This Is the Most Expensive (and Luxurious) Ski Town in the U.S., According to Realtor.com — and No, It’s Not Aspen

Compared to Vail and Aspen, Telluride, Colorado, has always been smaller and funkier. It’s harder to get to and therefore sees fewer tourists, something the ski-loving locals love about it.

But that all changed during COVID-19 when travelers started searching out lesser-visited locales with plenty of outdoor activities and open space. Telluride, with its small community (population 2,525) and direct access to skiing, hiking, and biking, met the mark. And it helps that the town is known for its open, free-thinking citizens and has a truly idyllic Main Street that’s surrounded by mountain peaks.

As demand increased, home prices did, too. In fact, according to a December 2024 report by Realtor.com, Telluride is the most expensive ski town in the U.S., surpassing both Vail and Aspen.

The study ranked ski towns based on the percentage of real estate listings priced over the $5 million mark. In Telluride, over 38 percent of the listings on Realtor.com were over $5 million. Aspen wasn’t far behind, at No. 2, while Teton Village, Wyoming (at the base of Jackson Hole Mountain Resort) was ranked No. 3.

“Three of these ski towns have a third or more of their for-sale listings on the market for $5 million or more,” says Joel Berner, senior economist at Realtor.com. “Telluride, Aspen, and Teton Village are no strangers to the luxury segment, but for context, just 0.6% of all home listings nationwide are priced above that threshold.”

Telluride’s place at the top of the “luxury list” may surprise locals and longtime, repeat visitors who see Telluride as a funkier, quieter alternative to Vail and Aspen, but is not surprising when you consider real estate trends. 

According to Realtor.com, “Telluride’s real estate boomed in the past few years, averaging $1 billion in home sales per year.” The trajectory for luxury has even led to the planned arrival of a ski-in, ski-out residential Four Seasons, which is expected to open in 2027.

Following Telluride, Aspen, and Teton Village on the list were 7 other ski towns in the West and just one East Coast community: Cashiers, North Carolina.

1. Telluride, Colorado
2. Aspen, Colorado
3. Teton Village, Wyoming
4. Big Sky, Montana
5. Jackson, Wyoming
6. Park City, Utah
7. Vail, Colorado
8. Incline Village, Nevada
9. Cashiers, North Carolina
10. Sun Valley, Idaho
11. Steamboat Springs, Colorado