The Park City real estate market demonstrated remarkable resilience during the third quarter of 2025, with what local agents described as “another boring quarter” – meaning steady, stable growth without dramatic swings. In the primary market, which includes Summit and Wasatch counties, the market showed continued strength with transaction volumes holding firm and prices remaining stable to moderately higher across most segments.

Year-over-year comparisons through September 30, 2025 revealed a market that has returned to pre-pandemic equilibrium. Single-family sales remained robust with median prices showing double digit appreciation, while the condominium market demonstrated more varied performance across different neighborhoods and price points. Perhaps most significantly, inventory levels crossed the 1,000-unit threshold for the first time since 2020, providing buyers with greater selection while maintaining healthy market dynamics. 

The Bifurcated Market Story

The most striking finding from Q3 is the emergence of a clearly bifurcated market. Properties priced above $2.5 million saw unit sales jump 38% and sales volume go up 50% year over year, while properties below that threshold experienced increases of only 2% and 4% respectively. This divergence reflects a fundamental shift in buyer behavior and market dynamics that sellers and their agents need to understand.

High-net-worth buyers continue to view Park City as an attractive investment, driven by lifestyle amenities rather than economic considerations. These buyers are largely insulated from interest rate concerns, with cash purchases exceeding 60% of transactions in the luxury segment. They want what they want, and they’re willing to pay for it – provided the property meets their exacting standards. 

Single-Family Homes: New vs. Existing

The single-family market revealed a fascinating dynamic between new construction and existing homes. When new construction is included in the calculations, the overall median price jumped 26% year over year. However, when new construction is excluded, existing home prices rose by a more modest 6.7% – much closer to the long-term average appreciation rate of 6-8% that has characterized the Park City market since 2001.

This dramatic difference underscores a crucial market reality: buyers are paying a significant premium for new, move-in-ready construction. As one agent noted, today’s Park City buyers “have more money than time” and are choosing pristine, turnkey properties over older homes that require updating, even when those older homes offer superior locations.