We’re halfway through 2025, and Park City’s real estate market continues to keep full-time agents on their toes. The first quarter of 2025 was exceptionally strong. April ushered in Quarter 2 with higher interest rates, the threat of tariffs, and a host of other national and international news. It is my opinion that all that “noise” has distracted buyers, while some sellers have decided they are ready to quit holding on to the wrong property, even if their interest rate is at 3%.
Anecdotally, we are in a shifting market that is different from any other I have experienced in 22 years selling real estate. Some properties are sitting with few showings and little activity. Then, all of a sudden, there are multiple offers and the property sells above list price. A property that seems overpriced inexplicably sells for list price. Meanwhile, another property that seems like a great value just sits. An undeniable trend is that the home must be well-maintained, be in clean, move-in condition, staged, and priced right to sell. A few years ago, buyers were accepting homes in “as-is” condition. This is no longer the case, and we recommend all our listing clients obtain a pre-inspection prior to marketing their home.
Prices Continue to Climb
Home values in Summit and Wasatch Counties are up — big time. But the numbers taken out of context do not tell an accurate story. Those average sale prices were brought up by a high number of sales in Park City’s exclusive gated communities.
Here are the average sold prices (April 1-June 24, 2025) in the Park City Multiple Listing Major Areas and the percentage they have changed from last year.
Heber Valley: $1,734,892 (+19%)
Over 10% of the closed sales in the Heber Valley came from Red Ledges, skewing the average price up.
Jordanelle: $4,053,811 (+4%)
Over 10% of the closed sales in the Jordanelle area came from Golden Eagle, Tuhaye, or Victory Ranch, skewing the average price up.
Park City Limits: $5,401,865 (+2%)
Snyderville Basin: $5,283,832 (+64%)
Three closed homes in The Colony were priced from $17-$24 million and about 10 percent of the closed sales were located in Promontory, skewing these numbers up big time.
Inventory Is Up
Inventory is up, except in the Snyderville Basin, where more owners may be locked into low mortgage rates. Here is the inventory in the Park City Multiple Listing Major Areas and the percentage they have changed from last year.
Heber Valley: 348 (+17%)
Jordanelle: 90 (+36%)
Park City Limits: 114(+9%)
Snyderville Basin: 299 (-2%)
Properties Are Taking Longer to Sell
The average days on market for active listings is 108 days. The average days on market for sold listings is 62. This tells us that if your home doesn’t sell right away, you can expect it to take much longer to sell.
Lifestyle Buyers Are Making the Move
More buyers are relocating full-time to Park City from cities like San Francisco, New York, and Miami. They’re drawn by our access to outdoor recreation, great schools, and small-town feel. We’re also seeing more demand in places like Heber, Midway, and Kamas — where buyers can get more space while staying close to the action.
Smart Investment Opportunities
Luxury condos — especially those with ski access or strong rental potential — are attracting second homeowners and investors. With nearly 1,000 new condo units coming in Deer Valley, buyers can be selective. It’s important to understand nightly rental rules and HOA structures before making a purchase. We can help you navigate the best investment options for income and appreciation.
Park City Real Estate Takeaways for 2025
Sellers: Strategic pricing and preparation are key. Be patient. Listings are taking longer to sell right now.
Buyers: Sometimes you will have leverage to negotiate the best deals we have seen in a long time. Don’t be surprised if you wind up in multiple offers. Be prepared and ready to pull the trigger when you find the right property. Focus on the lifestyle you want and explore neighborhoods that match. We can help you compare areas and find the best fit.
Whether you’re looking for a full-time home, a vacation retreat, or an investment property, 2025 is shaping up to be a dynamic year in Park City real estate. We are here to help you make sense of the market and find your perfect place.
Ready to explore your options? Let’s talk.