Park City Sellers Went Quiet. Buyers Started Buying Land.
Oct 23, 2026 · @Mark
Park City, Snyderville Basin and Jordanelle sold about $4.6 billion of real estate in the 12 months ending September 30. That's within 1% of the year before. Prices didn't crash and they didn't run. What changed is how many owners were willing to sell.
New listings fell by 40 to 50 percent in several segments. Buyers didn't go away. They went where the inventory was, and a meaningful number of them stopped waiting for the right house and bought the land to build it.
That's the real story in the third-quarter numbers. Here's what's behind it, and what I think it means if you own here, plan to sell, or are thinking about buying.
Owners stopped listing
The single biggest change this year was supply. Fewer owners put their homes on the market, and the drop was steep.
Segment | New listings, prior 12 mo. | New listings, last 12 mo. | Change |
|---|---|---|---|
Park City limits, single-family | 138 | 81 | -41% |
Park City limits, condos | 232 | 135 | -42% |
Jordanelle, single-family | 119 | 57 | -52% |
Jordanelle, condos | 215 | 101 | -53% |
Most Park City owners don't need to sell. This is a second-home market, and when owners aren't sure what's coming, the default is to keep the house and keep skiing. That's exactly what happened.
The practical effect: an owner who does list right now is competing against far fewer homes than a year ago.
Buyers moved to the Basin and Jordanelle
When buyers couldn't find what they wanted inside city limits, they widened the map. Single-family homes in Snyderville Basin and Jordanelle had a strong year.
- Snyderville Basin: 397 home sales, up 8%. Sales volume reached $1.61 billion, up 12%. The median price rose 9% to $2.70 million, a new high. In 2020 the Basin median was $1.42 million. It has nearly doubled in six years.
- Jordanelle: 114 home sales, up 20%, with volume also up 20% to $517 million. The average sale held flat at about $4.53 million.
The Basin is no longer the value alternative to Park City. Kimball Junction, Jeremy Ranch, Pinebrook and the Canyons area now carry their own price level, with easier year-round access and more space for the money.
Jordanelle is where I'd pay the closest attention. That's the Deer Valley East Village side of the mountain, and in my opinion buyers are starting to price in what the expansion will become rather than what's there today.
Land was the breakout story
The most interesting numbers in the report aren't about houses. They're about dirt.
Market | Lot sales | Change | Median lot price |
|---|---|---|---|
Snyderville Basin | 78 → 127 | +63% | $1.54M (+22%) |
Jordanelle | 161 → 184 | +14% | $1.05M → $1.40M (+33%) |
Basin land volume rose 65%, to about $204 million.
This tells you something about who is buying. A buyer who purchases a $1.5 million lot is committing to two or three years of design and construction. That isn't a nervous buyer. It's someone confident in Park City long term who would rather build the right house than settle for what's listed.
It also means construction costs, not just lot prices, now set the floor for new homes. When resale inventory is thin and building is slow and expensive, a well-built existing home becomes more valuable.
Where it's softer
Not every segment had a good year, and it would be misleading to pretend otherwise.
- Park City limits, single-family: 124 sales, down 13%. The median slipped 7% to $3.80 million. City limits is still the most expensive address in the region, with an average sale of $5.51 million, but fewer of those homes traded.
- Park City limits, condos: sales fell 20%, yet prices held. The median rose 5% to $2.25 million. Buyers bought less, but they didn't push prices down.
- Jordanelle condos: the weakest segment in the report. Sales fell 28% and volume fell 35%.
The pattern is the same one we've seen all year. Single-family homes, especially newer ones with space, are holding up well. Condos are more uneven, and they're more sensitive to pricing, HOA costs and rental rules. A condo priced for last year's market sits. One priced for this market sells.
What I'd do with this
If you own here and have thought about selling: you have less competition than at any point in the last few years. That's real leverage, but only if the price is right. Thin inventory doesn't mean buyers will pay anything. In city limits, the median went down, not up. The homes that sold quickly this year were priced to the market on day one.
If you're buying: don't wait for inventory to come back to you. The best homes in each segment aren't sitting, and when one does come up you'll be deciding against other buyers who have been waiting too. Know your neighborhood, have your financing ready, and be prepared to move. If nothing on the market fits, look seriously at land. A lot of your competition already has.
If you're holding: that's a reasonable position. Values in most segments are steady to higher, and the long-term drivers, Deer Valley's expansion and limited land, are still in place.
The bottom line
This isn't a buyer's market or a seller's market. It's a thin one. Sales held up, inventory didn't, and the most confident buyers are building rather than waiting.
The averages hide a lot. Old Town, Deer Valley, the Basin and Jordanelle are each behaving differently right now, and so are homes, condos and land. If you'd like the neighborhood-by-neighborhood numbers for the area you own or are watching, call or text me at 435.659.8993 and I'll send them over.
Mark Rodeheaver, Associate Broker, Berkshire Hathaway HomeServices Utah Properties. listingparkcity.com
Source: Park City Board of Realtors MLS via Berkshire Hathaway HomeServices Utah Properties quarterly reports, 10/1/25 to 9/30/26, compared with the prior 12 months. Combined sales volume is the total of the single-family, condo and land reports for Park City limits, Snyderville Basin and Jordanelle.
