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The descriptive journey of Park City real estate over the last several years has gone from strong to frenzied to exhausted to sluggish and is now emerging into a steady and consistent market. Over the last 18 months, the pandemic-fueled frenzy waned once supply was depleted, and prices reached a zenith leading to a very sluggish finale to 2022. The first half of 2023 saw activity regain certain momentum methodically propelled in recent months by the typical surge of spring listings.

The second half of 2023 has begun with a performance that almost perfectly mimics the patterns of Q2. From April through June, the band of residential transaction in and around Park City existed in a very tight range of 89-94 during which time average price was $2,383,000. July 2023 produced 92 residential sales at an average price of $2,382,000.

Offering similar symmetry, year-to-date average price has increased +2% over 2022 while median price has dropped -2%. Accepting some level of volatility in the market at any given time, the current state of Park City real estate can easily be described as steady and even.

The share of all transactions exceeding $2,000,000 has edged slightly upward to 37% market wide indicating continued health at the highest reaches of the local market. In fact, the 12-month number of transactions at or above $10,000,000 in 2022 is likely to be surpassed in the month of August.

The supply of available listings has continued to edge higher as maintenance items resulting from an historic winter are finally mitigated. Currently supply stands at just over 6 months’ inventory; the fulcrum point for a balanced market. Expect this supply to wane as deal flow accelerates leading up to and following Labor Day when summer shoppers merge with pre-winter buyers.

Until then, best wishes for enjoying the second half of summer; the best time viewed through our subjective lens.

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