Real estate prices on Wasatch Back are increasing, according to a new Park City Board of Realtors report.
When comparing the quarter to 2025, local market sales generated more than $5.7 billion in 2026. That’s slightly up from last year’s $5.2 billion, when only 30 more units sold. That’s a 9% price gain on an essentially flat rate.
The data includes all single-family homes, condominiums and land purchases.
CEO Jennifer Armandi said these numbers reflect a stable market.
“What we’re seeing is that buyers are still interested, sellers are still selling,” Armandi said on KPCW’s "Local News Hour" Aug. 6. “There is an increase in inventory, but that’s just allowing choice. And so, what we’re seeing is that people are taking their time; they’re making really thoughtful decisions, but they are still moving forward.”
Board President Gretchen Hudgens said a closer looks at the numbers reveals land sales surged while single-family homes sales remained steady and condominiums decreased.
“I think what that’s really indicating is the confidence in our market,” Hudgens said. “And with buyers coming in, with the developers looking, with the potential of what Park City will be over the next 5, 10 years and beyond, we really see strong consumer confidence.”
The board report said the number of land plots sold increased 46% from the second quarter 2025. The dollar revenue from land sales across the Wasatch Back so far totals $180.5 million. Last year, the revenue was around $89.4 million – a 74% increase in dollar value.
The board said this indicates luxury buyers would prefer to build their own home on undeveloped land.
Hudgens said developers are starting to respond to changing needs.
“I find that less and less people want the single family home with the yard and the four bedrooms and the 3.5 bathrooms … I think we're missing the mark a little bit in our development,” she said. “I think people would really appreciate more condo and townhome lifestyle where they can spend their free time hiking, biking, skiing, doing the things that we really love.”
She expects the market to continue to grow.
