Market Overview
balancedSummit County home prices are roughly three‑times the Utah median and inventory turnover is slower than the state average.- •Median closed price sits at $1.475 M, with single‑family homes at $1.894 M and townhomes/condos at $1.173 M.
- •Sale‑to‑list ratio remains near 97%, indicating buyers are still achieving prices close to asking.
- •New listings (619) outpace closed transactions (251) over the past three months, creating a modest buyer’s market.
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Frequently Asked Questions About Summit County Real Estate
Summit County, Utah is currently a balanced market. Summit County home prices are roughly three‑times the Utah median and inventory turnover is slower than the state average.
Home prices in Summit County, Utah have decreased by 14.6% over the past year. The median sale price went from $1,520,266 to $1,298,730 (-14.6%).
The Summit County market remains broadly balanced. Median home values stay high at $1.475 M, driven by premium locations such as Park City, Kamas, and Coalville, while the average days on market of 86 days reflects a slight softening compared with the rapid turnover seen in hotter cycles. Single‑family homes command a median of $1.894 M, and townhomes/condos sit near $1.173 M, with a healthy supply of 243 active SFR listings and 299 active townhome/condo listings. The 97 % sale‑to‑list ratio shows buyers are still willing to meet list prices, but the surplus of new listings (619) versus closed sales (251) points to increasing inventory and a shift toward a more buyer‑friendly environment.
Economic indicators over the past six months reinforce this neutral stance. Mortgage rates have held steady around 6.3 % for the 30‑year term, while the Fed Funds rate has been flat at 3.64 %, keeping financing costs predictable. Unemployment remains low both nationally (≈4.3 %) and in Utah (3.6 %), and consumer sentiment has risen to 56.4, supporting confidence. Housing starts and permits have stabilized, and real‑estate sentiment indices hover in the low‑50s, suggesting modest optimism without overheating. Buyers can therefore approach the market with confidence in financing but should be prepared for premium pricing and a competitive inventory landscape. The market temperature is rated "balanced." Summit County home prices are roughly three‑times the Utah median and inventory turnover is slower than the state average.