Q3 2021 Micro Market Report - Telluride

Perhaps nowhere else in the state does the slogan “Colorful Colorado” apply more aptly than in golden-hued Telluride. Perched at 8,750 feet and tucked into a beautiful box canyon, Victorian Telluride is a historian’s dream town, with its 1913-built Sheridan Opera House, preserved gold rush cabins made of local pine and spruce, and National Historical Landmark District designation. While skiing is, of course, a huge draw for the town, there are many other perks to visiting or relocating to this unique area—acres of rolling mountainside, a free scenic gondola, loads of outdoor festivals, and plenty of art galleries, restaurants and shops to keep guests and locals happy year-round.

Montrose Airport, which is just 60 miles outside of Telluride, has planes from 10 major hubs servicing the Telluride region. Whether your passion is jazz, ?lm, bluegrass, or culinary delights, Telluride has a festival to suit. Above all, the scenery astounds, whether you’re enjoying views of the lush canyon or one of the area’s many 13,000- to 14,000-foot peaks. It’s no wonder that the region saw a 101% increase in residential real estate sales so far this year.

LIV Sotheby’s International Realty produces a Micro Market Report analyzing real estate performance in San Miguel County, where Telluride is located, for the ?rst three quarters of 2021 compared to the ?rst three quarters of 2020. The Town of Telluride recorded a 69% increase in land sales, an 89% increase in the average price per square foot of condominiums and townhomes, and a 39% increase in the price of sold single family homes compared to the same time period in 2020. Mountain Village, which is accessible from Telluride by gondola, had a whopping 164% increase in sales, growing from 84 residential properties sold in the ?rst three quarters of 2020 to 222 sold so far in 2021. The average price of single family homes in Mountain Village rose from $3,808,514 to $4,843,059—a 27% increase over last year at this time. Land parcels in Mountain Village are also being snatched up, with a 110% increase in sales over last year.

It’s not just the resort towns that are seeing such astonishing growth, either. The outlying communities of the Surrounding Mesas, Norwood, and Ridgway are also rising exponentially. Residential property sales in the Surrounding Mesas increased 241% so far this year over last, with land sales there rising by 85%. Norwood’s residential home sales increased 81% and Ridgway’s residential home sales rose 164% over the same time period in 2020. Ridgway, the most populous town in Ouray County, also experienced a 45% increase in the average cost of single family homes sold during January through September this year compared to the same months last year, ballooning from $542,308 to $786,857. There’s no doubt people are ?ocking to this little corner of Colorado, and the area’s immense appeal will ensure that the surge continues.

View the Q3 2021 Telluride Micro Market Report