Derrik Carlson's Market Updates for Park City Real Estate Trends

Executive Summary: Explore the latest updates in the Park City Market Trend Report, covering January 2023 to April 2025. For data from previous years, click the links titled "Historical Market Report for 2020, 2021, 2022, and 2023," which are available and conveniently linked on this page.

This Park City Market Trend Report, updated since COVID-19, covers data from over five years, offering the most comprehensive view of real estate market trends in Park City, Utah, for this period.

Additionally, the report includes "Predictions from Derrik on the 2025 Real Estate Market in Park City, Utah," offering insightful forecasts for the coming year.

Here, you'll find the latest insights from Derrik & Co., which will equip you with valuable information on market trends, pricing, and inventory. Whether you're considering buying or selling property in Park City, this report will guide you in making well-informed decisions.

The Derrik Carlson Market Report's laser focus on Park City real estate sets it apart. While many other reports include surrounding areas in their statistics, we concentrate exclusively on Park City to provide the most relevant and accurate insights.

Use this information to decide if now is the right time to buy a Home in Park City.

Top Real Estate in Park City Searches:

Park City Real Estate Market Update – January 2025

Key Market Statistics - Park City Homes

• Median Sales Price: $3,362,500 (▲ 35.2% YoY, ▼ 3.7% MoM)
• Closed Sales: ▲ 25.6%
• Median Days on Market: ▲ 154.3%
• List Price Received: 95.3% (▼ 1.7%)
• Median Sold Price per Sq Ft: $941
• Active Inventory: 137 (▲ 65.7% YoY, ▼ 14.3% MoM)
• Months Supply of Inventory: 4.3

Single-Family Home Market Overview

The single-family home market in Park City saw significant year-over-year price appreciation, with a 35.2% increase in median sales price compared to January 2024. However, on a month-over-month basis, prices declined by 3.7%, suggesting some market stabilization.

Inventory has increased 65.7% from last year, offering more options for buyers. However, homes stay on the market 154.3% longer, reflecting a cooling demand or more cautious buyer behavior.

Despite these changes, sellers still receive a solid 95.3% of their list price, indicating steady demand, even as price growth slows.

Key Market Statistics - Jan 2025 | Park City Condos

• Median Sales Price: $1,475,000 (▲ 27.2% YoY, ▲ 57.2% MoM)
• Closed Sales: ▲ 2.9%
• Median Days on Market: ▲ 51.9%
• List Price Received: 98.0%
• Median Sold Price per Sq Ft: $1,116
• Active Inventory: 180 (▼ 1.5% YoY, ▲ 6.7% MoM)
• Months Supply of Inventory: 6.5

Condo Market Overview

The condo market in Park City experienced a significant month-over-month price jump of 57.2%, reaching a median sales price of $1.475M. Year-over-year, prices are up 27.2%, highlighting continued demand for multi-unit properties. Remember that just a few small or very large sales can swing statistics.

While sales volume has only increased by 2.9%, active inventory remains relatively stable, with 180 units available. The 6.5-month supply of inventory suggests the market is moving toward a more balanced state.

Although days on the market have increased by 51.9%, sellers still receive 98% of their asking price, indicating strong buyer interest.

Key Takeaways for January 2025

1. Single-family homes continue to appreciate, but price growth is slowing month-over-month.
2. Condos experienced a price surge, with demand keeping list-to-sale ratios high.
3. Market balance is improving, with higher inventory levels giving buyers more choices.
4. Longer days on the market indicate buyers are more selective than when purchasing impulsively.
5. Sellers are still in a strong position, as most properties are closing near the asking price.

Conclusion

The Park City real estate market remains strong but evolving. While prices for single-family homes are stabilizing, the condo market is seeing strong upward momentum. Inventory is growing, providing more opportunities for buyers, but demand remains high.

For buyers, this is a great time to explore options while inventory is increasing. For sellers, competitive pricing and patience will be key in 2025's shifting market.

2024 Park City Real Estate Recap: Market Trends, Luxury Homes, and Condos for Sale

Welcome to our detailed review of Park City real estate for 2024. This post covers the latest trends for both Park City homes and Park City condos—including luxury estates, new construction, ski-in-ski-out properties, and modern townhouses. Whether you are a buyer, seller, or investor, the following insights look at one of the nation's most attractive mountain markets.

Historical Market Report for 2020, 2021, 2022

In the introductory segment of our comprehensive report, we are excited to offer direct access to a meticulously curated historical data collection. This collection encompasses a detailed examination of the real estate landscape within the boundaries of Park City and the Snyderville Basin, covering an extensive period from 2020 to 2022, specifically within the zip codes 84060 and 84098. Our analysis is rooted in the authoritative statistics the Park City Board of Realtors provided, ensuring both accuracy and depth in our insights.

Our approach meticulously concentrates on the unique market dynamics of Park City and Deer Valley, setting us apart from the rest. Unlike other platforms and professionals who might amalgamate Park City's data with that of its neighboring areas, our focus remains undiluted, dedicated exclusively to these premier locations. This targeted approach underscores our commitment to serving buyers and sellers with precision and expertise in these highly sought-after regions.

We have organized our findings from previous years into a well-structured archive for an optimized and user-friendly experience. We invite you to explore our Historical Park City Real Estate Trends through the links provided below, each leading to an in-depth analysis of the market's evolution over the past three years.

• 2023 Real Estate Market Report for Park City, Utah
• 2022 Park City Market Stats
• 2021 Park City Market Report
• 2020 Park City Real Estate Trends

These resources offer stakeholders a comprehensive understanding of the trends and shifts in Park City's real estate market. They reflect our dedication to transparency, informed analysis, and the empowerment of our clients' decision-making processes.

Park City Real Estate Trends Report - September 2024

This report provides the latest information on the real estate market in Park City, Utah, for September 2024. We want to earn your business if you consider buying or selling real estate in Park City, Utah. By understanding pricing, inventory, and sales activity, you can make informed decisions that align with your financial goals.

Knowing the number of new listings and how prices are changing helps buyers determine when to act and identify opportunities. For sellers, understanding the balance between new listings and closed sales helps ensure that homes are priced competitively to attract the right buyers.

These insights can help you navigate the fast-paced real estate market in Park City, whether you are buying a ski-in-ski-out home or listing a luxury condo.

Key Highlights from September 2024

September 2024 Median Sales (Park City Only):

Homes: The median sale price for single-family homes in Park City was $2,045,000, which is a decrease of 14.6% compared to the previous month. There were 36 closed sales of single-family homes, with zero distressed sales reported. There are currently 7.6 months of supply, and pending sales increased by 19% to 50.

Condos & Townhomes: The median sale price for condos was $1,174,500, a decrease of $500 compared to the previous month. There were 47 closed sales of condos and townhomes, up from 39 last month and 46 during the same period last year. Zero distressed sales were reported, and there is currently 3.8 months of supply, down 31.2% from last month. Pending sales are up 9.8% from the previous month.

"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves." — Peter Lynch

Many buyers are concerned about timing the market perfectly, often holding off on purchases in anticipation of a downturn or correction. However, history shows that those who take a long-term approach often fare better than those who try to predict every twist and turn of the market. Peter Lynch once said, "Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves." This wisdom applies well to today's market, where waiting for the perfect moment can often mean missing out on opportunities.

My advice is not to bet against Utah's strong economy. We predict people will not suddenly stop moving out of high-taxed states and that Utah's economy will continue to attract new residents and investors. Many buyers assess the broader economic outlook before making decisions, leading some to delay purchases or seek better financing options.

Ski-in-ski-out properties, especially in Deer Valley, are currently very popular. A $65 million ski home went under contract this month, highlighting the strong demand for luxury ski properties in Park City.

Despite these challenges, Park City remains a prime market for luxury home buyers, especially those who view real estate as a long-term investment that can withstand economic shifts. High-end areas like Deer Valley and Old Town continue to attract investors, with Park City's market stability offering a level of security not always found elsewhere. For those thinking strategically, the increasing inventory in desirable neighborhoods presents a unique opportunity to invest while prices remain competitive.

As economic conditions fluctuate, many buyers take a long-term view, considering interest rates, market potential, and Park City's enduring appeal as a destination. This perspective ensures that Park City continues to be seen as a stable, high-value market for primary residences and vacation properties.

Are Home Prices Dropping in Park City, Utah?

The current real estate market in Park City has stabilized compared to the rapid growth of previous years. The median home price remains at $2.7 million, unchanged from last year. The average days on the market have increased to 48 days—a 128% rise. While this may seem significant, it is typical in a resort market, where transactions often take longer due to the nature of second-home buyers and vacation properties. Closed sales have decreased slightly by 0.7%, and new listings are down by 3.5% compared to last year.

Are home prices dropping in Park City, Utah? No, they are not. Despite some changes in the pace of the market, home prices have held firm. The median price is still at $2.7 million, just as last year. Although the market has slowed from the rapid appreciation of recent years, it is more accurate to say that it is stabilizing, which is natural after intense growth. We now see a more balanced environment—fewer transactions, but home values remain well-supported by continued demand. Park City remains highly desirable for both living and investment, ensuring the strength of property values.

In the condominium and townhome market, we see a similar trend. The median price for these properties holds steady at $1.2 million, while the days on the market have increased to 28 days. Closed sales for condos and townhomes are down 37% year-over-year, totaling 488 transactions, and new listings have dropped by 23.6%, with 679 new listings. Even though this period is typically slower, these figures indicate a steady market. Buyers are generally willing to pay slightly above recent comparable sales, but they remain cautious about overpaying, especially given the limited inventory of quality properties at reasonable prices. A buyer with a $1.5 million budget recently hesitated on a well-priced $1.2 million property after viewing it via a video tour. The property ended up selling in just two days—demonstrating that well-priced, quality listings are still in high demand and moving quickly.

Market Recap for September 2024

The Park City real estate market shows signs of balance, with inventory steadily increasing. Buyers have more options than in recent years, with 7.6 months of supply for single-family homes and 3.8 months for condos and townhomes. This rise in inventory suggests that supply is starting to catch up with demand, which could affect home prices in the future.

Since new listings are still outpacing pending sales, the market may experience more competitive pricing. As buyers have more choices, sellers might need to adjust their expectations, especially if this trend continues. While the market remains stable, staying informed about shifts within specific neighborhoods is important, as local factors can significantly impact property values.

Despite the uncertainty that often comes with an election year, sales have remained strong throughout 2024, and values have remained stable, indicating continued buyer confidence in the Park City market. Historically, election years can bring hesitation, but Park City's unique appeal as a destination for luxury homes and investment properties continues to drive interest. Buyers take advantage of increasing inventory, while sellers benefit from steady demand.

We are here to help you navigate the Park City real estate market and would love the opportunity to assist you in achieving your real estate goals.

August 2024 Real Estate Market Trends for Park City, Utah

This update provides the latest information on the real estate market in Park City, Utah, for August 2024. Whether you are considering buying a home in one of Park City's sought-after neighborhoods or selling your property, staying informed about the latest market trends is essential. By understanding current pricing, inventory, and sales activity, you can make well-informed decisions that align with your financial goals.

Knowing the number of new listings and how prices are changing helps buyers gauge when to act and what opportunities are available. Understanding the balance between new listings and closed sales ensures that sellers price their homes competitively to attract the right buyers.

These insights can guide you through the fast-paced and ever-evolving real estate market in Park City, helping you make strategic choices whether you're buying a ski-in-ski-out home or listing a luxury condo.

Key Highlights from August 2024:

Median Sale Price:
The median sale price for single-family homes in Park City increased by 17% compared to the previous month. While this is a large jump, it's important to know that small numbers of sales can cause big price changes. For a clearer picture, it's better to look at the specific neighborhoods in Park City. Prices for condos and townhomes also showed similar changes from month to month.

New Listings:
Park City had 311 new listings in August, a small drop from June, with many new listings. The number of new listings has exceeded the number of pending sales for over two years. In August, there were 225 pending sales, meaning more homes were available for buyers. This could lead to more competition in pricing.

Closed Sales:
One hundred ninety-six homes were sold in August 2024, just one less than last year's busiest month. Over the past year, Park City has seen between 150 to 200 monthly home sales, showing a steady and consistent market.

Active Inventory:
By the end of August 2024, 1,872 homes and land listings were available in Park City, the highest inventory level since the pandemic began. Although more homes are for sale, inventory hasn't reached the levels we saw before the pandemic. However, this increase means more options for buyers.

Market Insights:

Interest rates continue to significantly influence buyer behavior, particularly those seeking more affordable properties or investment opportunities. Many buyers carefully assess the broader economic outlook before making purchasing decisions. With fluctuating rates and concerns over future financial conditions, some buyers delay purchases or seek more favorable financing options.

Despite these challenges, Park City remains a prime market for luxury home buyers, especially those who view real estate as a long-term investment that can withstand economic shifts. High-end areas such as Deer Valley and Old Town continue to attract investors, as Park City's overall market stability offers a level of security not always found in other regions. For buyers thinking strategically, the increasing inventory in these desirable neighborhoods presents a unique opportunity to invest while prices remain competitive.

As economic conditions fluctuate, many buyers are taking a big-picture approach, considering current interest rates, long-term market potential, and Park City's appeal as a destination. This outlook ensures that Park City remains a stable, high-value market for primary residences and vacation properties, even during financial uncertainty.

Conclusion for August 2024:
The Park City real estate market continues to show signs of balance as the inventory of homes for sale steadily increases. With 1,872 active listings by the end of August, the market offers more buyer options than in recent years. This rise in inventory suggests that supply is beginning to catch up with demand, a shift that could influence home prices in the future.

New listings are still outpacing pending sales, allowing the market to experience more competitive pricing. As buyers have more homes to choose from, sellers might need to adjust their expectations, especially if this trend continues. While the market remains stable, buyers and sellers must stay informed about shifts within specific neighborhoods, as localized factors often play a significant role in property values.

Despite the uncertainty of an election year, sales have remained strong throughout 2024, which indicates that buyers still have confidence in the Park City market, even amid broader economic fluctuations. Historically, election years can bring hesitation to some markets, but Park City's unique appeal as a destination for luxury homes and investment properties continues to drive interest. Buyers take advantage of increasing inventory, while sellers benefit from consistent demand.

Whether buying or selling, it's more important than ever to monitor these trends and work closely with a real estate professional to make the best decisions in this evolving market.

Real Estate Trends Report - June 2024

As a top-producing real estate team in Park City, we are committed to informing you about the latest trends and market dynamics. We have reviewed the recent data from the Park City Multiple Listing Service (PCMLS) for June 2024 and are excited to share these trends with buyers, sellers, and real estate enthusiasts through our blog.

Median Sale Prices: In June 2024, the median sale price for single-family homes in Park City increased by 9.9%. This rise highlights the variability across different neighborhoods, emphasizing the importance of analyzing localized data when evaluating the market. Condos and townhomes have also shown similar volatility in median sale prices, influenced by neighborhood-specific factors and small sample sizes.

New Listings: The first half of 2024 has seen a surge in new listings. June recorded 412 new listings, the highest monthly count since June 2022. On average, 295 new listings were added monthly in the first six months of 2024, compared to 243 in the same period in 2023. This upward trend in new listings indicates an increasing supply of properties, offering more options for potential buyers.

Pending Listings: Pending listings have remained relatively stable, with 183 pending sales recorded in June 2024. However, there is a significant gap between new and pending listings. In June, new listings outpaced pending sales by a factor of 2.25. This disparity suggests a potential oversupply in the market, which could influence future market dynamics.

Closed Sales: Closed sales in June 2024 totaled 154, reflecting a stable market performance consistent with historical trends. Over the past year, closed sales have fluctuated between 150 and 200 monthly, showing a steady yet slightly slowing market during the ski season.

Active Inventory: Active inventory reached a new post-pandemic high, with 1,744 total residential and land listings in June 2024. However, we are still lower in listings than in 2013–2019, indicating that while the market is balancing, it has not yet returned to pre-pandemic supply levels. This increase in inventory levels suggests a more balanced market where supply is catching up to demand. The rise in active listings provides more opportunities for buyers and may lead to more competitive pricing.

Market Analysis: The Park City real estate market exhibits volatility and stability. While median sale prices show significant month-to-month changes, the overall market trends indicate a steady performance with rising new listings and stable closed sales. If the gap between current listings and closed sales closes, supply will increase, potentially causing prices to stall or decrease.

Personal Review for June 2024

Interest rates have become somewhat of a headwind for the Park City real estate market, especially for entry-point investment properties. The recent election cycle has also contributed to uncertainty, causing some buyers to pull back from making real estate purchases. Historically, Park City is a unique market where no one has to buy or sell, but everyone wants to be here. This dynamic adds an interesting layer to the market, as it is driven more by desire than necessity.

Park City Real Estate Trends for April 2024

Understanding real estate trends in Park City, Utah, is crucial for informed investment decisions, especially given its unique residential and vacation destination status. The fluctuations in median sale prices, often influenced by small sample sizes, highlight the market's volatility, which is vital for buyers and sellers to consider for optimal timing of transactions. Seasonal inventory trends correlate with tourist peaks, affecting residential and investment property dynamics. Moreover, a steady increase in new listings relative to closed sales indicates a growing market. These insights are essential for stakeholders in Park City to navigate market complexities effectively, facilitating strategic planning and economic assessment in the region.

Median Sale Price: The median sale prices have demonstrated significant monthly changes. With small sample sizes, such as 17 sales in January and 38 in April, these figures can be misleading, leading to unwarranted optimism or pessimism. For example, a 4.7% decrease in April might seem minimal, yet this follows a substantial 64% increase in February and a 19% decrease in March. These sharp fluctuations reflect the limited number of sales and the increasing gap between the highest and lowest market prices. In April, the average sale price was $3.96 million. Among the transactions, half sold for between $1.1 million and $2.9 million, while the other half ranged from $3.4 million to $14.8 million. What may appear unusual in one month might be balanced by a similar irregularity the following month.

New Listings: The market has seen a consistent influx of new listings, growing from an average of 198 in the first four months of 2023 to 260 in the same period in 2024. In April alone, there were 270 new listings, surpassing the number of pending sales, which stood at 181. This pattern of more listings than pendings has persisted over the last 13 months.

Closed Sales: The market peak occurred last August with 197 closings, nearly reaching the 200-sale threshold not seen since May of the previous year. Since then, sales have stabilized at between 150 and 200 each month, with a slight decrease during the ski season. April saw 173 closings, the most in the past seven months, and this upward trend might continue into May.

Inventory: As of April 2024, inventory has remained relatively steady, with a slight month-over-month increase. In 2023, inventory remained stable initially but then experienced a significant surge, increasing by 12.1% in May and continuing to rise through the summer. Although there was a decline starting in September, the inventory by December was still higher than in previous years.

April 2024 Summary

In April 2024, Park City's real estate market continues demonstrating its complexity and dynamism, driven by its dual nature as a residential and vacation destination. Median sale prices exhibit notable monthly volatility due to small sample sizes, with a significant 4.7% decrease in April following a dramatic 64% rise in February and a 19% drop in March. These fluctuations underscore the market's sensitivity to limited transaction volumes and the broad price spectrum within sales, where half of the properties sold between $1.1 million and $2.9 million and the other half from $3.4 million to $14.8 million.

The increase in new listings, which rose from an average of 198 in early 2023 to 260 in the same period in 2024 and surpassed pending sales in April, suggests a robust addition of properties to the market, outpacing sales activities. Closed sales have stabilized, maintaining a consistent range of 150 to 200 monthly closings, with a notable increase to 173 in April, indicating potential growth as we move into May.

Inventory levels have shown relative stability, slightly increasing to 1,398 listings as of April 2024. This follows a pattern of seasonal fluctuations and an overall upward trend since a low in 2021. These insights are critical for stakeholders to strategically navigate the ebbs and flows of Park City's real estate market, offering a foundational understanding of investment timing and economic planning.

Park City Real Estate Trends: First Quarter 2024

Overall Market Dynamics

The real estate landscape in Park City and Snyderville Basin has demonstrated significant growth and evolution throughout the first quarter of 2024. The market has been characterized by an overall increase in the number of properties sold, with Park City witnessing a 16% rise and Snyderville Basin observing a more modest increase of 3%. This indicates a robust market expansion. However, it's important to note that specific areas, such as Thaynes Canyon and Lower Deer Valley in Park City, alongside Pinebrook and Silver Creek South in Snyderville, have experienced a decrease in sales quantity. These figures may reflect localized market challenges or a decrease in available inventory.

Price variability remains prominent, with neighborhoods like Empire Pass and Aerie in Park City showing substantial increases in average and median sale prices, highlighting strong demand for premium properties. In contrast, Jeremy Ranch in Snyderville has seen a reduction in average sale prices, possibly due to a larger inventory or the predominance of lower-priced home sales during this period.

The market's health is further indicated by the percentage change in volume sold, with a 23% increase in Park City and a 21% increase in Snyderville. These trends suggest healthy demand and potentially rising property values. These trends underline a dynamic market environment with opportunities for buyers and sellers.

Single Family Home Stats

Within Park City and the broader Snyderville Basin, single-family homes have exhibited varied trends that mirror the overall market dynamics. In areas like Canyons Village and Snyderville, the increase in sales volume, alongside the rise in the number of properties sold, signifies a robust and potentially expanding market. Conversely, neighborhoods experiencing a decrease in quantity sold, like Lower Deer Valley, have nonetheless seen increases in average sale prices, suggesting that higher-value transactions dominate these areas despite a slowdown in overall sales numbers.

Investment attractiveness remains high in growth areas such as Empire Pass, Park City, and Old Ranch Road, Snyderville, where large increases in sales prices and volume indicate strong growth potential. Conversely, areas with declining prices or volumes might appeal to bargain-seeking investors or require detailed analysis to understand the underlying reasons for the observed trends.

As the market continues to evolve, real estate professionals and investors need to keep a keen eye on these trends to effectively navigate the complexities of the Park City real estate market. This nuanced understanding is essential for strategic decision-making in a diverse market.

Condominium and Market Trends for Park City

The Park City and the Snyderville Basin condominium market have shown distinct trends that are slightly different from those observed in the single-family home sector. Here's a closer examination of the key dynamics and statistics for condominiums within these areas for the first quarter of 2024.

Market Dynamics in Condominium Sales

Park City and Snyderville Basin condominiums generally appeal to diverse buyers, from investors and vacation home buyers to residents looking for more manageable living spaces. The condominium market has demonstrated resilience recently, with strong demand, particularly in premium locations.

For example, areas like Empire Pass in Park City have continued to experience an upsurge in both average and median sale prices of condominiums, suggesting high demand for luxury and premium properties. The appeal of such areas is often driven by their proximity to ski resorts and central amenities, making them particularly attractive to those looking for vacation properties or lucrative rental opportunities.

Market Outlook

The real estate market for single-family homes and condominiums in Park City and the Snyderville Basin shows continued growth, with steady demand in key neighborhoods. With ongoing developments and the region's appeal as a top-tier ski and vacation destination, both market segments are expected to maintain a strong performance. Additionally, there has been a shift back to more traditional market conditions after several years of volatility, signaling a potential stabilization that could make the market more predictable.

In areas like Empire Pass and Canyons Village, where the luxury and premium segments have thrived, single-family homes and condominiums continue attracting significant interest due to their premium offerings and strategic locations.

Furthermore, while certain neighborhoods like Jeremy Ranch in Snyderville have experienced a dip in condominium prices, the overall market trend points to healthy appreciation in property values, especially in sought-after areas. This suggests a positive outlook for those investing in or purchasing both properties.

Investors and potential homebuyers should remain attentive to the fluctuations and trends in these areas, particularly as the market transitions. The current climate offers a unique opportunity to engage with a more stable and traditional real estate market, providing a solid foundation for making informed decisions and maximizing investment potential. Whether looking at single-family homes or condominiums, understanding the combined dynamics of these market segments will be essential for successful real estate ventures in Park City and Snyderville Basin.

Market Update Report Per Area

The table below summarizes real estate sales data for various Park City and Snyderville neighborhoods. The data is organized into columns: Quantity Sold, Volume Sold, Average Sale Price, and Median Sale Price, along with percentage changes compared to a previous period for each of these metrics.

Predictions from Derrik on the 2024 Real Estate Market in Park City, Utah

With over two decades of experience in the real estate sector and leading an elite team in Park City, Utah, I, Derrik, offer my insights into the anticipated trends for the 2024 real estate market in this vibrant area. Despite the unpredictability that has characterized the market in recent years, including an incorrect prediction during the COVID-19 market downturn, my track record remains largely accurate, bolstered by the volume of leads and showings, which provides a clear indication of market direction.

Park City's real estate market, both in the short and long term, shows promising signs of strength and resilience. In January alone, our team successfully placed six properties under contract, with three in the Deer Valley area. This activity signals sustained interest and confidence among buyers, many of whom initiated their property searches as far back as 2017. These buyers, informed by the market's recent history, appear willing to pay slightly above the last selling price, though not to the extremes seen during the late 2020 boom.

As we approached the end of 2023, a noticeable trend emerged among buyers, who either paid in cash or secured mortgages under the assumption that interest rates, should they increase, would later allow for refinancing at a lower rate, should the market adjust. This strategy underscores a belief in the market's resilience and an expectation for eventual rate decreases, contrary to quicker interest rate drops predicted by some analysts. This perception of the Federal Reserve's capacity to lower rates contributes to economic stability, encouraging substantial investments in Park City's real estate.

Given our active engagement with a broad spectrum of buyers and the traffic to our website, I anticipate a 5% appreciation in property values for the year. This projection is slightly conservative compared to Park City's 20-year appreciation rate of 6.7%. Last year, properties on the outskirts of town seemed most at risk of depreciation. However, the development of Deer Valley East Village has revitalized interest in these areas, suggesting continued robust demand and sales.

In summary, Park City, Utah's 2024 real estate market is poised for continued growth, driven by historical trends, buyer confidence, and strategic market positioning. While the future is inherently uncertain, these factors collectively provide a solid foundation for optimistic predictions in the coming year.

Do You Own Real Estate in Park City, Utah?

Find Park City Property Values and see what your home is worth today. As the total market review on this page shows, property values are changing quickly in Park City. Contact me directly to discuss what your home in Park City or Deer Valley is worth.

Editor's Note: This page was updated on May 8, 2025, to include market statistics for April home, condo, and townhome sales & we've updated the entire page with Grammarly.