Park City, UT

Park City

Utah's legendary ski town, Park City, experienced a dip last year, with the top luxury properties selling at an average price of $14M compared to $18.5M the year prior. This was the first average price drop since a 5-year-long rise, starting in 2018. Utah’s average sales price now scores below our Central region and US markets. In terms of Days On Market (DOM), Park City has done well in the past 3 years, with properties averaging only 200 and 211 DOM in 2023 and 2024. By comparison, in 2021, DOM was a staggering 764 days. 

Highlights

• First price drop in 5 years, averaging $14M for top luxury properties in 2024

• Market velocity remains strong with an average of 211 DOM in 2024

• Sales-to-list price ratio declined to 89% in 2024, 10% down from previous years 

Past the peak

The sales-to-list price ratio in Park City shows that sellers had to adjust their expectations from previous years. In 2024, the average property sold at only 89% of the list price. Even though properties sold for a higher percentage of their list price than the US average, 2024 was a regression compared to previous years. In 2022 and 2023, properties sold for 97% and 98% of their list price, on average. This decline indicates that Park City's market has cooled down from a few years of heightened popularity. This market cooldown is accompanied by trends like lower realized prices caused by slow-selling properties that take more than 180 days to sell. Park City saw a 12% difference in realized price between those slower-selling properties and properties that sold within 180 days.