September | Park City Real Estate Market Update

The Park City real estate market saw its busiest month of the year in August 2025, with 133 closed sales. While transaction counts surged, pricing patterns reveal a nuanced story: strong activity, but stability rather than sharp gains in values.

To date, 2025 has been defined by ultra-premium transactions that would have been outliers in most previous years. Their exceptionally high values, combined with the absence of deal activity in the market’s lower ranges, have accelerated the average sale price meaningfully through midyear. August saw a healthy rebalancing, with a more typical mix of transactions across all price ranges.

Volume and pricing trends:

• The average sale price in August was about $2.63 million, while the median was notably lower at $1.73 million.
• This gap suggests that although some luxury transactions boosted the average, most of the activity clustered in the mid-market range.
• Properties took a median of 41 days to sell, though the average stretched to 65, reflecting a mix of quick sales and others that lingered.

Seller pricing and adjustments:

Homes ultimately sold for about 97% of final list prices, but only 94% of original list prices. This indicates that many sellers began too high and reduced pricing before achieving a sale. Roughly a quarter of homes closed at or above asking, while another quarter sold at more than 5% below list.

Performance by price range:

• Under $2M and $2–5M: These ranges accounted for the bulk of transactions. Many required reductions but sold close to adjusted pricing.
• $5–10M: This segment was relatively efficient, with most properties selling within 95–99% of asking prices and Days on Market
• $10M+: Activity was thin, with only two sales. Days on market were long—around 110 days—and each sale required concessions.

Year-to-date context:
Looking across 2025, August’s surge in sales volume stands out against a backdrop of steadier, lower activity earlier in the year. Prices are lower than the peaks seen in the spring, when both average and median values were higher, but remain well above historical norms.

Compared to previous years,  2025 is emerging as a departure from prior trends. Overall transaction volume is moderate—well below the 2020–2021 pandemic highs—but prices are at record levels. For the first time, the median sale price for the year is above $2 million, marking a clear shift in the structure of the market.

Longer-term perspective:
Over the past decade, Park City and Deer Valley real estate has steadily appreciated, punctuated by the pandemic-driven surge of 2020–2021. Activity cooled in 2023–2024, though prices held firm. Now in 2025, the market reflects a new phase: fewer sales overall, but at significantly higher price points, with days on market settling between the pandemic frenzy and the slower pre-2020 era.

Key takeaway for August:
The late-summer spike in closings reflects seasonal momentum more than a renewed price rally.The composition of sales tilted toward the core market under $5M, while ultra-luxury sales were limited. The result is a market that continues to support historically high pricing, but with buyers exercising greater scrutiny, and sellers often adjusting expectations before closing a deal.