The tiny mountain town of Telluride is on the rise again. The average sales price increased from $13M in 2023 to $15M in 2024. Like many other markets throughout the US, 2021 was a record year in Telluride, but if you ignore this outlier, the market grew steadily over the past 7 years. The market moves at an average pace, with top properties averaging 304 Days On Market (DOM) in 2024. This is slightly under the national and regional averages for this year.
Highlights
Average sales price climbed from $13M in 2023 to $15M in 2024
Market shows steady growth over seven years when excluding 2021's record spike
Properties selling within 180 days achieve 95% of the list price versus just 75% for slower sales
On the rise again
The years 2022 and 2023 looked less promising for the market, as sales prices seemed to plateau at $13M and DOM even rose to an average of 631 in 2023, an anomaly. Last year broke this trend, however; showing a promising and robust market. This wasn't always the case. Pre-pandemic years were much slower for Telluride and sales prices were much lower as a result—only $5M-$8M sales averages before 2021, half of what they are now.
With the market increasing again, we've noticed a trend in Telluride that persists amongst many other markets: properties that sell within 180 days sell at a much higher percentage of the initial list price than the slower-selling properties. In 2024, this was 95% versus 75%, a 20% difference. In 2023, it was a 30% difference.
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