly constructed or recently remodeled homes identified last quarter continued to affect sales decisions through year end. Buyers paid a significant premium for new, move-in-ready construction. Add to that a recently identified trend in vacant land sales, where buyers show a strong appetite for lots in gated communities with golf club memberships attached to the lot. Agents reported seeing such entitled lots selling for $800K to $1 million more than similar sized lots without golf options.
Key Single-Family Highlights:
Park City proper (Areas 1-9): Exceptional growth: 143 sales (+29% from 2024)
- Sales volume jumped 39% to $712 million
- Median price: $3,825,000
- Agent observations: Buyers trending younger demographically
- Migration pattern: Agents noted a continued strong influx from out of state, with many buyers relocating full-time rather than purchasing second homes
- Old Town: Only 53 homes sold in the past 12 months, with the median price holding steady at $3.9 million, reflecting the scarcity of inventory in this coveted neighborhood.
- Canyons: It was a banner year for the mega-homes on White Pine Canyon Road. Ten of them sold for an Average price of over $17 million.
- Promontory: As noted earlier, interested golf buyers paid a premium for homes in Promontory. 70% of Potential buyers wanted golf-accessible properties, and many were willing to downsize their target homes in order to be close to the courses. The average home sold in Promontory was 5-6% smaller than last year.
- Jordanelle: Further south, frantic construction continued to bring new houses to market, so sales units (110, up 25%) and volume ($508 million, up 45%) reflected that activity. The median sale price crossed over $4 million for the first time. Tuhaye was the stand-out performer, seeing 29 sales at a median price just a skosh under $6 million.
Bright Spots in the Condo Market
Overall, 859 condos sold in 2025 (Wasatch & Summit counties), down 9% from ’24. However, what was missing in units sold was more than offset by dramatic average price increases, which pushed total volume up 20% to $1.6 billion.
Several condo markets showed exceptional strength:
- Park City proper: Driving sales numbers within Park City Limits were the luxurious new Founders Place development in Deer Crest. 49 units sold for an average sale price of $5.5 million.
- Overall, in Park City Limits: 284 sales totaling $936 million (+85% volume increase)
- Median price soared 56% to $2,497,500
- Deer Crest explosion: From 5 sales to 53 sales (+960%), volume up 1,030%
- Lower Deer Valley: 54 sales (+69%) at $169 million (+121%)
- Upper Deer Valley: The median price on the 22 homes sold in this resort soared to $4.9 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 two of the most popular developments:
- Mayflower Lakeside 37 sales at $1.5 million on average
- Pioche Village 19 sales at $587,000 on average
- Shoreline 27 sales at $2.8 million on average
Buyer & Seller Profiles
Who’s Buying
Park City’s top agents reported seeing a significant demographic shift: Younger buyers increasingly active, particularly in Old Town. They also noted the continued increases in buyers coming from out of state, many of whom were looking for full-time relocations rather than second homes.
Why Park City over other resort markets? Buyers cite newer housing stock, better access, and more contemporary design aesthetic. But the buyers were also sensitive to price, often choosing to purchase a smaller home to stay within budget ceilings, resulting in higher price-per-square-foot despite lower overall prices in some segments.
Who’s Selling
Following a national trend expected to accelerate in the coming years, sellers are skewing older (baby boomers), while buyers are skewing younger. Gen Xers and millennials are set to inherit nearly $2.4 trillion in US real estate over the next 10 years, and many will sell the family home to buy one they like better. Some sellers report declining rental income and rising expenses, particularly in nightly rental properties, as their motivation. We have yet to see how the move by the Sundance Film Festival out of Park City will affect the short-term rental market.
The trend noticed in the third quarter continued through year’s end: strong demand for new or recently renovated homes. Buyers were resistant to buying into major remodeling projects. However: Well-priced older properties with strong fundamentals (location, views, rental income) still sell well.
Supply Conditions
Average monthly residential inventory rose 14% from 2024, the highest level since the Covid anomaly. The overall absorption rate for the year was 5.2 months, indicating a balanced market. As would be expected, properties priced below the median sold faster, while those above the median moved more slowly, particularly at ultra-high price points.
The New Construction Factor
New construction represents a significant portion of inventory in key areas:
- Jordanelle: 60% of sales
- Heber Valley: 40% of sales
This was particularly impactful in Heber where new townhomes in the mid-$500Ks compete with older existing stock.
Positive Indicators
The Greater Park City Market continued to be a stable, consistent, normalized market, recovering fully from the Covid volatility. Historic appreciation rates continue to outpace state and national averages and agents continue to report a diverse buyer pool, not overly dependent on any single demographic or price point.
Headwinds to Monitor
The late arrival of snow conditions has dampened the ski season so far in the new year and those disappointments could impact 2026 buyer sentiment. With a drop in visits by ski enthusiasts, rental income also drops, due to increased nightly rental inventory and decreased demand across all rental property types.
The area is beginning to see Insurance costs rise, as fire zone reclassifications causes significant premium increases in certain areas.
Will Prices Continue Rising?
The agent consensus is Yes, but with caveats:
Median prices for single-family homes in December 2025 showed softness (down 1.6% from December 2024), suggesting some moderation. Markets are now highly segmented making it nearly impossible to predict uniform appreciation. Other factors such as golf memberships, new construction, ski access, and location will drive divergent outcomes.
Market Segmentation: The Critical Takeaway
Perhaps the most important insight from Q4 2025 is that “The Park City Market” no longer exists as a monolithic entity.
Performance varies dramatically by:
- Property age (new vs. existing)
- Amenities (golf membership can add $850K-$1.1M)
- Location (ski-in/ski-out vs. drive-to-resort)
- Price tier (below vs. above median)
- Property type (single-family vs. condo)
Buyers and sellers must work with knowledgeable local agents who understand these nuanced micro-markets to achieve optimal outcomes. Despite all the variables, the consensus overall outlook for 2026 suggests “We’re good for another year.”
Opinions and Observations
In his quarterly market report, local economist, Rick Klein, summarized the results.
Despite a softer finish to the year, overall demand in 2025 proved remarkably steady. Fourth-quarter activity disappointed relative to last year, with both pended and closed transactions down 14% in December and approximately 2% for the quarter. That said, zooming out to the full year tells a calmer story: pended sales increased just over 1% year-over-year, and closed sales finished roughly 1% above pre-COVID norms.
Supply conditions continued to improve. Active listings as of January rose 14% compared to the prior year, and average inventory levels for 2025 were the highest seen since 2020. This year’s analysis also clearly highlights the growing role of new construction. While it is no surprise that more than half of Jordanelle listings are newly built, it was notable that new construction accounted for over 40% of listings in the Heber Valley as well, quietly reshaping inventory composition across multiple sub-markets.
Price appreciation remains striking. Median prices for Greater Park City condos and single-family homes rose approximately 29% year-over-year, compared with a recent national annual increase of under 1% reported by the National Association of Realtors. Even when new construction is removed from the analysis, existing-home median prices still rose more than 14% — hardly a rounding error, and certainly not a cooling market by historical standards.
That said, the Park City market remains highly nuanced. Different segments behave very differently. In Areas 1–9, condo prices surged, with the median increasing 56%, while single-family home prices in the same areas declined by approximately 6%. Adjusting for new construction sharpens this contrast: existing-only condos in Areas 1–9 rose a healthy 17%, while single-family medians were essentially unchanged whether new construction was included or excluded.
Looking ahead, the market appears well positioned for another solid year. Inventory levels are meaningfully higher than in recent years, demand remains consistent, and additional new supply is likely to continue coming online. If interest rates cooperate, even modestly, 2026 should be another strong and stable year to practice real estate in Park City. In other words, conditions look less like unforgiving moguls and more like a long, well-groomed blue run: not flashy, but very skiable.
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.