Telluride Market Report – Q2 2025: 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.
Telluride Market Report – Q1 2025: Opportunity in a Time of Transition
Despite a quieter start to the year, Telluride’s real estate fundamentals remain strong. Inventory is scarce, demand is steady, and discerning buyers are watching closely for the right moment to act.
This report offers a clear look at where the market stands—and why Telluride continues to be one of the most sought-after, resilient destinations in the Rockies.
Telluride Real Estate Q3 2024 Market Report“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.”
Telluride Real Estate Q2 2024 Market ReportThe tailwinds of the pandemic market that resulted in a scarcity of inventory in 2023 are in the rear-view mirror, even though demand remained relatively strong. The first six months of 2023 witnessed a decline of 25% in gross dollar sales while retail residential prices remained stable, except for the Mountain Village wherein the average home price increased 48%. This sector of the market possessed more inventory with investors most likely recognizing better value plays. During the first 6-month period of 2024, new inventory entered the market resulting in a 21% increase in gross dollar sales ($507.8M vs. $419.7M). During this period Village values remained stable with Town of Telluride witnessing a 12% increase in single-family values and 10% in condo values. Thus, comparing mid-year data (2023 vs. 2024) it is apparent that demand has remained stable and gross dollar production is largely dependent upon availability of inventory. On a positive note, if sales accomplished in the single-family and condominium markets continue at their respective paces, we have approximately 25% more unit availability for the latter half of 2024 vs 2023.”

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.”

to a steady rate of overall appreciation similar to pre-pandemic trends. The numbers bear this out: in 2023, San Miguel County’s total dollar volume was up 31% over 2019, despite 18% fewer transactions.

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.


Well, here we are, already through the first quarter of 2023. At first glance, the percentage decrease in number of transactions and dollar volume YTD may seem significant. Yet, as the market normalizes, comparing it to the highs of the boom is an unfair assessment. To put things into perspective, San Miguel County’s dollar volume for the first quarter of 2023 was the third highest on record.

An optimistic data point reveals that total property sales of $5mm and above declined a modest 9% from 2021 based on transaction volume. Another bright point shows that although dollar volume and number of sales have pulled back in 2022, the overall price per square foot averages, across most property types, have risen or held firm due to very limited inventory.

Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market.
(exclusivity), low inventory and moderate demand are not putting enough downward pressure on pricing at this time to drive prices down from a balanced market.

Telluride Real Estate Market Update – July 2022
Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market.
Summer is underway in Telluride, as the 4th of July marks the unofficial leap into the season. We’ve seen a lot of early monsoon rains this year, which is a great sign after a dry and windy spring. The San Juan high country is green and popping with wildflowers, creating the perfect backdrop for hiking and biking adventures. In the real estate world, despite the first decrease of overall dollar volume in recent history, average sales prices are still up 31% in San Miguel County (SMC). Still, it feels like we are on the cusp of a shift in the local market. Obviously, it’s hard to know exactly what that means, but here are the tea leaves we’re reading:
Inventory Continues To Be Low: Down 50% in Telluride and 20%+ in SMC compared to last year, but this trend seems to be turning toward a slow increase in inventory levels.
List-To-Sold Price Ratio Is Historically High: 98% in SMC and over 97% in Telluride – these numbers really can’t go much higher, so it’s now a question of how long sellers will retain this negotiating “power”.
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Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market.

Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market.
County’s real estate sales exceeded 2020’s dollar volume of $1.1b with a new record of $1.4b. That’s exciting news, yet most likely a peak for now. Buyer demand is still very strong; however, current owners aren’t anxious to give up their Telluride retreats without good reason.

Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market.
Telluride Real Estate Q2 2021 Market Report
Telluride Real Estate Market Update – July 2021
Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market. As we cross the halfway mark of 2021, the Telluride Region’s real estate market continues charging full speed ahead. As inventories have dwindled over the past year-and-a-half, San Miguel County’s dollar volume of sales has continued to rise, increasing 207% year-to-date over the prior 5 year-to-date average. Amazingly, at $684M, the year-to-date dollar volume of sales has surpassed the yearly totals for the last 10+ years (with the exception of 2020). Due to very limited inventory in Town, we have seen Mountain Village and outlying areas surge, carrying the market.
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Telluride Real Estate Q1 2021 Market Report
Telluride Real Estate Market Update – April 2021
Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market.
Telluride has clearly felt the real estate frenzy ignited by the pandemic. Inventory has hit 30 year lows as evidence by only 16 homes and condos available for purchase in Downtown Telluride. This does not mean that Town is dramatically changing or that the market does not still have opportunity. Like-minded people still choose Telluride for its sense of community and small town living. An interesting spin-off from this influx of new people is an increase in intellectual diversity that has led to more collaboration on many fronts including arts, science, economics and more. This next era may lead to a more diversified regional economy, sophistication and global idea exchange.
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Telluride Real Estate Market Update – January 2021
Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market.
Wow, what an unprecedented and unpredictable year 2020 was. Full of heartbreak and turmoil for so many, we in Telluride were reminded time and time again how lucky we are to enjoy the lifestyle provided by our quaint town in the San Juan Mountains. As we reflect on the trajectory of the Telluride real estate market over the past 12 months, it seems that very lifestyle sentiment was the prevailing force in driving an extraordinary influx of demand, as the dollar volume of sales reached all-time highs. In fact, the previous high dollar volume mark set in 2007 at $756.6m was blown out of the water in 2020, increasing more than 50% for a total dollar volume of $1.16b. Incredibly, every month of the year exceeded $125m in dollar volume for San Miguel County.
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Telluride Real Estate Q3 2020 Market Report
Telluride Real Estate Market Update – October 2020
Click on the above report for a comprehensive Market Update, summarizing the current state of affairs in the Telluride Area Real Estate Market.
If ever there were a year that we wished we had a crystal ball it would be 2020. As the Telluride real estate market flourished from outstanding new-construction inventory in 2019, the first quarter of 2020 brought us the pandemic, cancellation of our beloved summer festivals and a general and universal air of uncertainty. However, in spite of these unprecedented circumstances, the indubitable qualities of this remote San Juan Mountain refuge have proven to outweigh the uncertainty.
Like many of Telluride’s competitor’s and proverbial peers (Vail, Aspen, Jackson Hole, etc.) the summer of 2020 has taken the real estate market to new highs, particularly on the high-end. The paradigm has shifted and Buyers are reexamining the meaning of home, particularly in a place like Telluride, which was named one of the healthiest and most active counties in the entire country. The results are undeniable: Since June 2020, nearly 500 properties have contracted or sold totaling over $500 million. The third quarter of 2020 produced a dollar volume of more than $373 million, which is an all-time dollar volume high for any one quarter and surpasses the total dollar volume for some full calendar years, including the annual totals for 2010 through 2013.