Momentum of the Aspen Real Estate Market

Momentum of the Aspen Real Estate Market

  • Justin Addison
  • 03/22/22

The lively ski town of Aspen, Colorado is a dream place to live. Just under two square miles nestled in the Rocky Mountains, Aspen is a locale that caters to those who demand more from their neighborhood. A variety of restaurants, cultural activities, and boutique shops drive crowds of people towards Aspen's Downtown Core. But that's merely a drop in the bucket. Aspen lies in proximity to four mountains. These provide a home to a number of world-famous ski resorts, Aspen Highlands, Snowmass, and Buttermilk Ski Resort. 81 walking trails sprawl throughout the nearby wilderness areas. This area is perfect for getting outdoors in every season, providing the locals with a plethora of alternatives to time spent on their phones.

After the pandemic, people began turning to natural healing methods they could do from home. The breathtaking White River National Forest which surrounds Aspen is ideal for reconnecting with your inner peace.

For Aspen and the nearby village of Snowmass, the amount of money spent on new homes in 2021 was up compared to 2020. While the total combined unit sales jumped,  listing inventory has been decreasing year over year. As a result, buyers are paying more for what’s available. Those looking to buy one of Aspen’s luxury homes are looking to pay heavier price tags in exchange for the laid-back lifestyle. The market hasn’t shown signs of stopping.

Downtown Aspen

The Downtown Aspen neighborhood is at the forefront of Aspen's cultural hub. The neighborhood stretches from Hotel Jerome on Main Street and runs South to West. Referred to as the Aspen Core, the area contains "Restaurant Row," boutique shops, plus an array of activities all within walking distance. Explore the mountain bike trails in the summer or take a break from the slopes in the winter, Aspen is a lively area every time of year.

The West End

Known as the West End, this neighborhood is entirely residential. Drawing back to Aspen's history as a mining town, this neighborhood calls on days of old with well-decorated Victorian homes.

There are some newer, contemporary homes scattered throughout. Yet the Victorians built by wealthy silver barons who struck it rich in the mines are still the shining stars of the area. The median listing price is trending upward.

It pays to be close to Downtown, the Roaring Fork River, and the Aspen Mountain Gondola. Everything is within a reasonable walking distance, or else, a short drive. Fish the Gold Medal waters of the river and try your hand at pulling out up to 60 pounds of trout per acre. The gondola never disappoints with beautiful scenic views to take in throughout every season. Enjoy deep-green forests perfect for hiking, mountain biking, and viewing the colorful wildflowers.

Red Mountain

During the pandemic, the search for "big lots" became more and more popular. The desire to be at a distance from others increased, and so did the popularity of homes featuring larger lot sizes. Red Mountain, North of the Roaring Fork River is such a place. The inventory for homes in this area is currently extremely limited. It's definitely a seller's market in this area.

Residents of this neighborhood live within a short drive of the Aspen Core, yet enjoy some of the most spectacular mountain views to be had. A variety of other peaks in the Elk Mountain range provide an excellent backdrop for your favorite activities year-round.

Aspen Plus

Encompassing many smaller neighborhoods, the Aspen Plus category includes all of the neighborhoods outside of the Downtown Core. All bring the relaxation and peace of the wilderness while maintaining the ease of access shared by other Aspen neighborhoods.

Some of the most expansive views of the local ski areas can be found in Cemetery Lane homes. Access the Rio Grande Trail along the Roaring Fork River for instantaneous walking, biking, and hiking. Snowmass Village compliments the Aspen area. Within proximity to the Snowmass Ski Resort, luxury ski-in, ski-out homes are present in this area.

Understanding the current Aspen real estate market is crucial, regardless of whether you're looking to buy or sell. Before you make any firm decisions, it's best to speak with a professional. Real estate broker Justin Addison lists, sells and manages luxury properties within the Aspen Core, West End, Red Mountain and the entire Roaring Fork Valley. Contact him today for a tour of some of Aspen's most luxurious listings or advice on navigating the current market.

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