The waning days of ski season offer an opportunity to evaluate the first chapter of 2025 for Park City real estate. While the greater economy was defined by wild swings, the market for elite resort property saw largely unprecedented growth. As high interest rates and other forms of headwind slowed entry and mid-level price categories, the premium segments drew outsized weight, fueling growth across all metrics.

Perhaps most notable is through just for the third of 2025, the number of transactions at $10,000,000 and above has already surpassed the 12-month figure from 2024 and is within shouting distance of the all-time record of 21 set in 2023. This benchmark is emblematic of the velocity that has driven median price above $2,000,000 and average price above $3,000,000 for the first time ever. These figures represent year-over-year increases of 48% and 35% respectively.

These mega-premium sales are undeniably distorted as much by the absence of activity at the lower end of the market as heavy activity at the top. In fact, just 21% of all transactions throughout the region have recorded for less than $1,000,000. This is down from 26% in each of the last two years reflecting challenges with affordability for those requiring financing and impacted by the increased cost of homeowner’s insurance.

The resilience of local pricing is sure to be tested in the coming months as a surge of supply comes to market. The closing of ski season always kicks off a period of listing activity as some number of long-time owners come to the end of their useful life for second homeownership. The opportunity cost of their asset becomes tangible relative to the next phase of life in addition to an evaluation of any deferred maintenance, often resulting in a surge of new homes on the market; albeit at ambitious prices.

This year, the seasonal phenomenon is likely to be compounded by the wave of sellers that were unsuccessful in selling last season as the election malaise robbed the market of momentum. As of May 1, 632 residential properties are listed for sale—up 30% from winter lows and 100 more than the same time last year. Based on seasonal patterns, this inventory could increase by 50% by July 4.

The retreat of snow cover and lengthening daylight hours typically herald increased buyer activity, as showing conditions improve. Several indicators suggest that there are many promising indicators that summer will have conditions more favorable than buyers have experienced in a number of years. In addition to increased options amid greater supply, recent economic reports seem to have improved the probability of rate cuts that may, finally, deliver motivation for sellers to forgo comfortable 3% – 4% mortgages in favor of opportunities beckoning elsewhere.

Market sentiment is evolving and may take time to fully coalesce. Nevertheless, early signals point to a dynamic and engaging season ahead. We look forward to sharing continued updates as the Park City market progresses into summer.