Park City Market Report

QUARTER 1 • 2026

Summary of Major Areas

1st Quarter Snapshot

April 2026 – The greater Park City real estate market opened 2026 with a split personality. Single-family home sales surged forward with impressive momentum, transactions up 14% and total volume up 9% from Q1 2025, while the condominium market hit the brakes hard, posting steep declines in both units sold and total volume. Below the headline numbers, however, the story is more nuanced: prices held firm or rose in most areas, and the broader rolling 12-month data (April 2025 through March 2026) tells a much more stable, even optimistic tale. If Q1 felt like a mixed bag, context reveals a market that remains fundamentally healthy.

The Big Picture

A Tale of Two Markets

Looking at the total picture across all property types, the first quarter of 2026 saw 529 transactions generating $1.195 billion in sales volume, compared to 562 transactions totaling $1.321 billion in Q1 2025. That’s a modest 6% dip in units and 10% in volume, driven almost entirely by the sharp condo slowdown. Single-family homes, the backbone of the market, actually increased by 14% in units and 9% in volume.

The rolling year-over-year numbers, comparing the 12 months ending March 31, 2026 with the same period a year prior, paint an even brighter picture. Total market volume rose 9% to $5.636 billion, with single-family volume up a striking 21% and the combined residential market (single family plus condos) up 11%. These trailing 12-month figures smooth out the seasonal noise and confirm that the greater Park City market has not lost its footing.

Single-Family Homes: The Star of Q1 2026

If the Park City market were a ski resort, single-family home sales would be a freshly groomed blue run; maybe not the daredevil black diamond of the COVID-era frenzy, but steady, strong, and enjoyable for buyers and sellers alike. Across the MLS area, 272 single-family homes sold in Q1 2026, generating $776.7 million in volume.

Park City Limits

Park City Limits: Fewer Sales, Steady Prices

Park City proper (Areas 1-9) saw a 21% dip in transaction count (33 to 26 sales), and volume fell 33%. But the median price was nearly unchanged at $4.0 million (+1%), suggesting that sellers aren’t capitulating on price—there are simply fewer homes changing hands. Old Town (Area 01) was an exception: volume soared 41% to $32 million despite one fewer transaction, as higher-priced properties drove the average up to $4.0 million.

Standout Stories

Jordanelle: The Quarter’s Most Remarkable Jump

The Jordanelle area was the runaway story of Q1 2026 for single-family homes—sales more than doubled year-over-year (14 to 30 transactions) and volume nearly doubled ($63.4M to $120.2M, +90%). Led by a surge in Mayflower-Jordanelle, which saw sales jump from 2 to 11 transactions, this area is clearly absorbing new construction supply with healthy demand.

 Jordanelle

Snyderville Basin

Snyderville Basin: Broad-Based Strength

The Snyderville Basin was the highest-volume single-family sub-market in Q1, with 78 homes sold for $331.9 million. That’s an 18% jump in units and 25% in volume from Q1 2025.

• Promontory (Area 22): 22 sales at $128.3 million (+56% volume) with a median of $4.8M (+31%). Golf-community demand continues to drive premium pricing.
• Canyons Village (Area 10): Volume edged down slightly (-4%), but the median price skyrocketed 98% to $23.5 million on just 3 transactions. Tiny sample, dramatic outlier. New ultra-luxury construction is driving that number.
• Glenwild (Area 18): 5 sales averaging $6.3M each, up 151% in volume; a standout performance in one of Park City’s most exclusive gated communities.
• Jeremy Ranch (Area 17): 67% more transactions and volume more than doubled to $27.8M. A strong showing in one of the area’s most family-friendly neighborhoods.

Heber Valley

Heber Valley: Affordable and Active

Heber Valley’s 59 single-family sales (down slightly from 64) generated $105.2 million in volume, up 9% despite fewer transactions. The median price rose 21% to $1.29 million. Red Ledges, Heber’s premier luxury enclave, logged 11 sales averaging $4.36 million each—strong demand continues for the area’s resort-flavored lifestyle at comparatively accessible price points.

Kamas Valley

Condominiums: A Significant Reset

If single-family was the quarter’s star, condominiums were its cautionary tale. The overall MLS area saw condo transactions fall 31% (226 to 155 sales) and total volume decline 41% ($475.8M to $282.5M). Within the Primary Market Area (Summit and Wasatch Counties), the decline was 33% in units and 42% in volume. That’s a sharp drop by any measure, and it demands a closer look.

What’s Driving the Condo Slowdown?

The story starts in Park City Limits, where condo sales were cut in half (80 sales in Q1 2025 to just 40 in Q1 2026) and volume plunged 54%. The biggest contributor: Deer Crest (Area 04). In Q1 2025, Deer Crest logged 29 condo transactions (largely driven by new Founders Place inventory). In Q1 2026, that fell to just 4. This is not a crisis, it’s supply depletion. The Founders Place wave has largely passed, and there is less new product entering the pipeline to replace it. Importantly, the rolling 12-month figures for Park City Limits condos tell a very different story: volume is UP 12%, and the median price rose 17% to $2.25 million. That’s not a market in distress, that’s a market that consumed an extraordinary amount of luxury supply and is now digesting it.

Bright Spots in the Condo Market

Snyderville Basin: The Steady Performer – Canyons Village, Kimball Junction, Pinebrook, Silver Creek, and the rest of Snyderville Basin was the only major sub-market to show positive Q1 condo results: 49 sales vs. 47 in Q1 2025, and volume ticked up 4%. Canyons Village was the workhorse, with 26 sales generating $48.1 million (+26% volume). The median price of $1.34 million was down 15% but reflects a different mix of product rather than price erosion in existing units.

Hideout (Area 29): A Bright Spot Near Jordanelle – Hideout was Q1’s strongest condo performer in the Jordanelle region: 18 sales generating $29 million, up 64% in units and 53% in volume from Q1 2025. Over the trailing 12 months, Hideout logged 86 condo sales totaling $138.3 million (+39% volume); a community clearly hitting its stride.

Lower Deer Valley (Area 03): Rolling 12-Month Surge – While Q1 was modest (9 sales vs. 10 a year ago), the trailing 12-month data shows 53 sales totaling $168.2 million, a 109% increase in volume and a 56% jump in units. The median price rose 30% to $2.85 million. Lower Deer Valley is on fire over a longer time horizon.

New Construction vs. Existing Homes: A Widening Gap

One of the most striking trends in the Park City market is the price premium commanded by new construction over existing homes. The New vs. Existing report for the year ending Q1 2026 reveals some eye-opening differentials.

The Outlier You Can’t Ignore

Canyons Village (Area 10) deserves special mention. New construction median prices in Q1 2026 reached $17 million vs. $1.35 million for existing homes, a new-build premium of +1,159%. This is not a typo, and it is not a sign of an overheated market broadly. Rather, it reflects a handful of extraordinary ultra-luxury new builds (think White Pine Canyon) that happened to close in the same quarter, creating a statistically dramatic but contextually explainable outlier.

Old Town: New Construction Commands a 266% Premium

In Old Town (Area 01), new construction single-family median prices reached $6.5 million vs. $1.775 million for existing homes, a 266% premium. This reflects the high cost of new construction in a tight, historic neighborhood where land is scarce and buyers pay handsomely for turnkey modern builds.

Across the Board: Buyers Want New

The pattern is consistent almost everywhere: buyers pay more, often substantially more, for new or recently completed construction. The premium reflects genuine preferences for modern layouts, energy efficiency, and the ability to avoid major renovation projects. For agents advising sellers of older properties, condition, staging, and pricing become even more important in this environment.

The 12-Month View: A More Balanced Story

Quarter-over-quarter comparisons can be noisy. Looking at the full 12-month rolling period (April 2025 through March 2026 vs. the same period a year prior) gives a more reliable read on market direction:

• Single-family homes: 1,322 sales (+7%) generating $3.59 billion (+21%). Median price rose 20% to $1.775 million MLS-wide; 18% to $1.975 million in the Primary Market Area.
• Condominiums: 850 sales (-16%) generating $1.47 billion (-7%). Fewer units sold, but average prices rose 11% to $1.73 million, demonstrating that the mix is shifting upward.
• Land: 459 land sales generating $572.7 million—down slightly in both units and volume, suggesting stable land valuations.
• Combined residential: 2,172 transactions totaling $5.06 billion, up 11% in volume despite 4% fewer sales.
• Total market: $5.636 billion across all types, up 9% from the prior 12 months.

Outlook: Cautiously Optimistic

The Park City market enters Q2 2026 with more questions than usual, but also with a track record of resilience that demands respect. The 12-month trend lines remain positive. Prices have not broadly declined. Supply, while improving, remains tight in the most coveted segments. And buyers with the means and the desire to own in one of America’s premier resort markets continue to show up.

The most likely scenario for the balance of 2026 is continued market segmentation: luxury single-family homes in top locations will remain competitive and well-priced; the condo market will stabilize as the post-Founders Place supply adjustment runs its course; and growth markets like Jordanelle and Hideout will continue to capture demand from buyers who want the Park City lifestyle at a more accessible price point.

© 2026 Quarterly Market Summary - First Quarter 2026 - Park City Board of REALTORS®
All rights reserved