Aspen and Snowmass Real Estate Market Update: November 2024 | Avant Garde Aspen Luxury Real Estate

Aspen and Snowmass Village continue to showcase their robust real estate markets, with November 2024 reflecting strong growth in both dollar sales and unit sales compared to November 2023. This market update highlights key trends, notable transactions, and future outlooks. 

Market Highlights

• Aspen:

  • Dollar sales are up 5% year-over-year (YoY).
  • Unit sales increased by 4% YoY.

• Snowmass Village (SMV):

  • Dollar sales soared by 60% YoY.
  • Unit sales rose by 13% YoY.

Why the Surge in Snowmass Village?

Since 2018, Snowmass Base Village has consistently introduced new condo developments every 18–24 months, selling out early at pre-construction prices. In October and November 2024, key projects like Cirque x Viceroy (Assay Hill Lodge Phase II) and Snowmass Aura issued certificates of occupancy, completing sales initiated in 2022.

This surge follows a lull in fresh inventory and underscores SMV's appeal: new, slopeside condo developments selling at a 40–60% discount compared to Aspen, paired with a rejuvenated resort atmosphere just 8 miles from Aspen's core.

Aspen’s Record-Setting Luxury Market

Aspen continues to command some of the nation’s highest property prices per square foot, fueled by limited inventory and strong demand:

• Median Single-Family Home Prices (3-Month Avg):

  • $13.05M / $2,959 per sq ft (Nov 2024) vs. $12.8M / $2,414 per sq ft (Nov 2023).

• Median Condo Prices (3-Month Avg):

  • $2.9M / $3,222 per sq ft (Nov 2024) vs. $3.1M / $2,960 per sq ft (Nov 2023).

Luxury homes regularly achieve prices of $4,000–$5,000 per sq ft, with standout sales surpassing $6,000 per sq ft. Notable transactions in 2024 include:

• $108M estate near Red Mountain (Aspen’s first $100M+ sale).
• $77M Owl Creek contemporary estate on 60 acres.
• Two off-market sales on Willoughby Way, achieving over $6,800 per sq ft.

Inventory Challenges and Demand Trends

Aspen's housing market continues to grapple with limited inventory:

• Supply remains far below historic levels despite gradual increases.
• Demand continues to outpace supply, keeping prices strong.

In 2024, over 70% of transactions closed with cash, often facilitated by investment groups offering low lending rates to build relationships with affluent buyers.

Looking Ahead to 2025

Key trends likely to shape the market:

1. Low Inventory: Limited properties will sustain competitive pricing.
2. Stricter Land Use Codes: Anticipated in 2025/2026, these regulations will restrict new build sizes, further enhancing the value of existing larger homes.
3. Remote Work Demand: Aspen’s appeal as a world-class outdoor and cultural hub remains strong for remote professionals.

However, global uncertainties such as geopolitical conflicts could impact the market. That said, Aspen real estate has consistently proven a safe, profitable investment over the long term, offering both enjoyment of the physical property and financial appreciation.

Conclusion

Aspen-Snowmass real estate continues to thrive, with Snowmass Village gaining momentum as an attractive, more affordable alternative to Aspen. Whether you're looking for luxury living, investment opportunities, or a stunning vacation home, this market offers unparalleled value. Contact the real estate team at Avant Garde Aspen for more information regarding purchasing or selling your next home in Aspen and the Roaring Fork Valley.