The Estin Report: H1 2025 Aspen Snowmass Real Estate Market has just been posted for PDF download in my Current Reports Section. This is a 32-pg bi-annual report on the individual Aspen and Snowmass Village markets and combined. The print edition is available in racks around Aspen and the Snowmass Village Center, at Sotheby’s offices at 300 S Spring St (my office across from the Art Museum), 415 Hyman Ave and the Pitkin County/ASE luggage area magazine kiosk. Released 7/24/25 v2.1
Estin Report H1 2025 EXECUTIVE SUMMARY
> Aspen’s 1st Half 2025 was the 2nd best first half-year since Covid. (H1 2022 was best. See Pg 13 chart). Prices continue their march upward. Snowmass Village’s H1 activity was less than robust in that the Snowmass Base Village development is nearing the end of its cyclical new-built product offerings, and it is in a lull period prior to its final project’s completion.
> High priced Aspen single family homes selling at over $20M dominated the charts: There was a 92% spike in Aspen luxury sales over $20M: There were (23) sales over $20M in H1 2025 vs (12) in H1 2024 vs (4) in H1 2023. Of these (23), (11), or 48%, were over $30M in H1 2025 vs (5) in H1 2024 vs (4) in H1 2024. (Pg 11). And (4), or 17%, were over $50M.
> Off market sales accounted for 35%, or $334M, of all Aspen single family home sale dollars ($948M) and 24%, or $334M, of Aspen dollar sales of all property types ($1,366M).
> Average Prices
– Aspen Single Family Home: Avg Sales Price $22.05M/$4,469 SF
– Aspen Condo: Avg Sales Price $4.86M/$3,635 SF
– Snowmass Village Single Family Home: Avg Sales Price $.7.75M/$2,153 SF
– Snowmass Village Condo: Avg Sales Price $2.9M/$2,349 SF
>Aspen Price Trends
– Single Family Home Avg Sold Price: $22.05M …Up 2% YOY from $21.5M – Aspen home prices continue their march upwards as over $20M dollar sales become “normalized”.
– Single Family Home Avg Sold Price Per Sq Ft: $4,469 SF, up 52% from $3,668 SF
– Condo Avg Sold Price: $4.9M, up 55% from $3.14M, shows a steady rise in spite of fewer sales (33 vs 41)
– Condo Avg Sold Price Per Sq Ft: $3,635 SF, up 11% YOY from $3,272 SF. Price per sq ft metrics keep rising. A major price driver is that condos, in general, represent the least expensive free-market entry point into the Aspen market.
>Snowmass Village Price Trends
-Single Family Home Avg Price: $9.45M up 10% from $8.6M highlighting the continued appeal of Snowmass homes in the $5-10M range which are so difficult to find in Aspen, other than older homes requiring extensive remodel, if at all.
-Single Family Home Avg Sold Price Per Sq Ft: $2,153 SF up 16% from $1,859 SF. In H1 2025, the Snowmass median home sold price per sq ft was 47% less than Aspen at $4,096 SF.
-Condo Avg Sold Price: $2.9M up 17% from $2.48M, Snowmass condo prices have been buoyed by Base Village new condo price premiums and their ripple effect through the rest of the resort.
-Condo Avg Sold Price Per Sq Ft: $2,349 SF up 12% from $2,063 SF. This is 33% less than an Aspen condo at $3,506 SF.
> As Aspen prices soar, Snowmass Village benefits with new built condo inventory which Aspen can’t match due to strict in-town zoning regulations and with ‘more affordable’, move-in ready family homes priced $6-10M that are difficult to find in Aspen.
> Diverging Market Dynamics: While Aspen is going all out on premium pricing, Snowmass Village is attracting buyers with its lower prices – a relative value play compared to Aspen, with its newer product and its perceived strong investment potential.
> Stratos Snowmass: The final Snowmass Base Village slopeside condo project, Stratos Snowmass, is fast selling out with (69) of (89) total available units presently under contract. Completion is scheduled for late 2027 and it is the last Base Village new product. With no other new built competition coming on line, its reasonable to anticipate Snowmass prices to climb even more.
> The Snowmass-to-Aspen discount is probably now around 25-40% depending on the property and type and continues to narrow. In recent years, it’s been 40-60%. Historically pre-Base Village, it was about 25-30% …forever. For newer built product, something Aspen has little of, prices are fast approaching those of Aspen.
> Inventory Levels: While they have increased incrementally in the past 1-2 years, for all property types in Aspen and Snowmass Village combined, H1 2025 inventory was the lowest ever since 2006. Overall supply remains low relative to historical levels, supporting higher pricing.
> New listings, in the past year, are often priced 10-20% or more above the most recent comparable sales, setting an ‘aspirational’ tone that at least perceptually pushes prices higher. Sellers are reaching and this dynamic, a mix of market realities combined with optimistic expectations, continues to drive price growth.
Please pass this on to family, friends and associates. If you’d like help buying or selling Aspen Snowmass real estate with “One of Aspen’s best Realtors” (Aspen Daily News editorial), please get in touch.
____________________________
The Estin Report is copyrighted 2025 and all rights reserved. Use is permitted subject to this attribution, “The Estin Report on the Aspen real estate market“ with an active link to www.EstinAspen.com.
Disclaimer: The statements made in the Estin Report and on Aspen broker Tim Estin’s blog represent the opinions of the author and should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and of each property before deciding to purchase or to sell. To the extent the statements made herein report facts or conclusions taken from other sources, the information is believed by the author to be reliable, however, the author makes no guarantee concerning the accuracy of the facts and conclusions reported herein. Information concerning particular real estate opportunities can be requested from Tim Estin at 970.309.6163 (cell/txt) or by email tim@estinaspen.com
