Market Report Winter 2026

ASPEN REAL ESTATE  WINTER 2026

WHAT’S HAPPENING IN THE MARKET?

April 3, 2026

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When talking about where the Aspen real estate market is going, many site the slow winter season with a lack of snow, lingering listings, and continuing price reductions. With the new geopolitical conflicts every month and the concern over the AI portion of the S&P 500 being a bubble, many buyers have been hesitant to pull the plug on their Aspen investment.

Here are the stats from the first quarter of this year compared to the last:

Q1 2025 Vs Q1 2026:

# of Sales 49 vs 29

$ Volume $540 million vs $270 million

Sold Price per sq ft $3,500 vs $3,300

As in all market cycles, the Aspen market goes through a slow or downtime, which is normal (otherwise we would be in a bubble). If the fundamentals are still strong, one may look at this as an opportune time to get into the market at reasonable prices. 

In the last few weeks, several high priced properties have gone under contract. This may signal that despite the slow winter and the worldwide economic uncertainty, buyers are still making bets on Aspen as a safe haven alternative investment.

• 1025 Starwood Rd $47,500,000 $3,200/sq ft Starwood home

• 645 Willoughby Way $39,600,000 $4,300/sq ft Red Mountain home

• 724 Hayden Rd $38,500,000 $7,100/sq ft Castle Creek home

• 195 Hayden Rd $24,995,000 $2,400/sq ft Castle Creek home

• 555 Durant Ave $6,995,000 $5,200/sq ft North Of Nell 2 bedroom condo, not remodeled

• 117 Neale Ave $6,495,000 $6,300/sq ft 1 bedroom log cabin

• 610 West End St H403 $6,295,000 $4,900/sq ft 3 bedroom Gant unit

• 205 Durant St 3H $4,250,000 $4,700/sq ft 1 bedroom remodeled in 2015

Besides the recent uptick in the market activity, several major developments on the horizon for Aspen give us confidence that values in Aspen will remain strong. 

A notable milestone was reached when Snowmass condominiums achieved price parity with Aspen condos on a per-square-foot basis—a first in market history. Traditionally, Snowmass properties have traded at roughly a 50% discount compared to Aspen. However, buyers have proven willing to pay a premium for new, high-quality product, even if located outside the Aspen core.

After decades without significant new construction in Aspen, demand for fresh luxury inventory has surged. New Snowmass projects are now selling out well before completion, reflecting just how deep this appetite runs.

Attention is now turning to Aspen’s most anticipated development at the base of Aspen Mountain—Chalet Alpina. The project will offer both fractional and full-ownership residences, expected to be priced between $10,000 and $15,000 per square foot, with completion slated for 2029–2030.

The site will also feature the new Aman Resort, along with boutique shops and fine dining, marking a major evolution in Aspen’s luxury landscape.

Further transformation in town is expected during the planned airport closure in 2027 with many infrastructure improvements.

While some predict a temporary 15% market softening due to the airport’s closure from spring to fall of 2027, the disruption is likely to be limited. The closure will affect only one key selling season—the summer of 2027—leaving the shoulder seasons not as affected.

Beyond this short-term inconvenience, a wave of new high-end projects is set to coincide with the airport redevelopment, giving Aspen a major “face lift”. These initiatives are expected to enhance not only the town’s accessibility but the value of the properties neighboring these high end developments.

• The Aspen airport will be able to accommodate larger aircraft, like G650, Boening 737 and Airbus A220, enabling more efficient, potentially direct long-haul flights (e.g. East Coast), making Aspen more attractive to a whole new wave of buyers

• The Gant is set to undergo a $64 million renovation throughout 2027–2028, featuring an upgraded exterior, new pool, enhanced fitness center, and revitalized tennis facilities

• The Mountain Chalet is in the midst of a $100 million transformation, scheduled for completion in summer 2027, introducing two new public restaurants, a modern spa, and outdoor hot tubs

• The Nantucket based White Elephant Hotel is nearing its grand opening, which will include a new signature restaurant and a resort-style pool

• Construction contiues for Restoration Hardware’s flagship Aspen location, adding a design-forward retail and dining experience to town

• The Aspen Club & Spa project is expected to move ahead

• In Snowmass, a $144 million Ritz-Carlton Hotel is planned, accompanied by a new conference center, a slope-side day DJ club, and several exciting additions to the Snowmass Mall area.

Together, these developments signal a new era of refinement and revitalization across Aspen and Snowmass—further increasing the values and attraction of both resorts.

2025 MARKET OVERVIEW

To see what lies ahead, it is important to review how the Aspen market did in 2025.

According to the Aspen Annual Real Estate Market Update Report, presented by Aspen Appraisal Group, 2025 was great in terms of dollar volume sales, albeit a reduced number of sales, mostly driven by $20m+ sales.

In fact, 2025 was the 3rd biggest year in the history of Aspen, with sales at $3.8 billion. The record was 2021 with $4.6 billion.

The graph above shows the dollar volume in sales in Aspen since 2011. The green and blue lines are essentially the same, just different data pulled from the MLS and a title company.

Market Overview

• Starting with the COVID-era boom in 2020–2021, the local real estate market has remained remarkably strong.

• After a slowdown in mid-2022, 2023 saw momentum return, and 2024–2025 were both robust years in total dollar volume—despite fewer transactions.

• 2025 marked the third-highest dollar volume in Aspen history at just over $3.8 billion, behind only the record-setting COVID years.

Key Numbers at a Glance

• 2023: $3.1 billion

• 2024: $3.8 billion

• 2025: $3.8 billion

• Top years: 2021 ($4.65B) and 2020 ($4.2B)

• Sales count: Dropped from 1,500 in 2021 to 750 in 2025

• Insight: High-dollar properties continue driving total volume even as sales count falls.

ASPEN HOMES

• 2025 Sales 2025 vs 2024: $1.33B in volume. Up 20%.

• Average home price: $19.9M (down from $21.4M)

• Median price: $15M

• Price per sq.ft.: $3,700 average

  • Core: ~$5,800/sq.ft

  • West End: ~$4,300/sq.ft

  • Smuggler: ~$2,800/sq.ft

     

In 2025 a striking 80% of Aspen single-family sales exceeded $10M, and one in three surpassed $20M!

When the red line falls below the blue line, it reflects the ratio of listings to sales—an indicator of a strong market with less than a year’s supply of inventory. In the graph above, the red line currently sits above the blue.

While the number of transactions remains relatively low, the overall dollar volume is high, suggesting that the market continues to be driven by significant, high-value sales.

A typical sign of a market downturn is a growing number of listings paired with declining prices. In most of the graphs here, we observe the opposite trend.

When people describe Aspen as a “bubble” or claim it’s “overpriced,” it’s crucial to look at the data over time. Over the past two decades, most statistical graphs show that the number of listings has steadily declined since the 2008 high, while prices have trended upward.

Following the “gold rush” period from 2020 to 2022, prices have largely stabilized. Sellers remain cautious, as many are locked into low interest rates. And because the majority of Aspen transactions are all-cash, most owners are under no pressure to sell—they prefer to hold onto property in one of America’s most desirable destinations rather than sell it during a slower cycle.

Buyers, on the other hand, are proceeding carefully, in part due to elevated borrowing costs and ongoing geopolitical uncertainty. Yet, the data  reflects a fundamentally strong market. Aspen’s demand continues to be fueled less by pure economics and more by the unparalleled lifestyle it offers.

People don’t buy here based solely on price per square foot—they buy into the mountain majesty, the world-class art and culture, the exceptional dining and shopping, and the vibrant rhythm of events and music that make Aspen truly one of a kind.

ASPEN CONDOS

• Remain in a seller’s market, with limited inventory and steady demand

• 2025: All-time high of $474M in sales (+40% from 2024)

• Average price: $5M

• Median price: $3.3M

• Average price/sq.ft.: $3,300

• Notable sale: Monarch on the Park penthouse set record at $8,215/sq.ft.

• Five condos exceeded $5,000/sq.ft., and eleven sold for over $10M.

• By comparison, new ultra-luxury projects like Chalet Alpina may soon list near $10,000/sq.ft - $15,000/sq.ft.
  
  

Something to keep in mind when considering buying an Aspen condo in the near future:

The Gant exterior remodel project has created an assessment for each condo of $331,000 to $671,000, depending on the size. There are 140 condos, which represent about a 3rd of the rental market inventory in Aspen. These will be out of the rental market for 2027/2028, representing an opportunity for condo owners to pick up the demand for rentals in that time period. 

Some of the current Gant condos for sale do not include the assessment in the price, making the effective sale price even higher.  

LISTING HIGHLIGHT

333 W Main St Unit B2 Aspen, CO

$2,150,000

1 bedroom | 1 bath | 539 sq ft | Remodeled in 2023 | HOA dues $10,500/year

If you are looking for an investment property in Aspen, pied-à-terre, a place for your kids, nanny or pilot, this condo has everything a buyer is looking for - remodeled, light and mountain views, assigned parking, low HOA dues, ability to get a short term rental license right away, washer and dryer in the unit and a quiet building in the prestigious West End, a few minutes walk to town.

Many of the condos in downtown Aspen either don’t allow short term rentals per the HOA or have a waiting list from the City of 2-3 years; some don’t allow pets or lack other attributes that make it hard to resell in the future.

This is one of the few condos on the market that has it all!

SNOWMASS HOMES

• 2025: 25 active listings (Up 25% from 2024) but still limited supply (6–12 months).

• Average price: $9.2M (down slightly)

• Median price: $8.3M

• Price per sq ft.: $2,200

• Hottest neighborhoods: Ridge Run, Wildridge, and Wood Run (roughly 2800–3200 sq. ft. averages).

• Only one home listed under $5M—a 1969 teardown in Melton Ranch.

Snowmass remains a comparatively better value, offering roughly half the average price of Aspen homes.

Upcoming Developments

• Snowmass Center Redevelopment: 50 condos, 130 workforce units, 50,000 sq. ft. of retail

• New Ritz-Carlton: $144M investment, approvals under review

• Affordable housing projects: Ongoing at Draw site and with SkiCo

• Infrastructure upgrades: Roadwork at Owl Creek and Brush Creek

Expect significant construction activity through 2027.

• 2025: Third-highest year ever for sales over $10M

• Highest 2025 sale: $58.25M

The Billionaire Effect

• What was previously estimated at 100–125 billionaires who own property in Aspen (among only 16,000 total parcels), is now believed to be closer to 200-250 billionaires.

• For context, New York City has 123 resident billionaires; Aspen’s density is unmatched per capita.

• Their purchasing power—often willing to “overpay” millions for the right property—continues to set and reset price benchmarks.

  A vivid analogy:

• A millionaire spending $1 per second runs out in 11 days.

• A billionaire spending at the same rate lasts 32 years.

The $20+ million home market has been dominating Aspen sales in recent years.

2025 Sales

• 14 sales $20-30m

• 6 sales $30-40m

• 1 sale $40-50m

• 6 sales $50m+

ASPEN LOTS

Aspen lot listings are at a 20-year low.

Due to the low number of listings, the number of sales is also low, but the dollar volume is high.

There are a few lots left to build on in Aspen. The City of Aspen only allots six demo permits per year (lottery-based), making developer acquisitions harder.

Further construction limitations imposed both by the City and the County make building increasingly more challenging, costly, and inefficient.

From the already reduced allowable square footage (15,000 sq ft down to 9,250 sq ft), the County is proposing a further reduction to a max home size of 8,750 sq ft (not eligible for further expansion by TDRs - transferable development rights).

The allowed below-grade space will be reduced to 1,000 sq ft.

The new Energy Code is extremely restrictive when it comes to installing snow melt, hot tubs, and pools. These cannot be remediated with solar panels or energy credits.

All of these limitations make the newer homes in Aspen more valuable with each year, as developers are hesitant about the possibility of making a profit, and end users are overwhelmed by the ever-increasing costs and complexities of building in Aspen.

SNOWMASS LOTS

Snowmass lot listings are at a historical low, due to the majority of the neighborhoods having been built out.

*All the statistical graph images are copyright of the Aspen Appraisal Group LLC

CHALET ALPINA

PRIVATE RELEASE

Chalet Alpina just did a private release to a select group of buyers on the new resort residences at Lift 1A, which are similar to the Little Nell Residences.

You are one of the few to see this special project. Click below for the brochure.

RESORT RESIDENCES

Situated at the historic Lift One base, this legacy development will comprise 26 impeccably designed Resort Residences; two, three, three corner and four-bedroom collection residences offered through an exclusive co-ownership program of 1/8th shares (6 weeks of use). Click below for more info on the residences.

MEMBERSHIP

Chalet Alpina will debut Aspen’s most prestigious members’ club, a sanctuary of refined service, curated culinary experiences, and elevated après-ski culture.

Access to Membership while in residence includes:

• Ski-in / ski-out access to Aspen Mountain

• Discreet, full-service valet with private arrival

• Personal ski concierge and mountain services

• Dedicated members’ club with restaurants, bars, and a lounge designed by Martin Brudnizki Design Studio.

• A calendar of intimate, members-only experiences

• Preferred access to the alpine-inspired spa & fitness sanctuary

Private Release Membership Initiation is offered at $175,000.

Please reach out for a tour of their residence designed Aspen office at [email protected] or 970-355-8734.

Third Home Travel

NEW AERO ROUTES

AERO just added Miami to their Aspen route, so now you can fly privately from Aspen to Miami for about $6,000/seat.

They also fly Aspen to NYC for ~$5,300 and Aspen to LA for ~$2,200.

Next time you fly, use my 10% off discount KSENIA10.

Their other routes include Maui, Cabo, Napa Valley, Sun Valley, Las Vegas, Herber Valley and Thermal.

Book at Aero.com.

HAMPTONS RENTALS

If you haven’t booked your summer Hamptons home, check out these stunning rentals.

Reach out for availability and other options in the Hamptons or Nantucket markets.

If you are looking for off-market Aspen homes over $10M, please reach out for a list of 80 properties.