Aspen, Colorado is experiencing a real estate boom. And not just a boom of houses being quickly scooped up off the market, but a boom with significantly high price tags.
The sale of homes valued at $20 million increased by an incredible 161% between 2024 and 2025.
“Five years ago, such sales were rare,” reports the Wall Street Journal. But an “influx of wealthy buyers has upended that norm.”
In just 2025 alone, Aspen saw 34 individual deals valued at or above the $20 million mark. The median single-family home price, meanwhile, came in at just under $14 million.
A town of just over 7,000 people, up from 5,900 in 2000, Aspen, in east central Colorado, has long been a popular tourist destination spot owing to its status as a ski resort.
Real estate in the city, notes the Aspen Daily News, is “driven by unmatched walkability, ski access, and proximity to restaurants, retail, and cultural institutions.”
The residential market, continues the publication, is “dominated by luxury condominiums, and with little room for new development, demand continues to push values upward.”
The overall average for all home prices in Aspen, according to the site Zillow, now stands at just under $3.3 million. That figure is more remarkable given that the average price for all of Colorado, a popular state that continues to grow, is around $530,000.
Aspen real estate experts looking at where the market is headed this year say that overall prices will be supported due to a low inventory, buttressed to some degree by the ongoing interest of lifestyle and second-home buyers.
The real trends most likely won’t be fully clear for the next few months, reports the Aspen Times, noting that the “spring inventory boom, which typically occurs between April and May, is expected to bring more listings to the housing market.”
January 13, 2025
By Garry Boulard
Vintage postcard of Aspen, Colorado
