The Wasatch Back ended 2025 with the second-highest real estate sales volume in history.
The $5.75 billion in combined single-family home and condo sales was just behind the 2021 COVID-19 pandemic-era peak.
According to the Park City Board of Realtors report, 2025 single-family home sales were up 26% year over year in the Wasatch Back, totaling $3.52 billion in the Wasatch Back.
Multiple Listing Service Board President Grady Kohler said the increase wasn’t from selling more units, which were up 6%, but from the rise in home prices.
“We jumped from an average price of $1.6 million to almost $2 million as a median sales price. That's about a 19% increase,” he said on KPCW’s “Local News Hour” March 12. “If you compare that against the U.S. average, the U.S. went up about 1.6%.”
The trend is similar for the condominium market. Sales across Summit and Wasatch counties increased 20%, to $1.66 billion, despite 8% fewer condos sold. The average price for a condo was around $1.8 million.
New construction, including Jordanelle Reservoir area development, was a hot spot for sales. Kohler said other markets, particularly Kamas, struggled.
Following a nationwide trend, buyers skewed younger while sellers were older. That younger buyer was increasingly active in Old Town Park City, marking a demographic shift.
Park City Board of Realtors CEO Jennifer Armandi expects the market to retain that strength this year.
“When you're in a resort community, there's always going to be a strong desire to want to be here. The combination of the summer and winter activities are going to attract nationwide buyers,” she said. “I don't think we're going to see a decline in demand like we might see in other markets across the country.”
Park City Realtors Board President Gretchen Hudgens said the area’s school systems, philanthropic focus and proximity to the Salt Lake City International Airport are also attractions.
She said buyers are looking for a lifestyle when moving to the area, not just a job or a second home. Many buyers were from out of state, looking for a full-time relocation.
“It's what they're getting from this location,” she said. “For them, it's really important that they are being able to utilize what's around them, including our golf courses, our lakes and our trails.”
Kohler said 2026 won’t see as much growth as 2025, but it’s expected to be another strong year.
However, there are new considerations for the 2026 buyer. This season’s warm weather coincided with a drop in ski visits and rental income.
Insurance costs are also increasing across the Wasatch Back with the need for more wildfire mitigation.
