The wealthy have relocated in droves to secondary vacation markets around the US, and one region stands out as a hot spot for homebuyer demand: the Rocky Mountains.
The mountain states have had perhaps the most anti-urban pandemic-induced demand, according to the 2021 Luxury Outlook report by Sotheby’s International Realty. In fact, the report from the luxury brokerage found certain mountain-town markets were standouts.
The wealthy and others are settling into resort and ski towns from Wyoming to Colorado, lured from the coasts because of their ability to work remotely while being surrounded by nature, according to the report, which said the pandemic’s effects on the homebuyer psyche would continue to add to the surge in luxury home sales in secondary vacation markets for the next year, if not longer.
In Colorado, Aspen, Vail, and Telluride reported skyrocketing sales figures through the summer, and unprecedented demand sent Aspen sales volume to a record high in the third quarter — more than $1.5 billion. One of Vail’s sales, a 15,000-square-foot mansion that went for $57.25 million, set the record for biggest sale in local history.
With local agents attesting to the out-of-state demand for these mountain markets, buyers are turning what were once seasonal markets into year-round living spaces. And Sotheby’s said these were the mountain towns headed for even more growth in the year ahead.
Here are the top five from Sotheby’s