Are home prices dropping in Park City, Utah?
No. The typical home in Park City was valued at $1,598,285 in September 2026, up 5.58% from a year earlier, per the Zillow Home Value Index. Values held flat from March to May 2026 rather than falling, then rose every month from June to September. Single-family homes in the Park City MLS sold at a median of $2,012,500 in the third quarter of 2026, up 5.9% from $1,900,000 a year earlier, and median price per square foot rose 11.3% to $576.60, per the Park City Board of REALTORS. Homes also sold faster: the median time to sell across relistings fell from 55 days to 43.5. Zillow's index is still about 1.8% below its June 2022 peak of $1,627,700, which is the nearest thing to a price drop in the recent record.
The one place prices slipped is the very top. In the third quarter of 2026 the median for single-family homes selling at $2.5 million or more fell 2.5%, to $4,412,500, even as more of them sold, per the same MLS data.
What is the median home price in Park City?
The median single-family sold price in Park City was $2,012,500 in the third quarter of 2026. Buyers also see two other figures, and each one covers different homes.
| Figure | Amount | What it covers | As of |
|---|---|---|---|
| Median sold price, single-family | $2,012,500 | Closed sales across the Park City MLS area | Q3 2026 |
| Median sold price, $2.5M+ single-family | $4,412,500 | The top tier of the same sales | Q3 2026 |
| Zillow typical home value | $1,598,285 | All homes in the city, condos included | September 2026 |
Sources: Park City Board of REALTORS MLS (Flexmls), July 1 to September 30, and Zillow Research ZHVI files, retrieved November 6, 2026.
The MLS figures run higher because they cover single-family homes only and reach beyond city limits into areas such as the Snyderville Basin. Sold prices were not disclosed on 6 of the third-quarter sales, so those are not in the medians.
How have Park City home values moved since the 2022 peak?
They dipped after 2022 and are now close to the peak again. Zillow's Park City index topped out at $1,627,700 in June 2022, per the Zillow Home Value Index, and September 2026 sits about 1.8% below it.
| Month | Typical home value | Change |
|---|---|---|
| June 2022 (peak) | $1,627,700 | Highest on record |
| September 2025 | $1,513,794 | 7.0% below the peak |
| March 2026 | $1,555,317 | Up 2.7% from September 2025 |
| May 2026 | $1,554,341 | Flat from March |
| September 2026 | $1,598,285 | Up 2.8% from May, 5.58% for the year |
Sources: Zillow Research ZHVI files, City of Park City, all homes, retrieved November 6, 2026.
For the longer view, the Park City home values report shows how most of the gain since 2020 arrived between February 2020 and August 2021.
How is the Park City housing market doing in 2026?
Prices are up and homes are selling faster. The table compares third-quarter single-family sales in the Park City MLS.
| Measure | Q3 2025 | Q3 2026 |
|---|---|---|
| Homes sold | 341 | 338 |
| Median sold price | $1,900,000 | $2,012,500 |
| Median price per square foot | $517.93 | $576.60 |
| Median days to sell, across relistings | 55 | 43.5 |
| Sold vs final list price (median) | 97.18% | 96.97% |
| Drop from original asking (median) | 4.76% | 4.57% |
Sources: Park City Board of REALTORS MLS (Flexmls), single-family closed sales, July 1 to September 30, retrieved October 2026.
Price per square foot rose 11.3%, faster than the median, so the gain is not just bigger homes selling. The time-to-sell figure counts days across relistings, which catches homes that were pulled and relisted to reset the clock.
Where have Park City prices slipped?
At the top of the market. Homes selling for $2.5 million or more saw the median fall from $4,525,000 to $4,412,500, and price per square foot in that tier eased from $989.00 to $979.76. At the same time, sales in that tier rose 13%, from 122 to 138, and the median time to sell across relistings fell from 72 days to 40.
That combination reads as sellers meeting the market rather than a market falling. Top-tier homes that were priced to sell did sell, and quickly.
Can buyers still negotiate in Park City?
Yes, mostly on terms and on homes that start high. The median home sold about 4.6% below its original asking price in the third quarter, and about 3% below its final list price. More homes are also on the market than a few years ago: Summit County had 891 active listings in August 2026, more than double the 360 of August 2021, though still short of the 1,031 of August 2019, per Realtor.com inventory data.
The negotiating-room guide covers where that room tends to appear, and why Park City real estate is expensive explains what keeps prices high even when choice grows.
What does this mean if you are buying or selling in Park City?
For buyers, waiting for a price drop has not paid off in 2026. Values rose through the year. What buyers do have is more listings to compare and room to negotiate on homes that have sat or were priced above their comparables.
For sellers, the market rewards a realistic first price. Homes are selling faster than a year ago, and the drop from original asking held near 4.6%, so starting well above the comparables tends to mean a reduction later.
Neither a citywide index nor an MLS median will price one home. Comparable sales in the same neighborhood will. If you are weighing a Park City purchase or sale, reach out here or call me at 801-628-1281, and I will run the comparables with you.
Practical questions
What else do buyers ask about this?
Are home prices dropping in Park City, Utah?
No. Zillow's index for Park City reached $1,598,285 in September 2026, up 5.58% from a year earlier, and it held flat through spring rather than falling. The median single-family sold price in the Park City MLS rose 5.9% in the third quarter, to $2,012,500.
What is the median home price in Park City?
The median single-family sold price was $2,012,500 in the third quarter of 2026, up from $1,900,000 a year earlier, per the Park City Board of REALTORS MLS. That covers single-family homes across the MLS area, which reaches beyond the city itself. Zillow's typical value for all Park City homes, condos included, was $1,598,285 in September 2026.
Are Park City home prices lower than their peak?
Slightly. Zillow's Park City index peaked at $1,627,700 in June 2022. September 2026 is about 1.8% below that peak, and it has risen in almost every month of the past year.
Have luxury home prices dropped in Park City?
A little. The median for single-family homes selling at $2.5 million or more fell 2.5% in the third quarter of 2026, to $4,412,500, and price per square foot in that tier slipped about 0.9%. Sales in that tier rose 13%, to 138 homes, and they sold far faster.
How much do Park City homes sell below asking?
About 4.6% below the original asking price at the median in the third quarter of 2026, and about 3% below the final list price. Both figures were close to a year earlier.
Is the Park City housing market slowing down?
Not by price or pace. Single-family sales were flat at 338 against 341, and the median time to sell across relistings fell from 55 days to 43.5. What has grown is choice: Summit County had 891 active listings in August 2026, more than double the 360 of August 2021.