Telluride’s Luxury Home Values Doubled in the Last 5 Years
With an annual appreciation of 18%, property values throughout the American ski town of Telluride have doubled over the last 5 years, with some properties even exceeding that growth, according to Telluride Properties Q4 2024 Activity Report.
In fact, the report outlined that Telluride’s percentage of ultra-luxury properties (those priced above $5 million) has grown to 38.5% making it the number one concentration of ultra-luxury properties.
In 2024 the average Mountain Village home price decreased by 18%, however, homes priced at $5M and above saw a 5% price increase, with an average home sale price of $9.8M. Where just a few years ago a $10M sale was unusual, according to the report.
Single-family home sales in Mountain Village experienced a 4% increase and a 19% increase in the dollar volume. Condo sales were the most affected by low inventory with sales decreasing by 41% and a dollar volume decrease of 52%, from fewer high-end sales. According to the report, Mountain Village represented 27 of 48 sales over $5M and 10 of 14 sales over $10M.
Overall sales volume in Telluride for 2024 increased 16% compared to 2023, surpassing $1B. The average home sale in the Town of Telluride was noted at $6.5M. Low inventory and high demand led to an average sale price increase of 7%, however, downtown Telluride had a 47% average sales price increase in 2024 compared to 2023.
Telluride saw 26% more single-family home sales in 2024, and a 59% increase in dollar volume. Meanwhile, condos saw only a 2% increase in sales, but a 32% increase in dollar volume.
Additionally, Telluride has been selected as home to new Four Seasons residences.
“It is this simple economic formula that promises ski resorts continued buoyancy and resiliency as people prioritize lifestyle. Given the recent market cues from the top of the market, where several Four Seasons penthouses are trading between $20-$30M and upwards of $5,000/sf, the market’s future looks strong.”
This Market Report has been provided by T. D. Smith, Telluride Real Estate Corp. Our Exclusive Partner on LuxuryRealty.com for Telluride, CO & LuxuryHomes.com Affiliate.
Sources:
TP 4th Quarter 2024 Market Report – Telluride Properties