No, the Park City housing market is not crashing. In the third quarter of 2026 (July through September), Greater Park City closed 699 sales, 7% fewer than a year earlier, yet total dollar volume rose 2% to $1.591 billion and the overall median price rose 2.9% to about $1.8 million. Fewer homes changed hands, but prices held.
The answer to “how is the market?” now depends heavily on what you own and where. Condominiums pulled back sharply. Land and gated golf communities had one of their strongest quarters in years. Single-family homes split into two markets by price. Below, I walk through each of these, explain what is driving the numbers, and share what I think they mean for buyers and sellers heading into winter.
All figures cover the quarter ending September 30, 2026, and come from the Park City Board of Realtors, PCMLS, and the Rick Klein Q3 2026 Report unless noted otherwise.
Watch the Full Webinar Recording
If you missed the live webinar, you can watch the full recording below. I cover the national picture, a neighborhood-level look at Park City, and questions from attendees, including how the recent Promontory membership changes affected sales.
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The National Picture: Rates Remain the Main Headwind
The 30-year fixed mortgage rate averaged 7.24% in late October, up from 6.17% a year earlier, according to Freddie Mac. The Federal Reserve raised its benchmark rate in September and held it at 3.75% to 4% on October 28. Futures markets tracked by CME FedWatch were pricing roughly 83% odds of another increase in December.
The Fed does not set mortgage rates directly, but lenders adjust their pricing based on where they expect policy to go. With inflation still above the Fed’s 2% target, that pressure is unlikely to ease quickly. One counterintuitive point worth knowing: strong economic news tends to push mortgage rates up, while weaker news on jobs or inflation tends to bring them down.
Despite all of this, economists are not predicting a price collapse. More than 100 experts surveyed in the Fannie Mae/Pulsenomics Home Price Expectations Survey (August 2026) expect national home prices to rise about 2.5% in 2026 and 2.2% in 2027, with stronger gains later in the decade. Homeowners hold substantial equity, and housing supply remains tight by historical standards. What economists do expect is fewer transactions: 2027 forecasts from Goldman Sachs and Fannie Mae call for roughly 3.9 to 4.2 million existing-home sales, compared with 5.34 million in 2019.
Consumer sentiment, measured by the University of Michigan, has fallen across every group surveyed since January 2026. Many buyers and sellers are waiting for more certainty before making a move.
Park City Sales: Fewer Deals, Steady Dollars
Closed sales across the Park City MLS fell 7% in the third quarter, from 750 to 699. Single-family homes made up 399 of those sales, condominiums 167, and land 133. Total dollar volume still rose 2%, carried by land (up 32%) and single-family homes (up 10%), while condo volume fell 34%.
Forward-looking activity was softer. Pending sales, meaning listings that went under contract, fell 19% for the quarter compared with Q3 2025, and 28% in September alone. Closed sales in September, however, rose 1.9%. This is a market where activity is concentrated in specific areas and property types rather than slowing evenly.
Here is how the three property types compared this quarter:
| Property type | Q3 2026 closed sales | Dollar volume vs. Q3 2025 | Pending sales vs. Q3 2025 | Active listings vs. a year ago |
|---|---|---|---|---|
| Single-family | 399 | up 10% | down 16% | up 15% |
| Condominium | 167 (down 28%) | down 34% | down 31% | up 38% |
| Land | 133 (up 15%) | up 32% | down 9% | down 21% |
Sources: Park City Board of Realtors Q3 2026 Market Report; Rick Klein Q3 2026 Report (PCMLS). Active listings as of October 1, 2026.
For single-family homes, location now matters more than the overall average:
| Area | Q3 2026 sales | Change in sales vs. Q3 2025 | Median price |
|---|---|---|---|
| Park City Limits | 29 | down 41% | $4.24M |
| Snyderville Basin | 126 | up 18% | $3.05M |
| Jordanelle | 21 | down 34% | $4.40M |
| Heber Valley | 106 | down 2% | $1.05M |
| Kamas Valley | 37 | up 16% | $925K |
Source: Park City Board of Realtors / PCMLS Q3 2026 Market Report
The drop in Park City Limits is notable because summer is usually one of our busiest seasons. Old Town alone went from 18 single-family sales to 4. In Jordanelle, much of the decline reflects timing: many new-construction homes closed earlier in the year. The Snyderville Basin gain was driven largely by Promontory, which I cover next. If you are still getting to know these areas, my Park City neighborhood guide explains how each one differs.
Across the primary market area, single-family sales slipped 2% to 332, while volume rose 11% to $1.038 billion and the median price increased from $1.90 million to $2.01 million. Keep in mind that a median reflects the mix of homes that sold, not the value of any individual home.
Gated Golf Communities Led the Quarter
While overall volume rose just 2%, Park City’s gated golf communities had an exceptional quarter. Glenwild, Promontory, Tuhaye, Victory Ranch, and Red Ledges together recorded 84 sales, up 40%, and $465.7 million in volume, up 59%. The average sale price reached $5.54 million, a 14% increase.
Promontory drove most of that growth. Sales doubled from 27 to 54, and volume rose 118% to $300.3 million. The main reason was a change to Promontory’s golf membership structure that took effect in mid-September. Buyers moved quickly to secure purchases under the previous terms, whether that meant land, developer homes, or resales. Red Ledges also posted strong results, with volume up 80% to $73.6 million.
Not every gated community rose. Tuhaye volume fell 16%, and Victory Ranch fell 41%. Because the Promontory surge was tied to a specific deadline, I expect these numbers to look different in the Q4 and year-end reports.
This segment also behaves differently from the rest of the market. Cash purchases are more common at these price points, so buyers here are less affected by mortgage rates. You can compare these communities in more detail on my Park City golf communities page.
Land Remains the Most Consistent Trend
Land was the only property type up in both number of sales and dollar volume this quarter. There were 133 land transactions totaling $202.7 million, a 15% increase in units and 32% in volume compared with Q3 2025. Over the past 12 months, land sales reached 524 transactions and $700.3 million, up 18% in units and 25% in volume.
A few areas account for much of this activity:
- Promontory: land sales rose from 18 to 40 (up 122%), with volume up 162% to $72.8 million on a $1.9 million median.
- South Jordanelle: only 8 sales this quarter after a spike of 41 in Q2, but 67 sales over the past 12 months compared with 20 the year before, largely tied to the Deer Valley East Village area. With fewer than 10 sales in a quarter, I would not treat the quarterly number alone as a trend.
- Heber Valley: land sales rose from 15 to 24, with volume up 45% to $22.1 million.
Several homeowners asked me after their property tax assessments whether land values had really risen this much. Based on these numbers, land has been stronger than many expected. If your assessment raised questions, my property tax appeal resources walk through how comparable sales are used. Land purchases also tend to signal where buyers expect the market to go over the next one to two years, since most buyers plan to build. That makes this one of the more encouraging signals in the report, although it also points to more new inventory once those homes are built.
Condominiums Saw the Broadest Pullback
Condos had the most difficult quarter. There were 167 condo sales across the MLS, down 28% from Q3 2025, and volume fell 34% to $249.0 million. Unlike last quarter, the decline was not limited to one area: Park City Limits, Snyderville Basin, Jordanelle, and Heber Valley all posted double-digit drops in units at the same time. The median condo price in the primary market area held essentially flat at $1.15 million.
Two factors explain much of this. First, timing: many Jordanelle new-construction projects have already sold out, and new condo contracts fell from 254 to 100. Second, condo buyers are often the most rate-sensitive buyers in our market, including investors weighing rental income against today’s borrowing costs. I listed condos this year in Black Rock, Blackstone, Canyons, Kimball Junction, and Old Town, and each took longer to sell than it would have a year ago.
If you own a condo, this does not mean values are collapsing. It does mean pricing, presentation, and timing matter more than they have in several years. A strong ski season could bring more buyers back, especially for properties on the mountain or those that allow nightly rentals, though many of those buyers will be looking for value.
More Listings, and Price Tier Now Predicts Speed
Active listings rose 15% to 1,064 as of October 1, compared with 922 a year earlier. Condo listings rose 38%, single-family listings 15%, and land listings fell 21%. Most of the increase is in resale homes rather than new construction.
Even so, inventory remains below pre-COVID levels once seasonal patterns are considered. During the 2021 and 2022 frenzy, multiple offers were common and inventory dropped to historic lows. What we are seeing now is a market finding a more normal, seasonal rhythm. With COVID, rate increases, elections, tariffs, and global conflict in recent years, we have not had a truly typical spring market since 2019.
Absorption rate is the number of months it would take to sell all current listings at the current pace of sales if no new listings came on the market. Greater Park City stood at 8.5 months in September, down slightly from 8.7 months in June. For context, the pre-COVID normal (2013 to 2019) was 7.2 months, the 2025 average was 6.0 months, and the national figure from the National Association of Realtors was 4.8 months. Buyers have more choice, but the market is still functioning.
The more useful view is by price tier, because single-family homes are effectively two markets:
| Single-family, September 2026 | Below area median | Above area median |
|---|---|---|
| In Town (Areas 1 to 9), median $3.8M | 4.2 months | 13.1 months |
| Snyderville Basin (Areas 10 to 23), median $2.7M | 4.7 months | 6.9 months |
Source: Rick Klein Q3 2026 Absorption Analysis
Homes priced below the area median are selling in under five months. A home I listed near the $2 million range this year sold within a few days. Condos show the opposite pattern for a second straight quarter: units priced above the median are selling faster than those below it, both In Town and in the Basin, although that gap is narrowing. If you are considering selling, your specific price tier is one of the most important numbers to understand before choosing a list price.
Why New Construction Changes the Headline Numbers
New construction is 23% of both listings and sales across Greater Park City (Areas 1 to 19). In Jordanelle, it is far more: 55% of condo sales, 53% of single-family sales, and 66% of single-family listings. Few other mountain markets are adding inventory on the scale of the Deer Valley East Village area. You can browse current projects on my new construction search page.
This matters because new-construction sales can swing the overall numbers in ways that have little to do with resale demand. A project that sells out in one quarter makes the next quarter look weaker, which is part of what happened in Jordanelle this summer. Units that go under contract in new developments are also not counted until they close, so current buyer interest is not fully visible in the data. When you read a headline about Park City sales rising or falling, it is worth asking how much of that change came from new construction.
What This Means for Buyers and Sellers
I do not forecast the market; I read the data. Over the long run, the Greater Park City median price index has appreciated about 7.3% per year since January 2001. That figure covers all property types and price points, so it is not a promise about any single home, but it is a useful reminder that short-term slowdowns have been part of a longer upward trend.
For sellers: this is not a market for testing a high price and waiting. Buyers have more choices and more time to compare. Pricing to your specific neighborhood and price tier, preparing the home well, and marketing it to the right buyers make a measurable difference. Homes below the area median are still moving quickly. My guide for Park City sellers covers preparation and pricing in more detail.
For buyers: more inventory and longer absorption times give you room to compare and negotiate, particularly for condos and higher-priced single-family homes. Rates remain the main obstacle, but they will not stay fixed, and some lenders are offering options worth discussing. My guide for Park City buyers explains how to plan a search in this market.
For homeowners watching costs: insurance premiums and fire-risk reclassification in Summit and Wasatch counties have become a growing concern. If you have questions about coverage, I can connect you with professionals who can help you understand your options.
The Q4 outlook includes reasons for measured optimism, such as the continued strength in land and a 9% rise in rolling 12-month single-family volume. The risks to watch are rising mortgage rates, weaker consumer sentiment, and a condo slowdown that is now broader than new-construction timing alone. In short, Park City is not crashing. It is normalizing.
Frequently Asked Questions About the Park City Market
Is the Park City housing market crashing in 2026?
No. Closed sales fell 7% in Q3 2026, but dollar volume rose 2% and the overall median price rose 2.9% to about $1.8 million. The market is slowing in specific segments, mainly condos, rather than falling across the board.
Are home prices in Park City going down?
It depends on the property type and area. The overall median rose in Q3 2026, but single-family resale prices were flat to slightly lower In Town, in Jordanelle, and in the Heber and Kamas valleys, and rose in the Snyderville Basin. Condo medians in the primary market area held flat at $1.15 million.
Why did Park City condo sales drop so much?
Condo sales fell 28% in Q3 2026 for two main reasons. Many Jordanelle new-construction projects have sold out, so fewer new units are closing, and condo buyers tend to be the most sensitive to mortgage rates.
How long does it take to sell a home in Park City right now?
The absorption rate for Greater Park City was 8.5 months in September 2026. Single-family homes priced below their area median are selling much faster: about 4.2 months In Town and 4.7 months in the Snyderville Basin.
What is happening with land prices in Park City?
Land was the strongest property type in Q3 2026, with 133 sales and volume up 32%. Over the past 12 months, land sales rose 18% in units and 25% in volume, led by Promontory, South Jordanelle, and the Heber Valley.
Why did Promontory sales double in Q3 2026?
Promontory changed its golf membership structure in mid-September 2026, and many buyers purchased before the new terms took effect. Single-family sales in Promontory rose from 27 to 54, and land sales rose from 18 to 40.
How do mortgage rates affect the Park City market?
The 30-year fixed rate averaged 7.24% in late October 2026, up from 6.17% a year earlier. Higher rates have the biggest effect on condo and lower-priced buyers. In the luxury segment, where cash purchases are common, rates matter less.
How much of the Park City market is new construction?
New construction makes up 23% of listings and sales across Greater Park City. In Jordanelle, it accounts for more than half of condo and single-family sales, which can make quarterly numbers swing as projects sell out.
Download the Full Q3 2026 Data
The charts and statistics in this article come from a larger set of reports. You can download them below to look more closely at your neighborhood, property type, or price range.
Q3 2026 Market Report and Press Release The Park City Board of Realtors’ quarterly market overview and press release covering the full MLS area. Read the Q3 2026 market report and press release.
If you would like the numbers for your specific neighborhood or price range, I am happy to pull them for you.
See What Is on the Market Today
Numbers tell you what already happened. Current listings show you what is available right now, at today’s prices. Browse Park City homes, Park City condos, and Deer Valley homes, or reach out if you would like a monthly report of comparable sales in your neighborhood and price range.
