Now that 2024 has concluded, let’s take a look at how the mountain real estate market performed this year. Whether you’re a buyer, seller, or investor, understanding trends can help you make informed real estate decisions.
Market Overview
The mountain real estate market saw a mix of stabilization and continued demand in 2024. While interest rates influenced buyer activity, ski-in/ski-out properties, short-term rental-friendly homes, and new construction developments remained highly sought after. Inventory levels fluctuated, with some areas seeing an increase in listings while others remained competitive due to low supply.
Key 2024 Mountain Market Stats
The year ended pretty steady, remembering that of the Land Title numbers this year included The Hotel Indigo $28.5M, Parkway Center City Market and two development sites totaling $49M, Pass Creek Ranch $21M, and The Uptown 240 transfer at $12.7M. This is a large factor in why we are seeing monetary volume up 17% from 2023. Without these transactions, we would still see an increase in monetary volume from 2023 by about $200M.
Summit County in the Past 36 Years
Looking at 36 years of Summit County real estate data, it’s clear the market has seen steady growth, with notable shifts in recent years. Average home prices continue to rise, driven by limited inventory, increasing demand for resort-area properties, and the growing appeal of mountain living. While gross sales volume saw a decline from the peaks of 2021 and 2022, 2024 has marked a rebound, bringing us back to levels comparable to pre-pandemic 2019. This suggests a return to a more balanced market after the volatility of the past few years.
One of the most significant changes has been in the luxury market, where $1M+ transactions have surged. What was once considered ultra-luxury pricing in the ‘90s is now common. These long-term trends highlight the resilience of Summit County real estate and reinforce its appeal as a premier mountain destination.
Market Insights & Future Outlook
Check out the graphs from Land Title below:
If you’re considering buying or selling in the mountains, now’s a great time to strategize. Reach out to discuss how to navigate this ever-changing market!
