Prices on Aspen Homes Have Skyrocketed Since the Beginning of COVID

According to The Colorado Real Estate Study, The average single-family home in Aspen is 11,128,119 dollars, a 47% increase since 2019.
The Aspen workforce is faced with less affordable housing, buyers are being affected by investment opportunities that are not what they once were, and the district is struggling with teacher retention because of high housing prices. Since this has happened so quickly – in 2014 and 2015 it was easy to rent in Snowmass and it was easier to find housing and have had to move to Willits, where housing is much more affordable.
Many have seen lots of people have to move, teachers, students, families, because of the prices and it is changing the local community it causes locals to be forced out and lets people with more money have the opportunity to own a house and only stay there for a month or so. While locals are forced to move down the valley making their trip to work longer and harder to access.
Gary Hughes former president of a rental company called Sotheby’s speaks on the situation.
“Supply and demand have now really, really tightened.” “When I got here in 2000 obviously prices will change but they have changed dramatically,” Gary Hughes said.
Lori Hughes is a broker who is a part of the iconic team that works on half the valley.
“We had clients who would come here year after year and were able to see the drastic increases in prices and decided to go to other locations,.”Lori Hughes said
Li Hartley is also a part of the broker team in Sotheby’s works alongside Lori Hughes.
“I feel like we’re close to the top of the market on rental numbers for long-term rates. Because we are starting to see people say they can find better deals in other boutique areas such as Telluride or other mountain towns,.” Hartley said.