How the Park City Luxury Real Estate Market Compares to Previous Years

The clearest measure of how the greater Park City luxury market has changed is the gap between two numbers. Median sale price held near $6.5 million from 2020 through 2025, while median price per square foot rose from $847 to $1,343, a 58% climb. The market did not move much at the headline median price level. It became more valuable per square foot, which is why a property that looks comparable to a 2021 sale on price often is not comparable at all.

The figures below come from 979 closed transactions at $4.5 million and above across the greater Park City area, also called the Wasatch Back, covering Summit County and Wasatch County. That footprint spans the Deer Valley corridor, ski-in/ski-out neighborhoods, The Colony at White Pine Canyon, and the gated golf communities of Promontory, Tuhaye, and Red Ledges, alongside new construction. It is a wider lens than a Park City Limits report, which is the point: luxury buyers shop the whole region, not a single municipal boundary. Sale prices and addresses are withheld in keeping with MLS rules. What matters to a buyer or seller pricing a property today is the pattern, segment by segment, which is where broad market averages stop being useful.

How the market changed compared to previous years

Market takeaway: Park City luxury values rose in five of the last six years on a price-per-square-foot basis, up 58% since 2020. The one down year was 2024. Median sale price stayed near $6.5 million the whole time because the mix of what sold changed, not because values stalled.

Median sale price is a weak signal in a market this segmented, because the mix of what sells shifts every year. A year heavy with smaller ski-access condos reads lower than a year heavy with finished estate homes, even when values are rising. Price per square foot strips out that noise, and on that measure values rose in five of the last six years. The single exception was 2024, when median price per square foot pulled back to $1,053 from $1,182 in 2023 before rebounding sharply in 2025.

Transaction volume tells the same recovery story. Closings ran at 85 in 2020, peaked at 153 in 2021, eased to 109 in 2022, then climbed to a high of 263 in 2025, the busiest year in the data set. That undercuts the idea that high-end activity has stalled. For buyers weighing entry points across neighborhoods, the breakdowns on the Park City luxury properties page show where that volume concentrated, and the Park City luxury homes page tracks current single-family availability.

Are luxury home prices still increasing, or has the market softened?

Market takeaway: Prices are increasing on a price-per-square-foot basis. The softening buyers ask about was a 2024 event, not a current condition. Per-square-foot values fell about 11% in 2024, then rose 28% in 2025.

The 2024 dip coincided with a higher-rate environment and a heavier share of larger, lower-finish homes in the closed pool, both of which pull the per-square-foot median down without signaling a value decline across comparable properties. By 2025 the figure had more than recovered.

Partial 2026 data, through late May, shows median price per square foot at $1,141 and median sale price at roughly $6.98 million, the highest median sale price in the set. Half-year figures swing with the seasonal mix of what closes in winter and spring, so the 2026 number is a checkpoint rather than a trend. The direction since the 2024 low is upward.

Is inventory higher than it was during the peak years?

Market takeaway: This data set tracks closed sales, so it measures absorption rather than standing inventory. By that measure the market is moving fast, not backing up. Median days on market compressed to 29 in 2025, tied with 2022 for the quickest in six years.

Median days on market ran 94 in 2020, then fell to 29 in both 2022 and 2025, the two fastest years recorded. The years with longer marketing times, 2020 at 94 days and 2023 and 2024 in the 49 to 66 day range, were the years when buyers had the most room to evaluate before competition forced a decision.

A 29-day median in 2025 indicates demand absorbing supply at close to the pace of the 2021 to 2022 surge, not a glut of unsold high-end product sitting on the market. For a current read on active listings and months of supply, which this closed-sales data does not capture, see the current Park City market data in the quarterly report.

Are buyers negotiating more than in recent years?

Market takeaway: No. Sold price to final list price held at 95 to 98 cents on the dollar every year from 2020 through 2026. The 2024 buyer leverage showed up as slower timelines and more selective pricing, not deeper discounts at closing.

The ratio of sold price to final list price held between 0.95 and 0.98 every year, meaning sellers consistently captured 95 to 98 cents on each dollar of their last asking price. That band did not widen during the 2024 cooling, which tells you the softening showed up in initial pricing and time on market, not in deeper discounts at the closing table.

The share of homes selling at or above the final list price is the clearer pressure gauge. It peaked at 37% in 2022, when bidding competition was strongest, fell to 21% in 2024 as the market cooled, then recovered to 27% in 2025. The honest read for sellers: roughly one in four luxury homes still clears at or over ask, but three in four require a price concession, so an aggressive original list price gets corrected by the market rather than rewarded.

Which segments are holding value best?

Market takeaway: Ski-in/ski-out homes and the Deer Valley corridor lead on price-per-square-foot appreciation, both more than doubling since 2020. The Colony commands the top absolute prices, Promontory delivers the steadiest volume, and new construction is the hardest to read because its mix changes every year.

Median price per square foot by segment, closed luxury sales. Segment medians use smaller samples than the market total, so single-year figures move more than the citywide number.

The ranking by per-square-foot resilience is clear: ski-in/ski-out and the Deer Valley corridor hold value best, followed by The Colony at the high end of absolute price, then Promontory for steady measured growth, with new construction the hardest to read because its mix changes every year. Buyers prioritizing appreciation per dollar look to ski access; buyers prioritizing scale and privacy look to Promontory and The Colony.

What this means for buyers and sellers in 2026

Market takeaway: Sellers in ski-access and Deer Valley segments are pricing into the strongest part of the market. Buyers waiting for 2024-style softening to deepen are working against the 2025 and 2026 data. In both cases, the decision turns on segment-specific comparables, not a citywide average.

Market perspective from Derrik Carlson

I have advised buyers and sellers across Park City, Deer Valley, and the Snyderville Basin for nearly twenty years, with most of that work concentrated in the luxury, ski, and golf segments covered above. The pattern I see most often is that a citywide median sends the wrong signal at the property level. A seller in ski-in/ski-out who prices to the overall market leaves money on the table; a buyer in Promontory who expects ski-access appreciation pays for growth that segment has not produced.

The flat median against the 58% per-square-foot climb is the single most useful number in this report, because it explains why two properties at the same price can be five years apart in value. Reading that gap correctly for a specific home, in a specific neighborhood, against the right closed comparables, is the work that determines whether an offer is defensible or a list price holds. That is the analysis I provide directly, by phone, for the segment you are actually entering.

If you are comparing Deer Valley, The Colony, Promontory, Canyons Village, or new construction, the right answer depends on the exact property. Contact Derrik Carlson at 435.200.5478 for a segment-specific review before you buy or list.

Park City luxury real estate: frequently asked questions