Single-family home sales in the first quarter of 2025 increased by 21% year-over-year in both Summit and Wasatch counties. Based on recent purchases, the median sales price for a Wasatch Back home is hovering around $1.6 million.
Condo sales also went up 20% year-over-year with a median price of $1.1 million.
While the market remains healthy, Park City MLS President Todd Anderson said inventory remains behind previous levels.
“We’re getting used to the idea that inventory isn’t there,” Anderson said. “We’re still at a spot where we’re 20 to 30% below pre-COVID inventory levels, but they seem to be stabilizing at that number. So maybe we’re looking at what our new normal is.”
Park City Board of Realtors President Maverick Bolger said it continues to be a tale of two markets.
“The [properties] with the premium attached to them are going quickly, and the stuff that needs work tends to be sitting a little bit longer,” Bolger said.
Mortgage rates remain relatively high — near 7% — leaving some buyers on the sidelines. But Park City’s market is less susceptible to rates, as roughly 60% of purchases in 2025 were made in cash.
Bolger said developers, particularly those in the Jordanelle area, are offering some relief.
“What we are seeing is some builders offering incentives that will undercut market rate on those and they’re subsidizing that rate in house by controlling their process from beginning to end with having a loan brokerage within their development company,” he said. “So that is offering folks an ability to get in at under a 5% rate in some cases.”
Bolger said the Board of Realtors recently closed on what is the second-highest home sale price in state history. He didn’t disclose exact details but said the home is worth tens of millions of dollars and is located in a gated ski-in ski-out community. It comes months after a 21,000 square-foot home in Deer Crest became the most expensive home sale in Utah history.
