Executive Summary of Promontory Real Estate Market Update for 2024
Promontory in Park City, UT, offers a luxurious, secure, and resort-style living environment that appeals to both primary and vacation home buyers. In 2024, the market features a diverse range of properties—from entry-level villas priced between $2 million and $3 million to opulent estates exceeding $14 million. Buyers are attracted by modern finishes, smart home technology, and energy-efficient designs, with newer constructions often commanding premium prices.
The community is divided into distinct subdivisions, such as The Summit, Aspen Camp, and Deer Crossing, each offering unique architectural styles and amenities. Residents enjoy secure, gated access, high-end clubs with dining and spas, and abundant outdoor recreation like championship golf courses, hiking, and biking trails. Cash transactions dominate the high-end market, though financing options remain available for mid-range purchases.
For a closer look at current listings, View Promontory Homes for Sale to explore the perfect property for your upscale lifestyle. For those particularly interested in golf, check out our Park City Golf Homes for more options near top-rated courses.
Why Buyers Choose Promontory
Promontory is a private, gated community in Park City that offers resort-style living with modern architecture and beautiful natural surroundings. Its appeal includes:
- Secure Entry: Gated access with patrol services
- High-End Amenities: Private clubs with dining, spas, and social events
- Outdoor Recreation: Golf courses, hiking, and biking trails
- Prime Location: Quick access to Park City ski resorts, downtown, and shopping
These features make Promontory a practical choice for primary residences and vacation homes.
2024 Market Overview
The 2024 data shows that Promontory attracts buyers interested in modern finishes, new construction, and spacious layouts. Here are the key market statistics:
- Price Range: From under $2 million to over $14 million
- Highest Sale: Approximately $14.8 million
- Lowest Sale: Around $1.79 million
- Mid-Range Sales: Typically between $4 million and $9 million
- Square Footage: Ranges from 2,000 sq. ft. (villas) to over 10,000 sq. ft. (custom estates)
- Lot Sizes: From 0.2 acres to more than 5 acres (we represented the buyer on the largest homesite with a residence sold in Promontory Park City)
Types of Properties that Sold in Promontory
High-End Residences
Price Range: $10 million – $14+ million
Features: 8,000+ sq. ft., five or more bedrooms, contemporary designs
Locations: Subdivisions like The Summit, Promontory Ridge, Elk Ridge Heights
Amenities: Panoramic views, smart home automation, expansive outdoor living areas
Mid-Range Options
Price Range: $4 million – $9 million
Features: 4,000–8,000 sq. ft., multiple bedrooms, open floor plans
Subdivisions: Deer Crossing, Aspen Camp, Painted Shores
Style: A mix of mountain and modern architecture with updated kitchens and great rooms
Entry-Level Properties
Price Range: $2 million – $3 million
Features: 2,000–3,500 sq. ft., fewer acres, modern upgrades
Ideal For: Buyers seeking a manageable, lock-and-leave villa or cabin
Locations: Villas at Painted Valley, Villas at Vista Point, Trapper's Cabins
Design Trends and Modern Features
Homes in Promontory reflect the latest in luxury real estate with:
- Modern Architecture: Clean lines and open layouts with abundant natural light
- Smart Home Technology: Remote-controlled thermostats, lighting, and security
- Energy Efficiency: Advanced insulation, energy-saving appliances, radiant heating systems
- Flexible Living Spaces: Multiple gathering areas, including great rooms and outdoor decks
Explore more Promontory Real Estate for Sale to view diverse architectural styles—from sleek contemporary designs to rustic homes enhanced with modern touches.
Impact of Year Built on Pricing
Recent construction plays a significant role in pricing. Homes built in 2023 and 2024 often sell for between $7 million and nearly $15 million, thanks to features like open-concept designs, high-end finishes, and smart technologies. Older homes (built between 2006 and 2010) typically sell for $3 million to $7 million unless they have been significantly updated. Factors such as square footage, lot size, and location within the community also affect the final sale price.
Monthly Trends for Under-Contract Transactions (2024)
The 2024 market data shows fluctuations in buyer activity by month. Here's a snapshot of under-contract transactions:
| Month | Transactions |
|---|---|
| January | 11 |
| February | 9 |
| March | 6 |
| April | 5 |
| May | 2 |
| June | 12 |
| July | 6 |
| August | 3 |
| September | 8 |
| October | 5 |
| November | 4 |
| December | 5 |
June is the most active month, followed by January and February. Lower activity in May and August may indicate seasonal slowdowns.
Note: Nine closings in 2024 were for new construction properties that went under contract before completion.
Popular Subdivisions in Promontory
Each subdivision in Promontory offers unique styles and amenities. Notable neighborhoods include:
- The Summit
- Large estates with generous acreage
- Elevated views and enhanced privacy
- Grand living areas with custom finishes
- Aspen Camp
- Modern new builds with sleek designs
- Wooded areas and natural landscapes
- Open-concept layouts with smart systems
- Deer Crossing
- Mid-range and high-end homes available
- Close to outdoor trails and club amenities
- Contemporary interior designs
- Ranch Club Cabins & Trapper's Cabins
- Compact lots and footprints
- Easy access to club amenities with low upkeep
- Ideal for simpler, more relaxed living
- Villas at Painted Valley & Vista Point
- Townhome or villa-style properties
- Great for second homes with minimal maintenance
- Modern kitchens, updated bathrooms, and open layouts
When choosing a subdivision, consider your desired square footage, architectural style, and proximity to amenities like golf courses and club facilities.
Financing and Transaction Insights
Cash Purchases
In Promontory's luxury market, most high-end properties are purchased with cash. Cash transactions often lead to faster closings and fewer contingencies, making them especially attractive in a competitive market.
Conventional Loans
Many buyers use conventional financing for properties in the $2 million–$6 million range. Getting pre-approved early is wise to strengthen your offer and streamline the transaction process.
Prevalence of Cash Sales
Data from 2024 shows that the majority of Promontory properties are sold for cash. This trend highlights the financial strength of buyers in this market and contributes to a smoother, quicker transaction process. While conventional financing is common in mid-range transactions, cash offers remain dominant in the luxury segment.
Promontory Historical Real Estate Trends and Statistics
BELOW ARE SALES STATS FOR PROMONTORY HOMES FROM 2015 TO THE END OF 2024
The real estate market in Promontory continued to showcase its resilience and strength in 2024. This year, 84 transactions were recorded, surpassing the 78 sales in 2023, highlighting the sustained demand for luxury properties in this exclusive community. Despite ongoing fluctuations in interest rates, Promontory's high-end luxury segment remained a driving force behind the market's stability and growth.
The median sales price for homes in Promontory reached $4,450,000 in 2024, a notable increase from $4,250,000 in 2023. The average sales price also climbed higher, further reinforcing Promontory's premium appeal. Sales prices for the year ranged from $1,790,000 to $14,800,000, showcasing the diverse offerings of this prestigious golf course community in Park City, Utah.
Key Takeaways:
- 84 Sales in 2024, reflecting a healthy increase over the previous year.
- Median Price of $4,450,000, continuing the upward trajectory of Promontory's property values.
- Diverse Property Range, with prices from $1.79M to $14.8M.
- Cash Buyers Dominate, maintaining a strong foothold in the market and driving sales activity.
Promontory continues to stand out as one of the premier luxury real estate markets, offering unmatched amenities, stunning views, and a lifestyle that appeals to both full-time residents and vacation homeowners.
| Year | # of Sales | Median Price |
|---|---|---|
| 2024 | 84 | $4,450,000 |
| 2023 | 78 | $4,250,000 |
| 2022 | 81 | $3,072,000 |
| 2021 | 117 | $3,152,990 |
| 2020 | 139 | $2,454,794 |
| 2019 | 79 | $2,233,472 |
| 2018 | 68 | $2,080,000 |
| 2017 | 79 | $1,725,000 |
| 2016 | 66 | $2,009,325 |
| 2015 | 60 | $1,669,500 |
Archived Promontory Real Estate Statistics Write-up for 2023
The real estate market in Promontory in 2023 demonstrated resilience, nearly mirroring the sales volume of the preceding year with 78 transactions, just shy of the 81 recorded in 2022. This steadfastness is particularly notable against the backdrop of rising interest rates, a factor that often influences market dynamics. The sustained strength of the high-end luxury segment is a key driver of this performance, as evidenced by the significant median price increase.
In 2023, the median sales price for homes in Promontory escalated to $4,250,000, while the average price reached $4,603,304, underscoring the premium nature of the market. The sales prices spanned a broad spectrum, from $1,770,000 to an impressive $11,250,000, reflecting the diverse range of properties within this coveted enclave. A noteworthy trend was the preference for cash transactions, with 51 out of the 78 buyers opting to purchase their homes outright, circumventing the complexities of financing amid fluctuating interest rates.
Archived Promontory Real Estate Statistics Write-up for 2022
Promontory home sales dropped by approximately 31%, and prices remained relatively flat. The average price per square foot was $925, and 44 sales were over $3,000,000. The top sale in Promontory for 2022 was $8,500,000 (Updated January 2023)
While the number of sales floats back to pre-COVID numbers, prices remain relatively the same overall. This could be partly due to the two-bedroom double Deer Cottages pushing the number of sales up but at the time pulling down the prices. Last year, a total of 70 homes worth over $3,000,000 were closed in Promontory.
Archived Promontory Real Estate Statistics Write-up for 2021
Below is what I wrote about the Promontory Real Estate happenings for 2021. Because this information has been updated above for 2022, we have archived it at the bottom of the webpage.
Promontory has seen many buyers relocating from Southern California, the New York tri-state area, Chicago, Texas, and the Bay Area. Real Estate sales more than doubled over 2019—from $214 million to $466 million in 2020—and we are still on that same track.
We have Promontory Home Sales Statistics: 2015 through 2021 at the bottom of this page. In addition, we offer a full Park City Real Estate Market Review.
In 2022, the availability of the Promontory Golf Membership has become very important and valuable in terms of real estate - there are currently 76 people on the waitlist for full membership. Developer properties for sale will offer full memberships (golf), but not all will have access to the membership. In addition, homes under construction may or may not have membership attached.
Promontory home sales dropped by 15%, but strong buyer interest remained. With low inventory, the prices were pushed by 28%. The average price per square foot was $713, and 70 sales were over $3,000,000. The top-priced home ever to sell in Promontory was sold in 2021 and was for sale for $10,825,000. (Updated 2022)
The lack of inventory in the Park City market has pushed buyers up in price, where they feel they receive a better value for their dollar. As a result, the luxury market has been strong, and it appears that it won't change in the foreseeable future.
In 2022, the availability of the Promontory Golf Membership has become very important and valuable in terms of real estate - there are currently 76 people on the waitlist for full membership. Developer properties for sale will offer full memberships (golf), but not all will have access to the membership. In addition, homes under construction may or may not have membership attached.
Amenities and Lifestyle
Living in Promontory means enjoying a vibrant lifestyle with plenty of recreational options:
- Private Golf Courses: Championship courses designed by renowned architects
- Dining & Social Clubs: On-site restaurants and lounges perfect for gatherings
- Spa & Fitness: Wellness centers, pools, and fitness facilities
- Trails & Outdoor Recreation: Extensive hiking and biking paths throughout the community
Planning Your Purchase
1. Evaluate Your Budget
Decide if you will buy with cash or need financing. If opting for a mortgage, consult with lenders early to determine your price range.
2. Visit Promontory in Person
Schedule a visit to see the community, check out home layouts, and assess proximity to key amenities like the club and outdoor spaces.
3. Review Homeowner Association (HOA) Rules
Understand the guidelines on architectural styles, landscaping, and rental policies, especially if you plan on renting your property occasionally.
4. Contact a Local Realtor
A trusted local agent can guide you through the various subdivisions and provide insights on market trends and negotiation strategies. Learn more about Promontory Realtors.
Get Started Today
- Browse Listings: Explore the latest Promontory Real Estate for Sale and compare property features.
- Speak with a Local Realtor: Connect with a trusted agent to discuss your needs and schedule showings.
- Contact Us: If you have questions or want a personal tour, reach out today.
- Explore Golf Communities: Interested in golf? Visit our page on Park City Golf Homes.
- Stay Updated: Market conditions change fast. Keep an eye on new listings and interest rate updates to make informed decisions.
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