Strong Sales  |  Steady Inventory  |  Stable Investment

The latest stats from the Park City MLS were recently released, and they indicate continued stability in our local real estate market here in Park City and the Wasatch Back. Through the 1st Quarter of 2025, we experienced steady sales growth and stable inventory across the overall market area. Following the volatility of the pandemic years, our market appears to have settled into its normal seasonal patterns.
Moving forward, all eyes remain on the national economy as we wait to see how tariffs will affect the real estate market and the broader financial landscape. Interestingly, there is evidence that our housing market is an increasingly attractive investment for those seeking stable alternatives to the recent turmoil of the equity markets. It turns out that Park City is not just a great place to live - it's also a resilient investment, even in periods of uncertainty.

Read on for more details and analysis of the Q1 2025 numbers. As always, please reach out if you have any questions. Our market is very nuanced, and we are happy to lend our expert guidance.
 
Hope you're enjoying the fabulous spring weather!
PRICES & ACTIVITY  |  Primary Market Area
 
MEDIAN PRICES  |  Greater Park City Single-Family, Condo, and Land 
 
 
CLOSED SALES  |  Greater Park City # of Sales Per Quarter
Dotted lines show the average # of sales between 2002 and 2025.
Condominiums  |  Single-Family  |  Vacant Land  
 
SINGLE-FAMILY TRENDS
Across the primary market area of both Summit and Wasatch counties, year-over-year single-family home sales activity was strong through the 1st Quarter of 2025. There were 1,042 sales, representing a 19% increase over the prior year. This led to a 21% increase in sales volume—$2.75 billion! Median single-family home prices remained flat at $1.66M, a 0.7% decrease compared to the year prior. 

CONDOMINIUM TRENDS
Condominium sales and prices across the primary market area tracked closely with those for single-family homes. There were 955 sales transactions through the first quarter of 2025, which was a 19% increase year-over-year. Total sales volume was up 30% to $1.54B, with an average price increase of 9% to $1.6M, and the median price increased 1% to $1.15M.

VACANT LAND TRENDS
Vacant land sales in the primary market area were also up 19% year-over-year through the 1st Quarter of 2025, with 445 closed transactions. The total volume for that period was $595M, with an average price increase of 7% to $1.33M and a median price decrease of 4% to $815K.
Source: Rick Klein and Park City Multiple Listing Service Quarter 1 2025 Statistics Report.
PARK CITY |   A Stable Investment
Real estate in the greater Park City area has long been sought after for the quality of life and recreational opportunities that it offers, and it turns out it's increasingly attractive for the stability it provides as an investment. With the recent volatility and uncertainty surrounding other asset classes, luxury real estate is viewed as a relatively stable refuge for investment.

So while existing home sales nationally have been trending down, our sales numbers in Greater Park City have been increasing. We've also seen a 20% increase in all-cash transactions, which suggests that some investors may be shifting away from equities and into luxury real estate.

We'll continue to keep a close eye on the economy, as tariffs could greatly impact the cost of new home construction. And while all-cash transactions are up, interest rates still affect our market, so monitoring rates is always important. But the big takeaway is what we've been telling folks for as long as anyone would listen—the Wasatch Back is both a great place to live and an outstanding investment!
 


Mortgage Rates Down

"Mortgage rates again declined this week. In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first quarter average of 6.83%."

FreddieMac.com  |  As of May 1st
 
PARK CITY LIMITS  |  Market Overview
 
Average & Median Sale Prices
1st Quarter 2025 Year-Over-Year Rolling Averages
 
Neighborhood Highlights  |  Neighborhood Stats
1st Quarter 2025 Year-Over-Year Rolling Averages

SINGLE-FAMILY HOMES   
Within Park City limits, total unit sales were up 12% with 124 units sold, while sales volume increased 17%. The median price of a single-family home within Park City limits rose 8% to $3.96M. Only 34 homes sold in the popular Old Town area in the 12 months preceding the end of the 1st Quarter of 2025, with the median price dipping 4% to $3.6 million. Park Meadows closed sales were up 7% with 32 homes sold, and the median price was up 18% to $3.68M. Thaynes Canyon had a 150% increase in sales with 15 total closings, with a median price up 21% to $4.6M. Lower Deer Valley had 8 total sales and a median price decrease of 2% to $4.495M, while Deer Crest had 7 total sales with an 11% increase in median price to $12M. Prospector unit sales were down 7%, with 14 homes sold on a 10% increase in median price to $2.19M.
CONDOMINIUMS   
Condominium unit sales in Park City limits increased 12% with 268 closed sales, while the median sale price was up 28% to $1.88M. Sales in Old Town were down 10% with 93 closings, while the median price ticked up 2% to $1.2M. Deer Crest sales boomed 343% on 31 closings, with a median price increase of 2% to $4.24M. Lower Deer Valley had a 36% increase in sales to 34 units, and the median price rose a slight 1% to $2.19M. In Upper Deer Valley, unit sales were down 9% with 20 total closings, but the median price soared 82% to $4.195M. Empire Pass sales were up 4% on 25 total closings, with a 17% increase in median price to 5.4M. Prospector's unit sales were flat on 36 closings, with the median price down 2% to $379K. Park Meadows sales activity increased 27% on 28 total closings, with the median price dropping 17% to $1.45M.
SNYDERVILLE BASIN  |   Market Overview
 
Average & Median Sale Prices
1st Quarter 2025 Year-Over-Year Rolling Averages
 
 
Neighborhood Highlights  |  Neighborhood Stats
1st Quarter 2025 Year-Over-Year Rolling Averages
 

SINGLE-FAMILY HOMES 

The Snyderville sales units were up 24% with 346 closings, and a median price increase of 6% to $2.44M. However, when we look closer, we see that Snyderville Basin again demonstrates the wide variance we have between and within neighborhoods around Park City. Of the 346 sales in the basin, the highest price was $27.8 million, nearly twice the second priciest sale while the lowest was $760,000. Eleven sales were under $1 million, mostly in Summit Park and Kimball Junction near I-80. Ten were above $10 million, with three each falling in Promontory, Canyons Village and Old Ranch Road, all on lots of 5 acres or more.

Glenwild was one of the hot spots with unit sales up 110% on 21 closings, led by interest around the golf course. Despite the sales activity, the median price dipped 10% to $5.06M. Silver Creek Estates sales boomed 214% on 22 closings as homeowners cashed in on a 42% rise in the median price to over $2.57 million. Promontory sales were up 9% on 87 closings, with a 4% decrease in median price to $4.2M. Old Ranch Road sales were up 80% with 9 closings and a robust median price increase of 46% to $5.9M.
Sun Peak/Bear Hollow saw an 18% increase in unit sales with 13 closings, while the median price dropped 8% to $2.26M. Jeremy Ranch sales units increased 5% with 41 units sold and a median price increase of 10% to $1.9M, while Pinebrook sales increased 55% with 34 closings on a flat median price of $1.75M. Summit Park unit sales increased 50% with 30 closings, but the median price was down 12% to $1.24M. Trailside Park closings were flat with 16 sales, and the median price increased 11% to $1.77M. Silver Creek South unit sales increased 29% with 27 closings, and the median price dropped 9% to $1.1M. Single-family home sales in Canyons Village were down 50% with only 6 closings, and the median price was down 7% to $9.85M.
CONDOMINIUMS  
Condo unit sales across the Snyderville Basin were up slightly, with a 3% increase in unit sales with 257 total closings, while the median sale price dipped 4% to $995K. Canyons Village sales units dropped 8% on 116 closings, and the median price decreased 5% to $1.3M. Kimball Junction had a 7% decrease in sales units, with 39 total closings, while the median price ticked up 1% to $649K. Silver Creek South had a 19% decrease in sales units, with 21 total, and had a slight 1% median price increase to $995K. Pinebrook had an 11% increase in closings with 30 units sold, and the median price rose 5% to $962K. Jeremy Ranch had a 200% increase with 12 closings and a 9% median price increase to $1.28M. Sun Peak and Bear Hollow had a robust 88% increase in units sold with 32 closings, although the median price slipped 5% to $946K.
JORDANELLE  |   Market Overview
 
Average & Median Sale Prices
1st Quarter 2025 Year-Over-Year Rolling Averages
 
Neighborhood Highlights  |  Neighborhood Stats
1st Quarter 2025 Year-Over-Year Rolling Averages
 


SINGLE-FAMILY HOMES   

Jordanelle had 84 total closings, an 11% increase from the previous twelve month period, and the median price jumped 23% to $4.04M. Tuhaye saw a large jump in prices, with the median price up 41% to $5.63M on 21 closings (down22%). Hideout experienced a 50% increase in sales activity with 21 total sales and also enjoyed an 15% increase in median price to $2.55M. Deer Mountain closings were flat with 10 units sold, but the median price rose 47% to $3.11M. Mayflower-Jordanelle had 9 closings with a median price increase of 28% to $4.05M, and South Jordanelle's unit sales were up 35% with 23 closings and a median uptick of 6% to $4.2M.
 

CONDOMINIUMS   

The condominium market around the Jordanelle provides a great example of the nuances in our local real estate market. While the Jordanelle sales volume increased 56% year over year, the median sale price rose only 9%. The reason for this disparity is that a large share of the condo sales in the Jordanelle were newly-constructed units in the Pioche development, 
which sold at an average price of $550k, which is one-third of the overall area average. This was balanced to some degree by sales in the new developments at Mayflower Lakeside that sold on average at $1.6 million. There were 102 total sales in Deer Valley's East Village on a median price of $959K and an average price of $1.54M.

Elsewhere around Jordanelle, sales units in Deer Mountain were down 16% with 47 closings, and median prices dropped 9% to $998K. Hideout sales units were down 7% with 67 total, and the median price was up 9% to $1.45M. In Jordanelle Park closings were down 22% with 95 units sold, with a 10% rise in median price to $1.25M. 
HEBER VALLEY  |  Market Overview
 
Average & Median Sale Prices
1st Quarter 2025 Year-Over-Year Rolling Averages
 
Neighborhood Highlights  |  Neighborhood Stats
1st Quarter 2025 Year-Over-Year Rolling Averages
 

SINGLE-FAMILY HOMES  

Heber Valley continued to be a hot area, with an 11% increase in sales to 322 units, with a relatively modest 6% increase in median price to just over $1 million. The Heber area is forecast to continue its growth trajectory in the years to come due to multiple construction projects of new homes north of town.

Midway closings were up 24% with 88 units sold, on a slight median price decrease of 3% to $1.16M. Red Ledges sales units were unchanged, with 39 total closings, on a 10% median price increase to $3.3M. Heber Proper experienced a 32% decrease in sales, with 68 homes sold. Median sale prices were up 1% to $755k. Heber East sales units were up 19% on 31 total closings, and the median price rose 20% to $1.4M. Heber North was active with closings up 56% on 28 sales, and a median price decrease of 4% to $798K. Timber Lakes closings were up 92% with 48 total sales, and median prices dipped 3% to $802K.
CONDOMINIUMS   
Condominium sales in Heber Valley were up 133% on 107 closings, while median price dropped 7% to $539,900. Midway sales units were up 131% with 30 total closings, while the median price dipped 9% to $491,000. The median price in Red Ledges dipped 7% to $1.63M, while prices in Heber proper were up 14% to $479,900 on a 71% increase in unit sales with 29 total. Heber North condominium sales were up 4100% with 42 closings and a 3% median price increase to $591,550.
INVENTORY  |   A New Normal?
 
Inventory levels for our market area have settled into a stable pattern, though levels remain roughly one-third lower than in pre-pandemic years.  Looking at the inventory trends over the past few years, this appears to be our new normal.
 
# ACTIVE LISTINGS  |  SF + Condos + Land
Greater Park City - Inventory as of the 1st of the Month
 
Total active listings at the end of the first quarter of 2025 were nearly identical to the year prior. However, it is noteworthy that single-family listings are up roughly 30% while vacant land listings have decreased almost the same amount, down 29%.

So, if our overall inventory levels are the same as last year and single-family home inventory is actually higher, then why does it feel like there aren’t very many homes on the market? It may be due to the fact that our market area has expanded greatly over the last several years, with “Greater Park City” encompassing more areas of Wasatch County and the I-80 corridor than in past times. So our inventory is actually spread fairly thin across that increased area, amounting to fewer listings per square mile.
PRICE APPRECIATION  |  by State
What's the Health of Our Primary Market?
Purchase-Only Index (Seasonally Adjusted)  |  Q4 2023 - Q4 2024
Data for All States
 

Whether you're buying, selling, or simply keeping an eye on the market, these updates are designed to help you make informed decisions. Please reach out for specifics on your neighborhood or areas of interest.

Hope to hear from you soon, and keep an eye out for our upcoming Summer Events and Concerts newsletters!
 
Source: Rick Klein and Park City Multiple Listing Service Quarter 1 2025 Statistics Report.
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