What's Your Home Worth? Find your home or condo's value in today's market, for free.Find Out

Park City Utah Homes Market at a Glance

Recently from Our Blog

Homes for Sale Park City Utah: A Local’s Perspective

Local Park City Real Estate Agents

Welcome to our website! We're a dedicated team of real estate professionals passionate about helping home buyers and sellers in the beautiful Park City area. Whether you're searching for your dream luxury home or aiming to sell your property for the best value, we're here to guide you every step of the way.

Long Time Locals With Experience

Jeff Keye has lived in Park City since 1979, bringing decades of local insight, while Nikki moved here in 2000, adding fresh perspectives to our team. With extensive local expertise, we know the ins and outs of this incredible community. Our personalized service ensures we understand your unique needs and tailor our approach to meet your real estate goals. Our results-driven approach has led to a strong track record of successful transactions, and we're committed to achieving the best outcomes for our clients. We genuinely love Park City and aim to help you fall in love with it, whether you're a first-time visitor or a long-time resident.

Real Estate Climate

The real estate market in Park City, Utah, continues to thrive. Having sold homes here since 2000, we've seen a consistent demand for primary and secondary residences. The town's unique blend of natural beauty and luxury living attracts buyers from various places. Property values have steadily increased, driven by limited inventory and the area's appeal. The remote work trend has further boosted interest, with more people relocating here. Ongoing investments in infrastructure and community amenities also contribute to Park City's enduring popularity among discerning buyers.

Skier in Park City, Utah

Culture and Lifestyle

Living in Park City offers a remarkable lifestyle. The town is rich in culture, thanks partly to the annual Sundance Film Festival, which highlights our vibrant arts scene. Outdoor activities are available year-round, from world-class skiing and snowboarding in the winter to hiking, mountain biking, and golfing in the summer.

The culinary scene is equally impressive, featuring gourmet restaurants, charming cafes, and bustling farmers’ markets. Community events, live music, and cultural festivals foster a strong sense of camaraderie. Additionally, Park City's commitment to sustainability and wellness ensures a balanced and healthy living environment.

Another advantage of living in Park City is its proximity to Salt Lake City. Just a short drive away, Salt Lake City provides access to additional amenities, including major shopping centers, diverse dining options, and cultural attractions. This proximity allows residents to enjoy the best of both worlds: the serene mountain lifestyle of Park City and the urban conveniences of Salt Lake City.

The Real Estate Market in Park City, Utah

Current Market Trends

In 2024, the Park City real estate market is as dynamic as ever. Average home prices continue to rise, reflecting the high demand and limited supply. Whether you’re eyeing a luxury estate or a cozy condo, there’s something for everyone here.

Home Types Available & Listing Information

Park City’s real estate market offers diverse homes to suit every lifestyle. At the high end, luxury estates and expansive ski-in/ski-out properties provide breathtaking mountain views and top-tier amenities. Charming mountain cabins and contemporary condos blend rustic elegance with modern conveniences for a more intimate setting. Family-friendly neighborhoods feature spacious single-family homes with access to excellent schools and community facilities. Upscale townhomes and stylish penthouses offer a low-maintenance lifestyle without sacrificing luxury. No matter your preference, Park City has a home that fits your taste.

Image of Deer Valley Resort in Park City

Neighborhoods in Park City, Utah

Deer Valley

Deer Valley stands out as one of Park City’s most prestigious neighborhoods. Renowned for its luxurious homes and world-class skiing, this area offers a mix of elegant single-family homes, townhouses, and condos, many with ski-in/ski-out access. The well-maintained trails, gourmet dining options, and exclusive amenities create a sophisticated yet relaxed lifestyle.

Old Town

Old Town is the historic heart of Park City, brimming with charm and character. Here, you’ll find everything from quaint miners’ cottages to modern, renovated homes that retain their historic charm. This vibrant neighborhood offers easy access to Main Street’s eclectic mix of shops, restaurants, galleries, and the town’s ski lifts and trails.

Park Meadows

Park Meadows is a family-friendly neighborhood known for its scenic beauty and suburban feel. Located just a short distance from downtown, this area features spacious single-family homes overlooking the Park Meadows Country Club and its stunning golf course. With excellent schools and a community-oriented atmosphere, it’s a peaceful yet convenient place to live.

Prospector

Prospector blends residential comfort with convenient access to the historic district and ski resorts. Known for its affordable housing options, this neighborhood offers single-family homes, townhomes, and condos. It’s popular among families and professionals thanks to its proximity to schools, parks, and the Rail Trail.

Kimball Junction

Kimball Junction is a bustling gateway to Park City, offering a vibrant mix of residential, commercial, and recreational opportunities. With contemporary condos, townhomes, and single-family homes, this area provides a dynamic urban-suburban lifestyle. Residents enjoy numerous retail stores, restaurants, and entertainment venues, as well as ample green space for outdoor activities.

Tips for Buying a Home in Park City, Utah

Understanding the Buying Process

Navigating Park City’s competitive real estate market requires a knowledgeable local real estate agent. Start by securing pre-approval for a mortgage to strengthen your position. With high demand, acting swiftly and making informed decisions is essential. Thorough due diligence, including property inspections and reviewing HOA regulations, is crucial. Negotiation skills are key, as offers need to be competitive yet strategic. Understanding these steps ensures a smooth transaction and helps you secure your ideal home in Park City.

Working with a Real Estate Agent

Working with a local Park City real estate agent is important. Local agents know the neighborhoods, market trends, and property values intimately. Their insider information on upcoming developments and zoning regulations can significantly impact your transaction's success. With established networks of lenders, inspectors, and contractors, local agents ensure a seamless process, providing personalized insights based on your lifestyle preferences.

As a local realtors and proud members of the Park City MLS (Multiple Listing Service), we can attest to its vital role in our real estate community. The Park City MLS is an indispensable tool for buyers and sellers, providing the most new listings and comprehensive property listings and recently sold data. It allows us to offer our clients detailed information on various property types, from luxury estates and ski-in/ski-out properties to charming cabins and modern condos. With high-quality photos, virtual tours, and critical data like pricing, square feet, and neighborhood amenities, the MLS streamlines the search process and helps us match clients with their ideal properties. Being a member of the Park City MLS ensures that my clients' listings receive maximum exposure in this competitive market, facilitating smooth and efficient transactions.

Home Types for Sale in Park City, Utah

Luxury Homes For Sale

Park City boasts an impressive selection of luxury homes. These high-end properties feature expansive floor plans, cutting-edge designs, and top-of-the-line amenities, often with ski-in/ski-out access. Nestled in prime locations with stunning Wasatch Mountain views, these homes offer privacy and proximity to Park City’s vibrant downtown and renowned ski resorts.

Single-Family Homes

Single-family homes in Park City come in various styles and sizes, which are ideal for families and individuals seeking spacious living environments. From charming historic houses to modern custom-built residences, these mountain homes often feature ample yard space, perfect for outdoor activities. Located in family-friendly areas with excellent schools, these homes blend suburban tranquility with convenient access to outdoor recreational opportunities and cultural events.

Condos and Townhomes

Condos and townhomes offer a low-maintenance lifestyle without sacrificing comfort and luxury. Often located in prime areas, these properties provide easy access to ski resorts, shopping, dining, and entertainment. Featuring modern designs and high-end finishes, condos, and townhomes are ideal for both full-time residents and vacation home seekers.

New Construction

New construction in the Park City area is flourishing, offering a range of modern, energy-efficient homes that blend seamlessly with the stunning natural surroundings. These newly built properties cater to various tastes, from luxurious mountain estates with state-of-the-art amenities to contemporary townhomes designed for low-maintenance living. Builders in Park City focus on sustainable construction practices, ensuring that new homes are both environmentally friendly and equipped with the latest technology. Many new developments are strategically located to provide easy access to Park City's renowned ski resorts, hiking trails, and vibrant downtown area. For buyers looking to invest in the latest in design, comfort, and efficiency, new construction in Park City presents an excellent opportunity to enjoy all the benefits of mountain living with the added advantages of a modern home.

Living in Park City, Utah: What to Expect

Schools and Education

Park City offers top-notch education with highly rated public and private schools. The Park City School District is known for its academic excellence and comprehensive extracurricular programs, including advanced placement courses, arts, and sports.

Dining and Shopping

Park City’s dining and shopping scenes cater to diverse tastes and preferences. There's something for everyone, from gourmet restaurants to cozy cafes and trendy eateries. The town’s shopping options include charming boutiques, high-end retail stores, and artisan markets.

Outdoor Activities and Recreation

Park City is a paradise for outdoor enthusiasts. Winter brings world-class skiing and snowboarding, while summer offers hiking, mountain biking, fishing, and golfing. Residents can enjoy outdoor activities with numerous parks, trails, and lakes.

Festivals and Events

Park City’s calendar is full of festivals and events celebrating its cultural heritage and community spirit. The Sundance Film Festival draws global attention, while local events like the Park Silly Sunday Market and Deer Valley Music Festival offer entertainment for all ages.

Mountain Living in Park City Utah

Mountain living in Park City offers a unique and enriching lifestyle that blends natural beauty with luxury and convenience. Imagine waking up to stunning views of the Wasatch Mountains, enjoying fresh, crisp air, and having immediate access to many outdoor activities right at your doorstep.

Image of Park City Main Street

Is Park City, Utah Right for You?

The Pros and Cons of Living in Park City

Living in Park City offers an exceptional quality of life, marked by breathtaking natural beauty, a robust outdoor recreation scene, and a vibrant cultural atmosphere. However, the cost of living can be higher due to its desirability and limited housing inventory. Despite seasonal crowds and traffic, many find that the benefits of residing in such a stunning and dynamic locale far outweigh the drawbacks.

Making a Move to Park City

Moving to Park City involves careful planning. Research the local real estate market and identify neighborhoods that align with your lifestyle. Partnering with a local real estate agent is crucial for navigating the competitive market and finding your perfect home. Familiarize yourself with the town’s amenities, schools, and recreational opportunities to ensure a smooth transition. Engaging with the community through local events and activities can help new residents feel connected and integrated. 

Image of Kitchen In Park City, Asking if Park City Home Prices Are Dropping


Are home prices in Park City decreasing?

Park City is fortunate to have an active Board of Realtors and Multiple Listing Service system that provides us with monthly activity reports so we can review both current and historical data.

2023 was a turbulent year for Park City real estate, with significant shifts and steady growth across various segments. Park City Multiple Listing Service's (PCMLS) Monthly Activity Report for December 2023 2023 marked notable increases in new listings, fluctuating sales pace, and an unprecedented high in active inventory levels.

In August 2020, Park City experienced its highest active inventory since July 2020, with more than 300 listings entering each month from May, reaching 1,736, contributing significantly to an exciting real estate market environment. Pending listings lagged due to fewer contracts being written than new listings, as evidenced by 231 new listings entering the market against only 188 contracts being signed compared with this surge.

The report highlights a return of sales activity comparable to the pre-Covid era of 2019, though fluctuations were apparent between September and November, generally showing a reduction. From July onwards, each month of 2023 saw more closings than 2022. Residential and Land listings experienced steady increases throughout 2023 until May when inventory reached a three-year high by August; still, higher inventory levels existed at December's end than in previous years, indicating sustained interest in the Park City real estate market.

Conclusion The Park City real estate market in 2023 demonstrated an exciting combination of growth, fluctuations, and resilience. At year-end, there was more inventory and closed sales than last year, signaling a robust market ready to meet the challenges and opportunities in 2024. The PCMLS report provided comprehensive analysis and visual representations to aid in understanding market trends while planning future real estate endeavors in Park City.

What is happening in the Park City Real Estate Market in 2024?

In the first quarter of 2024, the Park City real estate market began stabilizing, moving closer to what many might call normal, especially after the roller coaster years following the COVID-19 pandemic. Inventory has leveled off around 1,400 listings, lower than historical averages by about 20-30%, but still adequate for a healthy market environment.

During this period, we observed that while the inventory is somewhat constrained, the sales prices have stabilized. Notably, within Park City limits, single-family homes sold for slightly less than the previous year. However, across Summit and Wasatch counties, sales totals for single-family homes were up by 11% compared to last year, with prices steadily increasing by around 10%. Our primary market area's median home sale price rose by 9%.

Interestingly, the condominium market experienced a mix of ups and downs. For instance, while Heber Valley saw a dramatic increase in sales volume and a notable rise in median prices, areas like Park City and Snyderville Basin observed decreased condo unit sales.

The market's complexity is further illustrated by the significant variation in prices and availability from one neighborhood to the next, emphasizing the community-like nature of our market. For example, areas around Jordanelle and Kamas Valley faced sales declines, but Heber Valley's proximity to expanding local attractions like the Deer Valley ski resort contributed to its robust growth.

As we look ahead, it’s clear that our market is nuanced and segmented, which makes accurate and current local knowledge more crucial than ever. Understanding these subtleties can significantly impact your decisions and outcomes in the Park City real estate market, whether you're buying or selling. Want to dive deep into market statistics? Click on the link below to be overwhelmed by the amount of information about our Park City Real Estate Market! Not interested in getting into the weeds? Let us help. Call us, and we can help break down market trends and statistics for the Park City area. 801-550-4022

Access Q1 Park City Real Estate Market Statistics : Local Real Estate Market (Updated 5/2/24)


Who is the best real estate agent near me?

Keye Team!! You can find us listed in Google Maps. We are the best realtors in Park City. Since 2000, we've helped homebuyers and home sellers find homes in Park City. Yes, we're pretty confident but we've also helped hundreds of homeowners find new homes in Park City! We're here to help!

What is the best local real estate agent near Park City, Utah?

Jeff Keye has been calling Park City home since 1979, focusing on real estate since 2000. I guess you can say we're hyper-local! We've been helping homebuyers and sellers find Park City homes since 2000. You can visit us at our Sun Peak Office Location!

Contact Us for More Information

Our team is here to provide you with all the information you need. Feel free to reach out:
 
Phone: 801-550-4022
Office: KW Park City Keller Williams Real Estate, 1750 Sun Peak Dr, Park City, UT 84098

For more on homes for sale in Park City, Utah, email alerts, market reports, real estate listings, condos for sale, mortgage calculators, save searches and to explore Park City homes, check out our website for the latest listings, open house information, individual listings and virtual tours.
Popular Searches on our website include: Park City Homes for SaleSilver CreekOld TownSummit ParkHeber City By Zip CodesJeremy RanchPark MeadowsSilver SpringsReal Estate & Homes for SaleOld Ranch Road, by List PriceWasatch Frontgated communityski resortsOld Town Park CityTrout CreekDeer CrestEmpire Passgolf courseMidway Homes for SaleMayflower MountainDye Cabins Drstage coachsaratoga springsPark City NewparkUT Real Estate
Call Now