Mountain Markets Flourish as People Move Away From Heavily Populated Areas

Mountain markets are flourishing, not only in new home sales, but second homeowners shifting their permanent residence away from heavily populated areas. Retirees with flexibility on where they live and location neutral workers are driving the exodus. Aspen School District has seen their enrollment rise from their typical 30 new students to 150 for the upcoming school year. Vail, Crested Butte and Gunnison are all predicting similar increases in student numbers. Steamboat Springs School District superintendent Brad Meeks said fall enrollment remains a big question.  The district budgeted on a 5% reduction in enrollment, based on the fallout of workers having to leave the valley and families moving to an online school model. Whether numbers will drop or indeed rise due to the influx of anticipated newcomers will be known in the coming weeks.

Record Low Mortgage Rates Drive Demand Up

While record low mortgage rates are also driving up demand, all time low inventory is leaving little room for negotiation. In Steamboat Springs, the median sales price for condos/townhomes is up 7% from 2019. The median sales price for single-family homes is up 11%, now at $979K, and the cost per square foot is up 8% at $386. As home values continue to escalate, we were curious to see what $1M could get you in Steamboat Springs compared to our neighboring ski towns based on a simple Zillow search. All properties had to be within their city limits. Each location offers incredible skiing, miles of hiking and biking terrain, medical facilities, airport access and excellent schools. What sets Steamboat Springs apart, other than value for money, is the sense of community. We would argue that you won’t find better neighbors, anywhere.

  • Median Sales Price for Single Family Homes in Steamboat Springs: $979K, up 11% from 2019
  • Median Sales Price for Condo/Townhome in Steamboat Springs: $432K, up 7% from 2019