KEY TAKEAWAYS
• Transaction Growth: The Greater Park City Area experienced a total of 1,367 real estate transactions in 2024, representing a 14% increase compared to the previous year.
• Price per Square Foot: The average price per square foot rose to $886, with luxury communities in Deer Valley ® leading the market at over $2,000 per square foot.
• Days on Market: The average days on market increased by 10 days to a total of 80, reflecting a slight slowdown that provided more leverage for buyers.
• Overpricing Matters: Summit Sotheby’s International Realty’s research showed that homes priced competitively sold within 32 days at 99.5% of their list price, while overpricing led to longer market times and lower sale prices.
NUMBER OF TRANSACTIONS (2019 - 2024)
In 2024, the Greater Park City Area recorded 1,367 real estate transactions— a notable 14% increase (167 additional transactions) compared to 2023. This marks the first year of transaction growth since the post-pandemic surge in 2020/2021, signaling a renewed upward trend in the local real estate market.
Deal flow gained steady momentum throughout the year. The first quarter began with 268 transactions, and by the fourth quarter, activity peaked with 408 transactions, making it the busiest quarter since the latter half of 2022. This surge was largely driven by the completion of a significant number of units at the Grand Hyatt in Deer Valley ® East Village, finalized in December. Notably, Deer Valley ® East Village recorded 53 closings in December alone, far exceeding the previous monthly average of 4.5 closings, influenced by the Grand Hyatt.
Deer Valley ® East Village led the area in transaction volume in 2024, with 132 total closings. Of these, Pioche Village accounted for 81 closings, while the Grand Hyatt Deer Valley ® contributed 51 closings. Close behind was Old Town Park City, which saw 131 total transactions, with Resort Center (7 closings) and Silver Star - Spiro Condominiums (8 closings) standing out in terms of activity. Given the greater diversity of product in Old Town, volume does not tend to noticeably cluster in certain communities as it does in other areas, such as Deer Valley ® or Canyons Village.
Canyons Village was another high-performing area, recording 129 transactions across various condominium buildings and developments in 2024. Key contributors to this activity included:
• Lodge at Westgate: 23 closings
• Pendry Residences: 13 closings
• Red Pine: 12 closings
• Sundial Lodge: 11 closings
This data reflects a dynamic and increasingly active market across the Greater Park City Area, with several key neighborhoods experiencing strong demand. The significant transaction volume in newly completed developments such as the Grand Hyatt Deer Valley ® underscores the area’s appeal to both primary residents and vacation homebuyers.
Looking ahead, sustained interest in resort-adjacent properties and new developments is likely to continue driving transaction growth, particularly in communities with desirable amenities and prime access to outdoor recreation.
AVERAGE
AVERAGE PRICE
Since 2019, the average price of homes sold in the Greater Park City Area has steadily increased, rising from $1,362,745 in 2019 to $2,347,243 in 2024. However, the average price experienced a slight decline of approximately $34,000 from 2023 to 2024. This dip is likely attributed to increased transaction volume in more affordable communities, such as Pioche Village Condominiums in Deer Valley ® East Village, which recorded 81 transactions in 2024 at an average sold price of $539,836, and Silver Creek Village, which saw 32 transactions with an average sold price of $982,732.
While this trend may be encouraging for buyers and slightly concerning for sellers, it is essential to recognize that the Greater Park City Area consists of numerous micro-markets, each with distinct products, price points, and buyer demographics. Comparing market prices and trends across such diverse communities can be misleading. For example, it would be inappropriate to equate market performance in Tuhaye—where the average sold price rose from $4,300,048 in 2023 to $5,352,167 in 2024—with Silver Creek Village, where the average price remains below $1 million. The differences in product offerings and buyer profiles are too significant to draw direct comparisons.
As such, understanding price trends across various communities requires the expertise of a professional familiar with Park City’s unique neighborhood nuances and market dynamics. If you have specific questions about price trends in your neighborhood, please don’t hesitate to reach out to me directly at (435) 631-1615 or Onie@BolducMountainLuxury.com.
AVERAGE SOLD PRICE / SQFT (2019 - 2024)
AVERAGE PRICE PER SQUARE FOOT
While the average price of homes sold in the Greater Park City Area saw a slight decline in 2024, the average price per square foot continued its steady upward trend since 2019. In 2024, the average price per square foot of homes sold reached $886, an increase of $51 from the previous year. Each of the 10 most expensive communities in Park City on a per square foot basis were located in Deer Valley ®, with every community achieving a price per square foot exceeding $2,000:
• Stein Eriksen Residences: $2,812
• Argent Deer Valley ® : $2,635
• Montage Deer Valley ® : $2,507
• Stein Eriksen Lodge: $2,405
• Mont Cervin: $2,325
• Founders Place: $2,310
• Larkspur: $2,190
• Shooting Star: $2,058
• Arrowleaf: $2,049
• St. Regis: $2,044
Interestingly, the five communities with the highest transaction volume in 2024 exhibited a wide range in price per square foot, from $432 in Silver Creek Village to $1,549 at the Grand Hyatt in Deer Valley ® East Village. This substantial variation underscores the influence of key factors such as location, community amenities, home design, and overall quality when it comes to price.
This data highlights the diversity of the Greater Park City real estate market and the importance of understanding how these variables affect property values on a micro-market level.
AVERAGE DAYS ON MARKET
The average number of days a property remained on the market in Park City increased by 10 days to a total of 80 days in 2024, signaling a slight market slowdown that likely benefited buyers by providing them with more leverage to negotiate. Sellers, on the other hand, may have found themselves tolerating longer market times than they would have preferred.
It’s important to note that this figure can be skewed by new developments, which often keep the bulk of their inventory off the market while maintaining a limited number of active listings to attract interest from prospective buyers. While this practice may not apply universally, it has been observed in some of Park City’s most prominent developments, such as the Promontory Club, Tuhaye, and the Residences at the Grand Hyatt Deer Valley ® .
A key factor influencing how long a property stays on the market—in Park City and beyond—is pricing. Research conducted by Summit Sotheby’s International Realty in 2024 revealed that competitively priced homes, with no price revisions, typically sold within 32 days and achieved 99.5% of their list price. However, homes that were initially priced too high and required at least one price adjustment tended to sell after an average of 74 days, achieving only 92% of their list price. This difference can translate into substantial financial losses, often in the tens or even hundreds of thousands of dollars, depending on the property’s value. Pricing a property correctly from the outset is critical to minimizing time on the market and maximizing sale proceeds.
“Looking back at 2024, it’s clear that the Park City real estate market continues to thrive and evolve, presenting unique opportunities and challenges for both buyers and sellers. I am incredibly proud of what we accomplished this year, and I look forward with excitement to what 2025 holds.
As we head into the new year, I remain committed to providing unparalleled service and expertise. Whether you’re considering buying, selling, or simply keeping an eye on market trends, I’m here to help you navigate the ever-changing real estate landscape.
Finally, I want to thank you once again for your continued support. If you find yourself in Park City, I would love to catch up—perhaps even hit the trails together. Wishing you a fantastic year ahead, filled with success, adventure, and great memories. Feel free to reach out anytime.
