between—each of these regions offers diverse onslope experiences and real estate opportunities. The Resort Report helps to break down several key real estate metrics and helps to illustrate recent market trends.
Ski area properties across the American Mountain West hold enduring appeal within the broader national real estate market, providing recreational value and investment opportunity. These specialty market areas are often insulated, if not entirely removed, from larger macro-market real estate trends and are best assessed via a more nuanced analysis than is commonly available.
The Resort Report from Sotheby’s International Realty affiliates provides collaborative market analysis of seventeen distinct ski resort markets across the West to help inform your specific real estate investment decisions. No two ski towns are the same—each area offers its own unique character, market influences, and the occasional logistical hurdle—beyond the skiing itself. From the big-name Colorado resorts to the feast-orfamine snowfalls of the Sierra and everything in
Traditionally, real estate within these resort markets is less influenced by external factors like mortgage rates than in other parts of the country, and is considered to be less volatile than financial instruments like equities. While data sets represented within the Resort Report are as standardized to the greatest degree possible, unique geographic distinctions and specific reporting criteria vary slightly, and consultation with a local real estate professional is encouraged for a complete picture of a specific area.
Accessibility varies depending on the resort’s location and proximity to major transportation hubs. While many of the resorts featured within the Resort Report are accessible via a regional airport, at a minimum—Jackson Hole benefits from direct commercial flights from twelve airports across the U.S. during the winter season.
The real estate market in ski resort areas is influenced by numerous other factors, including seasonality, tourism trends, and economic conditions. Collectively, these resort areas continue to see strong activity as overall demand for luxury living and recreational properties remains robust within the West. The frenetic pace of transactions in recent years has slowed, somewhat, with the average number of days on market increasing in all but one region featured within the report.
Jackson Hole and the adjacent communities have seen steady appreciation in property values, fueled by a reputation as a world-class ski destination and year-round outdoor playground, and bolstered by a very favorable tax environment and a laid-back western attitude. Here, luxury properties continue to be the primary market driver, where homes sold above $5M accounted for more than half of the overall sales volume— helping contribute to an 18.2% increase in the average sold price.
By comparison, while Colorado is home to 32 active ski resorts, it is household names like Aspen that tend to dominate the headlines—and often serve as benchmarks within real estate market metrics. Aspen, famous for its slopes and potentially more so for its vibrant après-ski scene and luxury amenities, once again set the high point for both the highest sold price and average price-per-square-foot—which eclipsed $3,000/ sq.ft. in 2023, and was more than twice Jackson Hole’s average for the year.
In sharp contrast, New Mexico’s Taos Ski Valley offers a more secluded experience amidst the rugged, high desert beauty outside of Santa Fe. There, the average sold price and price-per-
NEW CONSTRUCTION IN EAST JACKSON
6 BEDROOMS
4 FULL BATHS, 1 HALF BATH
4,205 SQ. FT.
.17 ACRE
MULTIPLE LIVING SPACES
TWO CAR GARAGE
$7,500,000 • MLS# 22-1798
NEW LUXURY HOME IN THE TOWN OF JACKSON
• 5 BEDROOMS
• 5 FULL, 1 HALF BATHS
• OFFICE
• 3-CAR HEATED GARAGE
• MULTIPLE LIVING SPACES
• ADJACENT TO NATIONAL FOREST
• ELEVATED MOUNTAIN VIEWS
• 4,484 SQ. FT.
• .47 ACRE
• $10,500,000
• MLS# 24-62
SUBLETTE RIDGE
SKI LODGE TETON VILLAGE
6 BEDROOMS
6 FULL, 2 HALF BATHS
.55 ACRES
COMPLETELY RENOVATED • RESORT ZONED FOR
SHORT TERM RENTALS $13,950,000
MLS# 21-3721
NEW WORKFORCE HOUSING ON W. KELLY AVENUE
• EMPLOYER/INVESTORS ARE NOW ELIGIBLE TO PURCHASE SUBJECT TO WORKFORCE HOUSING REGULATIONS
• 2 BEDROOMS
• 2 FULL BATHS
• EACH UNIT COMES WITH TWO DESIGNATED PARKING SPACES
• UNIT 2: $875,000 | MLS#: 23-767
• UNIT 12: $895,000 | MLS#: 23-777
Real
square-foot were the most attainable of featured regions. However, it is important to recognize that numbers alone only tell part of the story—with this data set capturing the entire Santa Fe region and a population of nearly-90,000 compared to Aspen’s reported 7,000.
Overall access and amenities certainly play a pivotal role in shaping the lifestyle offered by ski market real estate. Jackson Hole offers a truly unique blend of outdoor adventure and Western hospitality billed as “the last of the Old West.” Defined by the grandeur of the Teton Range and surrounded by Grand Teton National Park and neighboring national forest lands, Jackson Hole offers world-class skiing, wildlife viewing, and cultural attractions, creating an authentic mountain experience that transcends the winter ski season alone. The finite amount of private land in Teton County, Wyoming—touted at less than three percent—remains a significant factor in the strengthening of average sales prices amid a decrease in total transactions.
By comparison, Park City, Utah, has a much more suburban character less than an hour from a major metropolitan area and international airport. The region has witnessed expansive residential and commercial development along the entire Eastern Wasatch Range and the foothills adjacent to Park City and Deer Valley in the last decade due in part to vast amounts of privately-held land that has helped to facilitate expanding overall inventory levels, and kept average prices down.
Lifestyle amenities extend beyond the resort boundaries, with proximity to public lands, golf courses, and outdoor recreation opportunities further enhancing the appeal of ski resort area real estate. Whether it’s fly-fishing, hiking, mountain biking, or exploring nearby national parks, residents have numerous opportunities to immerse themselves in the natural beauty of each region. This is evident perhaps nowhere more so than in Jackson, where the winter ski season visitation is second to summer travel and occupancy levels.
In many markets, ski properties are defined
