A Look at Aspen’s H1 2025
As a broker deeply immersed in the Aspen real estate market, I've seen many cycles of growth and adjustment. However, the first half of 2025 has demonstrated a remarkable level of strength and activity that stands out. The data from the H1 2025 Mid-Year Report confirms what we've been experiencing on the ground: a market characterized by surging dollar volume, a normalization of ultra-luxury sales, and the persistent influence of private transactions.
The first six months of the year have been the second-best first half since the post-COVID boom, surpassed only by H1 2022. For Aspen proper, the total dollar volume soared to approximately $948 million, a stunning 52% increase from the $625 million recorded in H1 2024. The number of transactions also jumped too with 43 units sold compared to 29 in the same period last year. This surge occurred even as active listings increased by 24%, signaling robust buyer demand capable of absorbing new inventory without diluting prices. In this post, I’ll break down the key trends shaping our market and what they mean for buyers and sellers moving forward.
Key Market Trends in H1 2025
The data paints a clear picture of a market firing on all cylinders. Average sale prices for single-family homes in Aspen reached 22.05 million, a 2% year-over-year increase, with the average price per square foot climbing an impressive 52% to 4,469. This dramatic rise in square-foot value underscores the market's appetite for high-quality properties.
Aspen condos also saw significant gains. The average sale price for a condo was 4.86 million, up 55% from H1 2024, while the price per square foot rose 11% to 3,635. This upward trend highlights that condos remain the most accessible entry point into Aspen’s competitive free-market real estate, and demand continues to outpace supply.
Sellers have maintained a strong negotiating position, particularly in core market segments. Single-family homes in the 10 million to 30 million range traded at an average of 93–96% of their asking price, while 2 and 3 bedroom condos commanded around 96%. This discipline shows that while buyers are active, they are also discerning, rewarding properties that are priced rationally.
Strength in the Ultra-Luxury Sector
One of the most defining features of H1 2025 was the surge in the ultra luxury market. Sales of homes priced over 20 million spiked by 92% compared to the previous year, with 23 such transactions closing in the first half. Of those, 11 were for properties over 30 million, and four exceeded the 50 million mark.
This normalization of high-value trades tightens the scarcity of true trophy assets and pulls comparable valuations upward across the board. April was a particularly active month, with three off market sales surpassing 50 million and another closing at 33 million before it ever hit the Multiple Listing Service. The consistent achievement of these price points signals a sustained higher pricing regime for best in class properties, with sales frequently reaching the 5,000 to 7,000 per square foot range.
The Importance of Off-Market Transactions
The Aspen market has always had a significant private component, but the first half of 2025 underscored just how crucial these off market deals are. Approximately 35% of the total dollar volume for Aspen single family homes roughly 334 million of the 948 million total was transacted off-MLS. When considering all property types in Aspen, these off market deals accounted for 24% of the total dollar volume.
This trend highlights the importance of working with a well connected broker. The best inventory often never becomes publicly available. For serious buyers, access to these private networks is not just an advantage; it is essential to seeing and securing the most desirable properties in Aspen. For sellers, an off market strategy can offer discretion and a direct line to highly qualified buyers.
Snowmass as a Value Alternative
As prices in Aspen continue to climb, Snowmass Village is solidifying its position as a compelling value alternative. Strict zoning regulations in Aspen constrain the pipeline for new condo developments, pushing buyers in search of modern inventory toward Snowmass.
In H1 2025, the average price for a single family home in Snowmass was 7.75 million at 2,153 per square foot. Condos averaged 2.9 million at 2,349 per square foot. These figures represent a significant discount compared to Aspen, with the price gap for newer products narrowing as demand grows. Historically, the Snowmass to Aspen discount has been around 25 to 40 percent, and we are seeing it return to these levels. The final slopeside condo project at the Base Village, Stratos Snowmass, is nearly sold out ahead of its 2027 completion, which is expected to further increase pricing pressure in the area.
Notable Transactions of 2025
The market's strength was punctuated by several headline making listings and sales that captured global attention.
- Little Lake Lodge: In August, this 74 acre compound on Stillwater Road was listed for an astounding 300 million, making it the most expensive home for sale in the United States at the time.
- Elk Mountain Lodge: Bill Koch’s 52 acre estate, located ten miles from town, hit the market in February with a price tag of 125 million.
- Riverfront Listing: A custom home on the Roaring Fork River, built in 2017, was listed in June for 58.5 million.
- Claure Estate Sale: In a strategic land bank acquisition, the former Sprint CEO Marcelo Claure sold his 21 acre holding for 37.3 million, preventing a large scale development on a neighboring property.
These transactions, along with the record setting 108 million sale on Willoughby Way in 2024, reaffirm Aspen’s status as a premier global destination for ultra high net worth individuals.
Your Aspen Real Estate Partner
The second half of 2025 is shaping up to be just as dynamic. We will be watching inventory levels closely, as well as the market’s reaction to the monumental 300 million and 125 million listings. These will serve as key bellwethers for global demand at the very apex of the market.
Navigating this complex and fast moving environment requires deep market knowledge, strategic insight, and access to an exclusive network. Whether you are looking to buy or sell, my goal is to provide you with the expertise and guidance needed to achieve your real estate ambitions in Aspen.
If you are considering a move or wish to discuss the market in greater detail, please get in touch. Let’s explore how these trends can work to your advantage. For more information about me, visit this link!
