​Sundance Film Festival Is Leaving Park City After 4 Decades

The recent announcement that the Sundance Film Festival will relocate from Park City, Utah, to Boulder, Colorado, in 2027 marks the end of an era for the renowned mountain town. After over four decades of hosting one of the most prestigious independent film festivals, Park City faces significant economic and cultural shifts. This move is expected to have notable implications for the local real estate market and the town's future. We have been attending Sundance longer than we can remember and things just aren't going to be the same in Park City in January. 

Sundance Has an Economic Impact on Park City

The Sundance Film Festival has been a substantial economic driver for Park City and the state of Utah. In 2024, the festival attracted approximately 72,840 attendees, with over 24,000 coming from out of state. These visitors contributed an estimated $132 million to Utah's economy, supported nearly 2,000 jobs, and generated about $14 million in tax revenue. The departure of Sundance will likely result in a significant economic void, affecting local businesses, employment, and the overall financial health of the community. Everything from rental properties, restaurants, transportation, and of course the skiing and snowboarding. 

Potential Effects on the Real Estate Market

The real estate market in Park City has been closely tied to the influx of visitors during the Sundance Film Festival. The festival is responsible for up to 80% of January's short-term rental bookings in the area. With the festival's relocation, property owners who have relied on festival-driven rental income may experience decreased demand, leading to lower nightly rental rates and increased vacancies during the winter season. This shift could also slow down home price appreciation, particularly for properties that have been marketed as lucrative short-term rentals during the festival.​ Rental property prices definitely increase for the Sundance film festival and these numbers directly affect resell prices. Many of our clients request 3 years of previous rental income before making an investment decision. The numbers are definitely going to be different for the upcoming years which may affect demand. 

Future Prospects for Park City

While the loss of Sundance is a significant change, it also presents an opportunity for Park City to diversify its event portfolio and reduce its dependence on a single major event. Local leaders are already exploring alternatives to fill the void left by Sundance. For instance, the Park City Chamber of Commerce is considering attracting events like the X Games, which could draw a different demographic and potentially offset some of the economic losses. 

Additionally, Park City's reputation as a premier ski destination and its proximity to Salt Lake City position it well to host other cultural and sporting events. The town's infrastructure, developed to accommodate large crowds during Sundance, could be leveraged to support new festivals and gatherings, thereby revitalizing the local economy and real estate market.​

Sundance Film Festival Had A Great Run in Park City

The departure of the Sundance Film Festival from Park City is undoubtedly a pivotal moment for the community. While it poses challenges, particularly for the real estate market and local economy, it also opens the door for new opportunities. By proactively seeking and supporting alternative events and initiatives, Park City can navigate this transition and continue to thrive as a vibrant cultural and recreational hub.​