Appreciation in Aspen Snowmass

I hope you’re ready for a wonderful Easter and Passover weekend. It feels more like winter in Aspen Snowmass today than the beautiful spring weather we’ve enjoyed over the past few weeks, but we need the moisture, so I’m happy to see the snow falling again.

On the heels of my Q1’25 Market Report (which you can find here), I wanted to take a few minutes to share some perspective on appreciation in Aspen Snowmass. With everything going on globally—from market swings to political uncertainty—I’m often asked: Is Aspen Snowmass real estate still a good investment or hedge? Let’s look at the numbers.

Aspen Single-Family Appreciation

As of the end of Q1’25, the average single-family home price in Aspen was $18,169,680, up 15.8% from March 31, 2024, and an incredible 177.6% increase over the previous 10 years, roughly 17% annually. That said, Aspen is a relatively small market, and a few ultra-luxury sales can skew the averages. To get a clearer picture, let’s zoom out to year-end 2024.

For the full year 2024, Aspen’s average single-family sold price was $19,612,608, which marked a 17.6% increase year-over-year, 218% growth over 10 years, and 185.7% over 15 years. Some years post-great recession showed more conservative gains, but across the 15 years (2009–2024), average annual appreciation was approximately 12.4%.

Aspen Price per Square Foot

As of Q1’25, the average Aspen single-family sold $/SF was $3,995—just shy of $4,000 per square foot. That’s a 17.8% increase in a year, 185% over 10 years, and 290% over 15 years, or about 19.3% annually. Since Q1 is only a small snapshot, let’s again refer to full-year 2024 data. At $3,410 per square foot as of Dec. 31, 2024, that’s a 7.7% increase year-over-year, 190% over 10 years, and a 201% gain over 15 years, which shakes out to 13.4% annual appreciation over the past 15 years.

No matter how you slice it—whether you're looking at 6-month trends, year-over-year, or a 10–15-year stretch—Aspen single-family homes have seen robust and sustained growth, averaging around 10–12% annually. That’s more than double the national average. Since the Great Recession (except that short pause in spring 2020 when COVID brought the world to a standstill), Aspen has seen a remarkable run, driven by its rare blend of lifestyle, access, natural beauty, and community.

Why Aspen? Why Now?

Beyond the numbers, Aspen real estate has delivered value in ways that go far beyond investment. It’s about quality of life, raising a family in a vibrant, supportive community, and embracing the Aspen Idea of Mind, Body, and Spirit.

People ask: Can this level of appreciation continue? I believe it can—and here’s why: Aspen remains one of the most special places on earth. Few destinations offer this level of recreational opportunity, cultural richness, access, and natural beauty. While change is constant, the essence of Aspen—the Aspen Idea—endures. Spend a few minutes at the Aspen Hall of Fame Celebration and listen to the stories of the visionaries who shaped this community. It's a powerful reminder of what makes this valley unique. It’s up to all of us to preserve and invest in that spirit moving forward.

Snowmass Village Appreciation

Now let’s talk about Snowmass Village. At the end of Q1’25, the average single-family home price hit $10,664,444—a 49% year-over-year increase. That number was driven in part by limited inventory and a landmark $22 million ski-in/ski-out sale in the Pines, the highest in Snowmass history.

Zooming out, the three-year average appreciation was 36%, 110% over 10 years, and 71% over 15 years—roughly 11% annually for 10 years and 4.7% annually over 15 years. Much of that slower long-term growth reflects a period of flat performance post-recession until Base Village started to gain traction with East West’s developments.

Looking at the full year 2024, the average single-family sale price in Snowmass was $9,498,617, representing a 32.2% gain year-over-year, 75% over 3 years, 252% over 10 years, and 106% over 15 years—that’s about 25% annual appreciation over 10 years, and 7% annually over 15 years.

Snowmass Price per Square Foot

As of December 31, 2024, the average sold $/SF in Snowmass was $1,929, increasing to $2,391 by March 31, 2025. Looking at the year-end figure, that’s a 22% annual increase, 55% over 3 years, 184% over 10 years, and 119% over 15 years—equal to 18.4% annual appreciation over 10 years, and almost 8% annually over 15 years. So, while Snowmass single-family homes have appreciated slightly less than Aspen’s over the past 10–15 years, they’ve still far outpaced national averages, and the momentum looks strong.

The Future of Snowmass

I wouldn’t bet against Snowmass in the decade ahead. Aspen Skiing Company is investing $80 million in on-mountain upgrades this summer, including the new Ullr Lodge. With new ownership at the Viewline and the Snowmass Mall, plus the completion of Stratos in Base Village and long-term plans for Town Center redevelopment, Snowmass is entering a new era, without a corresponding increase in supply.

Where there used to be 60–75 single-family homes for sale, we’re now looking at just nine active listings today in Snowmass Village. That’s an incredibly tight market. With another billion dollars in public and private investment on the horizon, the tide is still rising in Snowmass Village.

Final Thoughts

Yes, we’re all impacted by global events—but Aspen Snowmass is more insulated than most markets. Demand remains strong, while supply is increasingly constrained. New construction is slower, more expensive, and more complex. Looking long-term, Aspen Snowmass real estate has proven to be an exceptional investment, not just in dollars but in lifestyle. And I remain bullish on the future of our valley.