Aspen and Snowmass Real Estate: Shifting Tides in the Luxury Market

•  Aspen’s  real estate market is experiencing modest unit sales growth, while Snowmass Village is witnessing significant property value increases.
• New luxury condominiums in Snowmass are narrowing the historical price gap with Aspen, attracting investors.
• Despite fewer seasonal listings, prices in both Aspen and Snowmass are climbing, with Aspen properties frequently listed 10-20% above comparable sales.
• Buyer demand is strong, evident in Snowmass’s price surges across the market.
• Challenges include a divided Aspen condo market and heavy taxation on rentals, leading some homeowners to seek long-term leasing options.
• As of January 2025, luxury properties in Aspen are exceeding $5,000 per square foot, driven by limited inventory and high demand.

The real estate scene in Aspen and Snowmass Village is buzzing with change! Recently, unit sales in Aspen have ticked up slightly, while Snowmass is experiencing a spectacular surge in property value, thanks to a wave of new condo listings.

Historically, Snowmass properties were a sweet deal, typically selling at a 25-30% discount compared to Aspen. But between 2010 and 2017, that discount widened drastically, reaching a 50-60% gap as the market stagnated. Now, as modern, luxurious condos spring up in Snowmass’ Base Village, the once-gaping price chasm is starting to close, attracting savvy investors drawn by the allure of value.

Despite a downturn in seasonal inventory, prices in both areas are climbing. Aspen’s elite properties are often listed 10-20% above comparable sales, driving a robust appreciation rate of 10-15% over the past year. Meanwhile, Snowmass feels the heat as prices rise across the board, hinting at strong buyer demand.

However, challenges remain. Aspen’s condo market is divided; properties in the Lodge Zone are thriving while others struggle under short-term rental regulations. The tax structure for rentals is hefty, leading some homeowners to opt for long-term leases, contributing to a climate of uncertainty.

As of January 2025, Aspen has seen prices soar, with properties exceeding $5,000 per square foot becoming the new norm. Existing inventory is scarce—and this is driving prices higher than ever. With an enduring demand for luxury amidst limited supply, the market is set to keep evolving.

The takeaway? The luxury real estate market in Aspen and Snowmass is not just surviving; it’s thriving, reshaping what it means to invest in mountain properties.

By: Abigail Vandyke I Be3 I February 2, 2025