Market Reports

As we close out 2025, the San Miguel County real estate market is best described as normalized, resilient, and increasingly selective – a healthy transition from the extraordinary conditions of the post-pandemic years.
Total sales volume for the year reached $868.3M across 448 transactions, modestly below 2024 levels, but well within historical norms and closely aligned with 2023 activity. Rather than signaling a decline in demand, this shift reflects a market that has returned to fundamentals: disciplined buyers, realistic sellers, and pricing driven by quality rather than urgency.

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Stabilization in the Market and a Great Time for Buyers

The first half of 2025 marks a significant shift in the Telluride real estate market, showcasing clear signs of stabilization. After a period of intense activity, demand has cooled from its previous frenetic pace while supply has improved, offering buyers more choices, greater leverage and the best opportunity to purchase a home in the region in the last four years. 

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“In an election year it is common that real estate sales slow down. Reports from Jackson Hole, Yellowstone Club, Vail, Crested Butte and Sun Valley are that sales have slowed. In recent years that was attributed to a lack of inventory, but today, inventories have increased in these locations. These markets appear to be stabilizing and returning to previous market conditions where buyers and sellers may be on more even ground.” 

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If you have been sitting on the sidelines waiting for prices to retreat, the trend is not great; as a rule, year over year values and prices continue to rise. Historically low inventory, increasing demand and marquee development like the Four Seasons Hotel & Residences portend more of the same for this year and the near future. In spite of only 16 more transactions year over year, the first quarter of 2024 Telluride experienced an uptick of 46% in Total Dollar Volume vs 2023. As a consequence, the average sale price in our market is up 26% year over year. Sales over $5 million have increased 50% year over year as the upper-end of our market carries the day despite persistently high interest rates which may be impacting the lower end of the market. Ultimately, Sellers continue to maintain control in a market driven by low supply and consistent demand in a highly desirable community.
Despite this seller control, it remains critical to price properties well. With a limited amount of inventory, it has become more of an art than a science and getting it right is complicated. This makes working with a sophisticated advisor in the Telluride market that much more important.”

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Telluride has enjoyed a steady, yet controlled growth that experiences spikes and plateaus. Other than the Great Recession, we have not seen significant market declines, as evidenced by an analysis of Telluride & Mountain Village median home prices over the past 30 years. Given constrained supply and rapidly increasing demand, our property values grew almost 100% in the most desirable segments
of the Town of Telluride and Mountain Village during the Covid-Era. In 2023, we’ve transitioned to a more balanced market, yet average sale prices have continued to rise in comparison to 2022, with an increase of 13% in Telluride and 25% in Mountain Village.

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