The Aspen and Snowmass luxury housing markets continue to show exceptional strength, bolstered by affluent buyers and ongoing wealth concentration trends, even as the national economy displays mixed signals. For these elite buyers, real estate in the region functions as a lifestyle investment and a store of wealth.
ASPEN OVERVIEW
In 2025, the median price of a single-family home in Aspen surged to nearly $14.7 million, up from $13.4 million a year earlier. The average price declined 4% to just under $19 million, but the average sold price per square foot rose 5% to $3,565. Aspen townhomes and condominiums sold for a median price of $3.45 million, the same as in 2024. The average price, however, rose 27% to just under $5.8 million, while the price per square foot gained 6% to $3,285. In Snowmass Village, the median price for single-family homes rose just 2% to $8.13 million, while the average price decreased 7% to just under $8.9 million. The average price per square foot rose 14% to $2,207. Snowmass Village townhomes and condo prices dipped 26% to $2 million, while the average price declined a similar 24% to just under $2.9 million, and the average sold price per square foot slipped 11% to $1,969.
Across the Aspen/Snowmass Village market, closed sales were down 22% from last year (primarily because Snowmass condo sales declined by 50%), although total sales volume decreased just 4% to just over $2.6 billion. Aspen single-family homes sold for 93% of their original list price, up from 92% a year earlier. Aspen condos and townhomes averaged 95% (up from 94% in 2024), while Snowmass Village single-family homes rose from 94% to 96%, and Snowmass condos slipped slightly from 96% in 2024 to 95% in 2025. Days on market for Aspen single-family homes fell by nearly a quarter to 184 days, while Aspen condos stayed on the market an average of 164 days (up slightly from 154 days in 2024). In Snowmass Village, single-family days on market dropped from 187 to 110 days, and condo days on market declined 60% to just 131 days.
While the broader housing market is cooling modestly, the high-end residential real estate market remains exceptionally strong. Corporate profits remain robust, labor productivity is high, and equity markets are performing well, all of which continue to expand the purchasing power of affluent households. Even as the IPO market remains uneven, it has improved enough to generate new liquidity and confidence among high-net-worth buyers. This matters because luxury housing is less sensitive to mortgage rates and local affordability constraints and far more influenced by wealth creation and capital markets. Recent reporting has underscored this divide, with the nation’s most expensive housing markets posting sales above $100 million, including several in Colorado. Importantly, demand remains strong not just at the ultra-trophy level but also in the $10 million-plus segment, which continues to transact with remarkable consistency. In short, while the middle of the market recalibrates, the upper end continues to perform exceptionally well.
Aspen’s housing market is defined by extreme scarcity, global cachet, and deepening wealth. The town is not getting materially larger, but the buyer pool is getting significantly deeper. Geographic constraints, large tracts of public lands surrounding the community, and high costs mean limited opportunities for meaningful new construction. A scarcity of supply, combined with Aspen’s lifestyle appeal and international brand, makes it uniquely resilient. Buyers are not simply purchasing housing; they are buying access, prestige, and long-term value preservation. As a result, price sensitivity is low, and downturns tend to manifest as pauses rather than pullbacks. Even in periods of broader economic uncertainty, Aspen continues to attract capital from the highest tier of buyers, reinforcing its position as one of the most insulated and durable luxury real estate markets in the country. Dr. Eisenberg comments: “The population of multimillionaires will undoubtedly grow as AI firms go public, and a portion of that newly created wealth will inevitably flow into ultra-luxury markets such as Aspen and Snowmass Village.” - To read the full report, click here.
Source: Aspen Board of Realtors Multiple Listing Service Report by: Elliot F. Eisenberg, Ph.D.
