Park City real estate activity has continued its superlative performance, as May marked the third month in which the average sale price of residential real estate exceeded $3,000,000—a benchmark that had never been reached prior to this year.
While total transaction volume has dipped modestly from 2024, the overwhelming predominance of ultra-premium sales has driven pricing metrics to new heights. Year-to-date average and median prices are up 36% and 40%, respectively. These striking figures reflect not just rapid price appreciation region-wide, but an imbalance in which premium properties are disproportionately driving the market.
In fact, the number of sales above $10,000,000 has already exceeded the 12-month total for 2024 by 35% and has matched the highest full-year total on record—all within just five months. The share of transactions above $5,000,000 has grown from 10% in 2024 to 17% this year, and those above $2,000,000 have become the norm at 54%.
New product introduced in the Deer Valley community has driven much of this activity throughout 2025. Additionally, three properties in The Colony closed in May at prices ranging from $17,450,000 to $26,600,000. Golf communities have similarly begun their seasonal upswing, with premium closings in Tuhaye, Promontory, and Glenwild.
These remarkable metrics are likely to show some mean reversion entering the summer months—not due to any cooling in the ultra-premium category, but because of dilution in their market impact as sales increase across other price categories.
Inventory has crept up slightly to 709 residential listings, exactly 100 more than were listed at this time last year. This figure is expected to grow, as many who were unsuccessful selling during last year’s election-year malaise are returning to market, along with a typical wave of post-winter sellers. Under normal circumstances, the increase in supply would put downward pressure on prices as sellers seek liquidity. However, the widespread availability of 3%–4% mortgages from a few years ago has created an unnatural sense of patience among sellers aiming for peak values. In many cases, this patience is richly rewarded.
A dynamic season for real estate activity lies ahead, and we look forward to keeping you informed.
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