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The Park City Multiple Listing Service (PCMLS) just published its statistics for the fourth quarter of 2024, and the numbers show that our market is in good shape as we head into 2025. Over the past year, our market was characterized by strong demand, active sales, and stable pricing.
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Increased sales activity in our market led to a slight decrease in year-end inventory, and we will welcome the seasonal influx of listings that typically accompany the spring and summer seasons. In the meantime, home builders remain active and are slowly but surely adding to our housing stock, particularly in Jordanelle and Heber Valley.
Read on for more details on the year-end numbers, and please reach out if you have any questions or need help interpreting the numbers for your areas of interest. Our market is very nuanced, and we are always glad to lend our expertise! |
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PRICES & ACTIVITY | Greater Park City
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| Since 2001, prices have appreciated 6.7% annually. Since the last major low point in 2012, prices are up 9.2% annually. Prices have started to level off recently, perhaps signaling a lateral drift toward the mean following the supercharged appreciation that occurred during the pandemic years. |
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MEDIAN PRICES | Greater Park City Single-Family, Condo, and Land Properties
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| Like price appreciation, closed sales surged during the early pandemic years. This spike in activity was followed by a sharp decline in closed sales, primarily due to limited inventory. In 2024, closed sales rebounded strongly, driven by high demand and an improved influx of inventory. In fact, 2024’s sales matched or even exceeded the average levels of the pre-pandemic years from 2013 to 2019. |
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CLOSED SALES | Greater Park City # of Sales Per Quarter
Dotted lines show the average # of sales between 2013 and 2019.
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SINGLE-FAMILY TRENDS
For 2024, single-family home sales saw a strong boost across the primary market area. The number of transactions jumped 19% year-over-year, while total sales volume rose 17%. Prices remained steady, with the median home price edging up 1.5% to $1.65M, while the average home price dipped slightly by 2% to $2.31M.
CONDOMINIUM TRENDS
Market trends for condominiums in the primary market area generally followed the same trends as the single-family market in 2024, with sales transactions up 21% and volume up 14%. Prices were down slightly, with median price down 3% to $1.1M and average price down 6% to $1.43M.
VACANT LAND TRENDS
Vacant land sales volume in the primary market area was up 41% year-over-year during 2024, with a 26% increase in total closed transactions. Median prices nudged down 3% to $802,000, while average price was up 12% to $1.31M. |
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Source: Rick Klein and Park City Multiple Listing Service Quarter 4 2024 Statistics Report.
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The Current Rate | As of January 30th
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Mortgage Rates Unchanged
The 30-year fixed-rate has hovered between 6% and 7% for most of the last two and a half years. That trend continued this week, with the average rate remaining essentially flat at 6.95%. Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines.
FreddieMac.com |
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| PARK CITY LIMITS | Market Overview |
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Average & Median Sale Prices
4th Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats4th Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES
Within Park City limits, total unit sales were up 9% with 111 units sold, while sales volume increased 8%. The median price of a single-family home within Park City limits during 2024 rose 11% to $4.08M. In Old Town, 34 single-family homes sold, representing an increase of 26%. The median price for a home in Old Town increased 7% to $3.74M, while the average price increased 1% to $3.85M. Park Meadows closed sales were down 19% with 25 homes sold, but the median price was up 10% to $3.48M, and the average price increased 16% to $4.24M. Thaynes Canyon had a 180% increase in sales with 14 total closings, with median price up 22% to $4.5M and average price increasing 4% to $4.36M. Lower Deer Valley had 9 total sales and a median price decrease of 5% to $4.35M, while Deer Crest had 5 total sales with a 7% decrease in median price to $12M. Prospector unit sales were down 14% with 12 homes sold on a 5% increase in median price to $2.09M.
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CONDOMINIUMS
Condominium unit sales in Park City limits increased 4% with 242 closed sales, while the median sale price was unchanged at $1.61M. Sales in Old Town during 2024 were the same as the year prior with 96 closings, while the median price ticked up 4% to $1.21M. Lower Deer Valley had a 10% increase in sales to 32 units, and the median price soared 31% to $2.22M. In Upper Deer Valley unit sales were down 14% with 18 total closings, and median price dropped 26% to $2.66M. Empire Pass sales were down 29% on 20 total closings, with a 12% increase in median price to 5.14M. Prospector's unit sales were up 32% on 41 closings, with the median price down 5% to $380K. Park Meadows sales activity increased 43% on 30 total closings, with the median price remaining flat at $1.69M. |
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| SNYDERVILLE BASIN | Market Overview |
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Average & Median Sale Prices
4th Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats4th Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES
As usual, the Snyderville Basin demonstrated a great deal of variance across its neighborhoods. Of the 324 sales in the basin, the highest price was $15 million while the lowest was $760,000. Eleven sales were under $1 million while nine were above $10 million. Promontory was the major standout in the Snyderville Basin during 2024, accounting for a third of all active listings (53 of 155), a quarter of all sales (84 of 324), and 42% of all sales volume. The median price was up 7% to $4.45M. Silver Springs was another one of the hot spots with 32 closings, a 68% increase. While unit sales were up, the median price in Silver Springs dipped 8% to $2.2M. Closings in Pinebrook were up 24% with 31 sales, and a 3% increase in median price to $1.8M. Glenwild and Silver Creek Estates were also active during 2024, with sales totals of 19 homes and 16 homes respectively, representing increases of 46% and 45%. However, the median price in Glenwild was down 7% while Silver Creek Estates' median price was up 26%.
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| Sun Peak/Bear Hollow saw a 25% increase in unit sales with 15 closings, while the median price rose significantly, up 33% to $2.26M. Jeremy Ranch continued a trend of strong sales, with a 21% increase in closings to 41 units sold, and a median price increase of 13% to $1.9M. Summit Park unit sales increased 58% with 30 closings, but the median price was down 9% to $1.27M. Trailside Park closings were down 22% with 14 sales, and the median price dipped 4% to $1.54M. Silver Creek South unit sales dropped 34% with 21 closings, and the median price dropped 8% to $1.1M. Single-family home sales in Canyons Village were down 73% during 2024 with only 4 closings, and the median price was down 32% to $7.05M. |
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CONDOMINIUMS
Condo unit sales across the Snyderville Basin were up slightly, with a 3% increase in unit sales with 264 total closings, while the median sale price rose 1% to $1M. Canyons Village accounted for 57% of the total sales volume in the Snyderville Basin, but sales units dipped 4% on 125 closings, and the median price decreased 15% to $1.18M.
Elsewhere, Kimball Junction had a 22% decrease in sales units, with 36 total closings, while the median price increased 36% to $790K. Silver Creek South had a 9% increase in sales units with 25 total and had a 7% median price increase to $1.02M. Pinebrook had a 24% increase in closings with 31 units sold, and the median price rose 33% to $995K. Sun Peak and Bear Hollow had a whopping 81% increase in units sold with 29 closings and a substantial 15% increase in median price to $1.05M. |
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| JORDANELLE | Market Overview |
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Average & Median Sale Prices
4th Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats4th Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES
Among the outlying areas, Jordanelle had the lowest number of sales, with 88 total closings in 2024, a 14% decrease from the previous year. However, the median price of single-family homes jumped 18% year over year to $3.76M. Tuhaye saw a large jump in prices, with the median price up 33% to $5.14M and the average price up 26% to $5.43M. In doing so, Tuhaye once again edged out Promontory as the most expensive area west of Hwy 40/189. Hideout experienced a 109% increase in sales activity with 23 total sales and also enjoyed an 8% increase in median price to $2.47M. Deer Mountain had 10 closings, representing a 17% decrease, but the median price rose 17% to $2.51M. Jordanelle Park had 10 closings with a median price increase of 26% to $3.7M, and South Jordanelle's unit sales were up 11% with 21 closings and a median uptick of 6% to $4.2M.
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CONDOMINIUMS
For 2024, the condominium market in Jordanelle exhibited some interesting numbers - sales volume increased 41% year over year, but the median sale price rose only 7%. The reason for this disparity is that almost a quarter of the condo sales in the Jordanelle were newly constructed units in the Pioche development, where units sell for less than half of the overall area median. This lower price point was balanced by sales in the new developments at Mayflower Lakeside and the Grand Hyatt Deer Valley where units sell in the $1.8 to $2.4 million range. The greater Deer Valley East Village was very active during 2024, with a 780% increase in unit sales with 132 closings on an 82% median price increase to $742K.
Elsewhere around Jordanelle, sales units in Deer Mountain were down 19% with 48 closings, but median prices were up 5% to $1.06M. Hideout sales units were down 8% with 67 total, and the median price was up 7% to $1.39M. In Jordanelle Park closings were down 8% with 78 units sold, with a robust 37% increase in median price to $1.25M. |
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| HEBER VALLEY | Market Overview |
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Average & Median Sale Prices
4th Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats4th Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES
During 2024 Heber Valley continued to be the busiest spot in the primary market area for single-home sales, fueled by its wonderful setting and attractive price point. Unit sales were up 32% on 334 total closings, and median prices were up 5% to $992,000. Midway closings were up 45% with 93 units sold, on a modest median price decrease of 4% to $1.15M. Red Ledges sales units increased 24% with 41 total closings, on a 9% median price increase to $3.05M. Heber Proper experienced a 13% decrease in sales with 78 homes sold. Median sale prices were up 4% to $768k. Heber East sales units were up 23% on 27 total closings, and the median price rose 40% to $1.65M. Heber North was very active last year with closings up 92% on 25 sales, and a median price increase of 4% to $808K. Timber Lakes closings were up 133% with 49 total sales, and median prices dropped 14% to $780K.
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CONDOMINIUMS
In 2024, condominium sales in Heber Valley surged to 91 total units sold, representing a 107% increase. The median price dropped slightly, down 8% to $534,900. Midway sales units were up 87% with 28 total closings, while the median price dipped 1% to $491,000. The median price also dipped in Red Ledges, down 9% to $1.57M, while prices in Heber proper were up 14% to $477,400. Unit sales in Heber were up 60% on 24 closings. |
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| INVENTORY | Down Year-Over-Year |
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Although more homes entered the market in 2024 than the previous year, they were quickly absorbed, resulting in slightly lower inventory levels by year-end. A total of 3,453 residential properties were listed on the Park City MLS in 2024, a 14% increase from the prior year. However, strong demand led to a 20% rise in closings, which easily absorbed the increase in listings and brought year-end inventory down slightly. By the end of 2024, there were 1,320 homes listed, a 4.2% decrease from the previous year.
In Greater Park City, there were 721 residential listings as of January 1, 2025 compared to 840 at the same time the year prior - a 14% decrease. By property type, condominiums are down 13%, single-family homes are down 3%, and vacant land is down 27%.
Inventory levels are very seasonal, so we expect the number of listings and level of inventory to improve as the busy spring and summer seasons approach.
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# ACTIVE LISTINGS | Single-Family + Condos
For each year, the chart includes data from the beginning of the year through the end of October.
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| As inventory remains below optimal levels, we are thankful that new construction is helping meet the strong demand for homes in our market area. |
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| During 2024, new construction was responsible for a quarter of all sales volume and over a quarter of the closed sales in the greater Park City area. Most new construction is taking place in the Jordanelle area, with Snyderville and Heber accounting for much of the remaining activity. (see graph) |
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| While it is easy to pinpoint where the new construction is taking place, the effect it is having on pricing is more mixed. New homes are being built across the spectrum of residential offerings, including everything from entry-level condos in Kimball Junction to ultra-luxury residences in White Pine Canyon. So, the pricing influence of new construction varies widely according to area. No matter how many new homes we add to our market, it will always be nuanced and highly segmented, which is why buyers and sellers need professional, well-informed agents! |
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| PRICE APPRECIATION | by State |
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What's the Health of Our Primary Market?
Purchase-Only Index (Seasonally Adjusted) | Q3 2023 - Q3 2024
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Whether you are buying, selling, or simply keeping an eye on the market, these updates are designed to help you make informed decisions. Please reach out for specifics on your neighborhood or areas of interest. Hope to hear from you soon!
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