Park City real estate has begun 2025 with a seismic boost. While the total number of transactions is among the lowest for any January on record, the composition of these transactions is so heavily skewed the high end of the market as to skew median price upward by 52% over 2024.

Just 78 residential sales transacted over this period compared with 90 to open last year, however average price soared above $3.8 million elevated by six transactions above $10 million. The diluted pool of total sales gives undeniable outsized weight to these premium transactions, yet the numbers are so remarkable that they stand out in any period.

This marks the highest average sale price for any month in recent memory—exceeding the previous peak of $2.6 million in June 2024 by more than $1 million. The six eight-figure closings already account for 42 above $10 million % of all 2024 sales.

After beginning 2024 with a handful of ultra-premium sales, only three such transactions occurred between Q2 and Q3. Since Q4 2024, however, nine high-end properties have closed, demonstrating extraordinary momentum in the luxury market.

Leading the way was the second highest-priced home sale ever in the region, a $27,875,000 estate property in The Colony at White Pine. Benefitting from tremendous timing, this exceptional listing was brought to market at the exact right moment to capture the first wave of momentum, requiring only 60 days on market before going into contract.

Deer Valley’s enclaves followed with notable transactions: Empire Pass recorded two sales at $14 million, while Deer Crest saw a sale at $13.6 million. Acreage also proved valuable, with 4- and 6-acre properties closing at $11 million and $12 million, respectively.

This momentum shows no sign of slowing. Properties are currently pending for $32 million (Promontory), $25 million (Colony), plus 5 sales in Empire Pass between $12 million – $15 million.

The rest of the Park City market appears on par with last year, with inventory holding steady at nearly 6 months of supply. A mild winter has created conditions more conducive to real estate searches without becoming perishable for overall visitation.

Lastly, these results largely reflect transactions completed before the wildfires that ravaged Southern California. As a primary feeder market for Park City, it is likely that some displaced families may relocate to Utah—either full-time or seasonally. Having served as a refuge for many during COVID, Park City is well-positioned to offer a welcoming respite once again.

We look forward to seeing how the Park City market unfolds in the coming months.