YEAR-END 2023
Luxury Report CO LO RA D O’S LUXU RY M A R K E TS
Welcome CO LO RA D O’S LUXU RY M A R K E TS
LIV Sotheby’s International Realty’s quarterly Luxury Report provides valuable market data to help you navigate the dynamic landscape of Colorado real estate. Measuring the performance in some of Colorado’s most popular communities for single-family homes and condominiums, we include all residential properties sold above $1 million in Denver Metro, Colorado Springs, Boulder, and Grand County. Residential properties selling above $2 million in Summit County and Crested Butte are included as are properties sold above $3 million in Vail Valley and Telluride.
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Across these regions, the median sold price for residential properties selling above $1 million was $2,087,531 during 2023, demonstrating the strength of the luxury real estate market throughout some of the state’s most desirable communities. Properties in the Front Range saw a median sold price of $1,319,890 and the Resort regions had a median sold price of $3,008,700, an increase of 55% year over year, illustrating steady buyer demand throughout Colorado.
Year-End
MEDIAN SOLD PRICE
Luxury Data
All Colorado Sales Above $1M*
$2,087,531
2022 vs 2023 % Change
+ 30.2%
Front Range Sales Above $1M
$1,319,890
- 0.2%
Resort Regions Sales Above $1M
$3,008,700
MEDIAN SOLD PRICE
$1.85M
All Colorado Sales Above $1M*
$1.8M
January - December 2023
+ 55.0%
$1.75M $1.7M $1.65M Jan Feb Mar Apr May Jun Jul
Aug Sep Oct Nov Dec
*Based on all residential sales above $1,000,000 in Denver Metro, South Metro, West Metro & Foothills, Boulder & Northern Colorado, Colorado Springs, Grand County, Summit County, Crested Butte, Vail Valley, and Telluride.
January - December 2023 | 3
AT A G L A N C E
Colorado’s Front Range The median sold price for luxury properties in the Front Range increased slightly as the number of sold properties dipped 17.1% to 7,615 in 2023. This was consistent with the economic climate, which saw fluctuating interest rates, tight inventory, and the cyclical dip in sales transaction volume during the holiday season. Luxury residential properties in the Front Range sold for a median price of $1,604,116, led by Cherry Hills Village, Greenwood Village, and the City of Denver. Boulder and Northern Colorado had the highest sold price of the year at $16,000,000, which was a 60% increase from 2022 for the region. As we move into 2024, more inventory is expected to hit the market to coincide with the spring selling season.
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Based on Sales $1,000,000+
Median Sold Price
YTD 2022 vs 2023 % Change
$1,604,116
+0.7%
Properties Sold
YTD 2022 vs 2023 % Change
7,615 Average Days on Market
51
-17.1% YTD 2022 vs 2023 % Change
+70.3%
Average Price per Sq. Ft.
YTD 2022 vs 2023 % Change
$389
- 0.1%
List Price to Sold Price
YTD 2022 vs 2023 % Change
98.0%
- 3.4%
Based on sales above $1,000,000 from REColorado, IRES, and PPAR (Powered by LiveBy). This representation is based in whole or in part on data supplied from REColorado, IRES, and PPAR on January 1, 2024, for the period January 1, 2023 – December 31, 2023. REColorado, IRES, PPAR do not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado, IRES and PPAR may not reflect all real estate activity in the market.
January - December 2023 | 5
Denver Metro Median Sold Price
$1,370,000 +1.5% Change | 2022 vs 2023
Properties Sold
3,928 -19.2% Change | 2022 vs 2023
Average Days on Market
38 +58.3% Change | 2022 vs 2023
Highest Sold Price
$15,000,000 +15.4% Change | 2022 vs 2023
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Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
City of Denver
1,296
$1,453,750
36
Broomfield
97
$1,267,500
24
Commerce City
3
$1,237,794
8
Englewood
16
$1,374,924
45
Littleton
45
$1,385,000
26
Aurora
74
$1,136,500
53
Centennial
128
$1,275,000
29
Greenwood Village
126
$1,957,500
29
Cherry Hills Village
100
$3,350,000
36
Thornton
5
$1,200,000
45
Westminster
42
$1,300,000
58
Data based on all residential sales above $1,000,000 in the counties of Adams, Arapahoe, Denver, Douglas, Broomfield, and Jefferson. Based on information from REColorado (Powered by LiveBy).
January - December 2023 | 7
South Metro Median Sold Price
$1,300,000 -3.7% Change | 2022 vs 2023
Properties Sold
941 -19.1% Change | 2022 vs 2023
Average Days on Market
45 +73.1% Change | 2022 vs 2023
Highest Sold Price
$7,800,000 -3.0% Change | 2022 vs 2023
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Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Highlands Ranch
152
$1,300,000
24
Lone Tree
70
$1,315,000
32
Parker
41
$1,100,000
26
Castle Rock
80
$1,166,696
37
Castle Pines
102
$1,300,000
30
Sedalia
15
$1,900,000
75
Franktown
2
$1,326,200
47
Larkspur
39
$1,198,000
51
Data based on all residential sales above $1,000,000 in Douglas County. Based on information from REColorado (Powered by LiveBy).
January - December 2023 | 9
West Metro & Foothills Median Sold Price
$1,300,000 0% change Change | 2022 vs 2023
Properties Sold
872 -17.8% Change | 2022 vs 2023
Average Days on Market
33 +22.2% Change | 2022 vs 2023
Highest Sold Price
$14,705,000 -129.8% Change | 2022 vs 2023
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Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Arvada
90
$1,150,000
25
Lakewood
123
$1,250,000
25
Wheat Ridge
31
$1,400,000
24
Evergreen
46
$1,252,000
29
Morrison
14
$1,070,950
14
Golden
58
$1,377,500
19
Conifer
46
$1,313,500
41
Data based on all residential sales above $1,000,000 in Jefferson County. Based on information from REColorado (Powered by LiveBy).
January - December 2023 | 11
Boulder & Northern Colorado Median Sold Price
$1,375,000 -0.1% Change | 2022 vs 2023
Properties Sold
1,536 -17.7% Change | 2022 vs 2023
Average Days on Market
57 +39.0% Change | 2022 vs 2023
Highest Sold Price
$16,000,000 +60.0% Change | 2022 vs 2023
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Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
City of Boulder
455
$1,600,000
67
Longmont
65
$1,200,000
72
Louisville
60
$1,287,500
46
Niwot
32
$1,803,440
75
Erie
59
$1,271,126
45
Lafayette
56
$1,196,850
49
Superior
37
$1,156,222
41
Fort Collins
95
$1,250,000
29
Loveland
27
$1,151,182
33
Berthoud
25
$1,335,000
70
Windsor
51
$1,220,000
57
Timnath
33
$1,610,000
54
Data based on all residential sales above $1,000,000 in Boulder County, Fort Collins, Loveland, Berthoud, Windsor, and Timnath. Based on information from REColorado & IRES (Powered by LiveBy).
January - December 2023 | 13
Colorado Springs Median Sold Price
$1,225,000 +1.2% Change | 2022 vs 2023
Properties Sold
338 -8.0% Change | 2022 vs 2023
Average Days on Market
48 +9.0% Change | 2022 vs 2023
Highest Sold Price
$4,500,000 -37.8% Change | 2022 vs 2023
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Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Black Forest
84
$1,268,750
56
Broadmoor
73
$1,275,000
46
Flying Horse
38
$1,149,000
61
Monument
83
$1,204,457
54
Data based on all residential sales above $1,000,000 from PPAR MLS.
January - December 2023 | 15
AT A G L A N C E
Colorado Resorts Demand for homes in Colorado’s Resort communities remained strong in 2023, as 694 luxury residences sold for a median price of $3,008,700, up 55% when compared to the previous year. The average price per square foot rose to $1,143, an increase of 22.4% from 2022. Buyers continue to seek out properties with access to recreation, wilderness, and open space throughout the state. And as skiers and other outdoor enthusiasts visit these mountain regions in the first quarter of 2024, the market is expected to remain strong.
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Based on Sales $1,000,000+
Median Sold Price
$3,008,700 Properties Sold
694 Average Days on Market
149 Average Price per Sq. Ft.
$1,143
YTD 2022 vs 2023 % Change
+ 55.0% YTD 2022 vs 2023 % Change
- 36.4% YTD 2022 vs 2023 % Change
+ 78.3% YTD 2022 vs 2023 % Change
+ 22.4%
List Price to Sold Price
YTD 2022 vs 2023 % Change
97.0%
- 2.2%
Based on sales above $1,000,000 from MLS information from Grand County, Summit County, Crested Butte, Vail Valley, and Telluride (Powered by LiveBy). This representation is based in whole or in part on data supplied from various Colorado Resort MLS services on January 1, 2024, for the period January 1, 2023 – December 31, 2023. The various Colorado Resort MLS services do not guarantee nor are in any way responsible for its accuracy. Data maintained by the various Colorado Resort MLS services may not reflect all real estate activity in the market.
January - December 2023 | 17
Grand County Median Sold Price
$1,370,500 + 1.5% Change | 2022 vs 2023
Properties Sold
138 -25.4% Change | 2022 vs 2023
Average Days on Market
225 +57.3% Change | 2022 vs 2023
Highest Sold Price
$3,450,000 -58.8% Change | 2022 vs 2023
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Based on Sales $1,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Fraser
22
$1,537,500
394
Granby
24
$1,357,988
236
Grand Lake
7
$2,172,650
196
Tabernash
10
$1,050,000
86
Winter Park
10
$1,212,450
87
Based on sales above $1,000,000 from Grand County Board of Realtors®. Based on information from Grand County Board of Realtors® (Powered by LiveBy). This representation is based in whole or in part on data supplied by Grand County Board of Realtors® for the period January 1, 2023 - December 31, 2023. Grand County Board of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by Grand County Board of Realtors® may not reflect all real estate activity in the market.
January - December 2023 | 19
Summit County Median Sold Price
$2,670,000 -0.6% Change | 2022 vs 2023
Properties Sold
186 -10.6% Change | 2022 vs 2023
Average Days on Market
84 +110.0% Change | 2022 vs 2023
Highest Sold Price
$12,000,000 -1.6% Change | 2022 vs 2023
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Based on Sales $2,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Breckenridge
60
$2,857,500
104
Copper Mountain
4
$2,650,000
22
Keystone
19
$2,450,000
86
Based on sales above $2,000,000 from Summit County Board of Realtors®. Based on information from Summit County Board of Realtors® (Powered by LiveBy). This representation is based in whole or in part on data supplied by Summit County Board of Realtors® for the period January 1, 2023 - December 31, 2023. Summit County Board of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by Summit County Board of Realtors® may not reflect all real estate activity in the market.
January - December 2023 | 21
Crested Butte Median Sold Price
$2,800,000 - 10.4% Change | 2022 vs 2023
Properties Sold
39 -7.1% Change | 2022 vs 2023
Average Days on Market
228 +48.1% Change | 2022 vs 2023
Highest Sold Price
$10,000,000 +35.1% Change | 2022 vs 2023
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Based on Sales $2,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Town of Crested Butte
12
$3,024,500
263
Mt. Crested Butte
8
$2,537,500
182
Rural Crested Butte
16
$2,950,000
187
*Based on sales above $2,000,000 from Gunnison - Crested Butte Association of REALTORS®, Colorado Real Estate Network (CREN) MLS. Based on information from Gunnison - Crested Butte Association of REALTORS®, CREN MLS (Powered by LiveBy). This representation is based in whole or in part on data supplied by CREN MLS for the period January 1, 2023 - December 31, 2023. Verify with a local REALTOR®. CREN MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by CREN MLS may not reflect all real estate activity in the market.
January - December 2023 | 23
Vail Valley Median Sold Price
$4,428,000 -28.0% Change | 2022 vs 2023
Properties Sold
199 +82.9% Change | 2022 vs 2023
Average Days on Market
117 -2.5% Change | 2022 vs 2023
Highest Sold Price
$20,500,000 -29.3% Change | 2022 vs 2023
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Based on Sales $3,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Arrowhead
19
$4,100,000
67
Bachelor Gulch
15
$4,800,000
42
Beaver Creek
26
$4,922,500
106
Town of Vail
42
$5,800,000
100
Vail Village
30
$6,288,250
118
Lionshead
12
$4,712,500
55
Vail Golf Course
10
$5,250,000
163
Mountain Star
2
$9,225,000
320
Based on sales above $3,000,000 from Vail Board of Realtors®. Based on information from Vail Board of Realtors® (Powered by LiveBy). This representation is based in whole or in part on data supplied by Vail Board of Realtors® for the period January 1, 2023 - December 31, 2023. Vail Board of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by the Vail Board of Realtors® may not reflect all real estate activity in the market.
January - December 2023 | 25
Telluride
Median Sold Price
$5,100,000 - 1.9% Change | 2022 vs 2023
Properties Sold
83 -13.5% Change | 2022 vs 2023
Average Days on Market
196 +26.5% Change | 2022 vs 2023
Highest Sold Price
$18,900,000 +10.5% Change | 2022 vs 2023
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Based on Sales $3,000,000+
Properties Sold
Median Sold Price
Average Days on Market
Town of Telluride
35
$4,995,000
252
Mountain Village
48
$5,125,000
156
*Surrounding Mesas
10
$6,152,000
187
Data based on all residential sales $3,000,000+ in Deep Creek Mesa, Hastings Mesa, Iron Springs/Horsefly Mesa, Specie Mesa, Sunshine Mesa, Turkey Creek Mesa, and Wilson Mesa. Based on sales above $3,000,000 in Telluride and Mountain Village. Based on Information from the Telluride Association of Realtors®. This representation is based in whole or in part on data supplied by the Telluride Association of Realtors® on January 1st, 2023 for the period of January 1st, 2023 - December 31st, 2023. The Telluride Association of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by the Telluride Association of Realtors® may not reflect all real estate activity in the market.
January - December 2023 | 27
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