Top Ski Towns for Real Estate Investment – Sun Valley, Aspen, Jackson Hole & More

03/19/2025

Industry Insights

Picturesque ski towns have evolved into some of the hottest real estate markets over the past five years. Once seasonal getaways, many are now year-round communities boasting rising property values, strong rental demand, and robust local economies. Remote work trends have enabled affluent buyers to live (and work) in these mountain paradises, while surging luxury tourism and low crime rates have further enhanced their appeal to investors. Below, we explore the top-performing ski towns in the U.S. and abroad, recent real estate trends, and why these alpine markets have become magnets for high-net-worth and institutional investors.

Snowy ski town with real estate properties

Top-Performing Ski Towns in the U.S.

Sun Valley, Idaho

Sun Valley (Ketchum, ID) has transformed from a quiet retreat into a booming “Zoom town” thanks to remote work. In the wake of the pandemic, its real estate market surged – the median home price in Blaine County jumped about 30% in just one year (August 2019 to August 2020). This mountain enclave offers a mix of luxury estates and quaint ski chalets, with demand outpacing supply as more professionals choose its open space and small-town safety over dense urban centers. Sun Valley’s appeal as a year-round lifestyle destination (world-class skiing, hiking, and culture) continues to drive investor interest, especially in high-end homes and boutique hospitality ventures.

Aspen, Colorado

Long known as a celebrity playground, Aspen commands some of the highest real estate prices in the world . Its luxury housing market has seen steady growth, with prices rebounding strongly post-2020. In fact, Aspen saw an estimated 10–15% price appreciation in the past year alone. The median single-family home now hovers around $13.4 million, with condos averaging $2.85 million. Despite a brief dip, values remain elevated and inventory tight. High-profile sales (several topping $30 million) underscore Aspen’s investor appeal. Ultra-wealthy buyers prize its combination of alpine glamour, upscale amenities, and relative safety. For investors, Aspen’s resilient pricing and global cachet make it a prime location for luxury hotels, retail, and mixed-use developments targeting affluent visitors.

Jackson Hole, Wyoming

Jackson Hole has undergone a dramatic real estate boom, fueled by both lifestyle relocations and Wyoming’s tax-friendly status. The average single-family home price in Jackson hit a record $7.02 million in early 2024 , a stunning rise reflecting nearly 47% year-over-year price growth during one recent quarter . This mountain community – gateway to Grand Teton and Yellowstone – attracts high-net-worth buyers seeking outdoor recreation and exclusivity. It also boasts one of the lowest crime rates in the nation, with violent incidents roughly 80% below the U.S. average , enhancing its reputation as a secure haven for families and investors. Luxury resorts and ski-in/ski-out properties (like the Four Seasons, acquired at a ~6.6% cap rate in 2022 are in high demand. Year-round tourism is on the rise as well, shrinking the off-season and supporting retail and hospitality businesses. Limited land supply in Teton County and strict development rules keep new inventory scarce, helping protect Jackson Hole’s long-term property values.

Park City, Utah

Park City has emerged as a thriving investment market thanks to its blend of ski resort appeal and festival-driven tourism (it hosts the famed Sundance Film Festival). The area is home to the second-wealthiest micro-population in the U.S. and maintains high barriers to new development , which has contributed to steady price appreciation. Within Park City’s limits, the median single-family home price rose about 11% year-over-year to $3.96 million in 2024. Overall inventory remains tight, with the broader Summit County region seeing median prices around $1.7 million (up ~5%) amid robust sales volume . Park City’s historic Main Street, dotted with upscale boutiques and dining, has seen record commercial deals – for example, the sale of the Kimball mixed-use retail center, a “trophy asset” on Main Street, reflecting investor confidence in local retail. With year-round attractions, from ski slopes to summer mountain biking and film premieres, Park City offers diversified income streams for hotel, retail, and mixed-use property investors.

International Ski Resort Hotspots

Courchevel, France

In the French Alps, Courchevel (especially the ultra-luxe 1850 village) stands out as an investor favorite. Recent data shows record investment activity in Courchevel – about €235 million ($257 million) in hotel deals closed in this exclusive resort, accounting for 56% of all Alpine transactions in its region . High-altitude and high-profile, Courchevel attracts the global elite, and demand for luxury chalets and five-star hotels far exceeds supply. Transaction volumes in the broader Savoie region have more than doubled over the past two years, driven by institutional investors and hospitality brands targeting snow-secure resorts. Courchevel’s ability to draw wealthy international guests (from Europe, Russia, the Middle East and beyond) makes it a compelling location for luxury retail and branded residence developments as well. As climate change pressures lower ski areas, Courchevel’s altitude (and cachet) should help it maintain premium pricing and occupancy in the long run.

Zermatt, Switzerland

Switzerland’s ski enclaves consistently rank among the priciest and best-performing globally, and Zermatt is a prime example. Swiss resorts have led recent price growth – in 2023, Swiss ski property values rose faster than anywhere else, with resorts like Klosters (+16%) and Davos (+13%) topping growth charts. Zermatt, famed for its Matterhorn views and car-free village, remains a cornerstone of the Alpine luxury market. It sits alongside St. Moritz and Verbier as one of the most expensive ski destinations on the planet. Wealthy buyers are drawn to Switzerland’s stability and exclusivity; Zermatt’s ultra-high-end chalets and hotels often fetch record-breaking prices. Strict building regulations and limited land in this region create a supply squeeze, ensuring that prime properties appreciate steadily. For investors, Zermatt offers reliable rental income from a year-round tourism (ski in winter, hiking and mountaineering in summer) and a “blue-chip” asset profile akin to owning real estate in a top global city – but with the bonus of breathtaking alpine scenery.

Niseko, Japan

Niseko, on Japan’s northern island of Hokkaido, has rapidly become a global hotspot for ski investment in Asia. Renowned for its light powder snow, Niseko saw its real estate market revive quickly once Japan’s borders re-opened in late 2022 . International buyer interest is surging again, boosted by a favorable currency situation – the Japanese yen’s depreciation in recent years effectively makes ¥100 million+ properties more affordable to foreign investors. Major developments are underway: over 2,000 new hotel beds are in the pipeline as big-brand luxury operators (Park Hyatt, Ritz-Carlton, etc.) enter the market. Modern ski-in/ski-out condominium projects and private villas in areas like Hanazono (near the upcoming Shinkansen bullet train terminus) are selling out thanks to robust demand – but capital values have strong upside. Land prices in key Niseko districts jumped 66% in a recent year, yet remain far cheaper than top Western resorts (Niseko’s real estate is about 60% less expensive than Courchevel’s, per a Savills study . With a 177% increase in international tourists from 2012–2019 and new infrastructure on the way, Niseko offers a rare opportunity for investors to get in on an ascendant luxury ski market in Asia.

Real Estate Trends in Ski Town Markets

Skyrocketing Property Values: Alpine real estate has seen extraordinary appreciation in the past five years. Across prime ski destinations, property prices in 2022 were still about 41% higher than pre-pandemic (2019) levels. During the pandemic boom, some resorts saw values jump 20% or more in a single year as wealthy buyers snapped up mountain retreats. Even as interest rates rose and markets normalized slightly in 2023, ski town home prices have largely held their gains or continued to climb at a moderate pace. Iconic U.S. resorts like Aspen and Jackson Hole reached record-high pricing, while European ski chalet values averaged a 4.4% annual increase as of mid-2023 – the strongest growth since 2014 (aside from the anomalous 2020–21 surge). This appreciation has been underpinned by limited housing supply and insatiable demand for both private vacation homes and income-generating rentals.

Robust Rental Yields & Cap Rates: Investors are drawn not only by rising asset values but also by the income potential in these vacation markets. Short-term rental rates in top ski towns can be lucrative in peak season, often commanding several hundred or even thousands of dollars per night for luxury chalets. In Chamonix, France, for example, a €1 million chalet can generate roughly €80,000 in annual gross rent (about an 8% gross yield), equating to around €40,000 net income after expenses. This demonstrates the attractive cash-flow opportunity for well-managed properties. On the commercial side, hotels in premier ski resorts offer competitive yields relative to urban assets – recent sales indicate cap rates in the 6–7% range for luxury ski hotels (the Four Seasons Jackson Hole traded at an approx. 6.6% cap rate ). Retail and mixed-use properties in these towns, especially those in prime pedestrian village locations, are also in demand; they benefit from high tourist foot traffic and affluent local homeowners, often translating to stable tenants and solid cap rates in the 5–6% range. Overall, while ultra-prime ski properties tend to have lower yields (many buyers accept 1–4% net yields for top-tier homes ), the combination of rental income and long-term appreciation can produce strong total returns.

Resilience and Stability: Notably, ski town real estate has shown resilience even amid broader economic headwinds. During the COVID-19 pandemic, when many urban markets faltered, mountain resort regions experienced a influx of remote workers and second-home buyers that buoyed their economies. Local businesses in places like Sun Valley and Lake Tahoe thrived with the arrival of new full-time residents. Tourist demand also rebounded quickly – U.S. ski resorts logged a record 67.4 million skier visits in the 2022–23 season (Rocky Mountain resorts alone saw 27.9 million visits, and high-end European resorts similarly reported banner occupancy once travel reopened. This steady influx of visitors and new residents helped maintain property values and rent levels. Additionally, many of these communities have fiscally sound, service-oriented local governments (often bolstered by tourism tax revenue) and low crime, contributing to an environment where real estate investments feel secure. While no market is entirely immune to cycles, the top ski towns have proven to be relatively insulated, niche markets driven by lifestyle preferences and global wealth trends as much as by the general economy.

Why Are Ski Towns So Attractive to Investors?

What’s driving the boom in ski town investments? Several key factors make these alpine markets particularly appealing:

Remote Work & Lifestyle Flexibility: The rise of work-from-home has enabled affluent professionals to relocate or spend extended time in scenic mountain towns. Freed from the office, many chose fresh air and outdoor recreation over city life. This “Zoom town” phenomenon injected new demand (and dollars) into places like Aspen and Jackson. In one striking example, Aspen saw housing prices nearly double (from ~$350K to $600K) in just one year as remote buyers flooded in. The ability to ski in the morning and log into Zoom in the afternoon has fundamentally elevated these markets beyond purely seasonal use.
Booming Tourism & Luxury Demand: Ski resorts have enjoyed record tourism in recent years, which bolsters real estate investment returns. Even with some weather challenges, 2022–23 was the busiest ski season ever in the U.S. , and luxury travel is on the rise globally. High-net-worth travelers are seeking out top-tier alpine experiences, driving up demand for five-star accommodations, fine dining, and upscale shops. In the French Alps, for instance, overnight stays in 4★ and 5★ hotels jumped over 17% from 2019 to 2023 , illustrating the growth in luxury tourism. Strong visitor numbers mean reliable rental occupancy and foot traffic for investors in hotels and retail properties.
Limited Supply & High Barrier to Entry: Mountain communities often have strict zoning and geographical constraints that limit new construction. There’s only so much developable land in a narrow valley or high-altitude village. Park City’s tightly controlled development and Sun Valley’s limited inventory have helped keep property values climbing. Likewise, European resorts like Zermatt and Courchevel have caps on building and very few new parcels, preserving an aura of exclusivity. This constrained supply, combined with ever-growing demand, creates a recipe for resilient prices and investor leverage (owning a scarce asset in a desirable locale).
Safe Havens for Capital: Many ski towns boast low crime rates, stable governance, and excellent quality of life, which is reassuring for investors. These are communities where families feel safe and wealthy owners can enjoy privacy and security. Jackson, WY, for example, has a violent crime rate roughly 64% below the U.S. average. Such factors contribute to the “safe haven” perception of ski properties – both in the literal sense of personal safety and in the financial sense (properties in these elite areas tend to hold value). Additionally, owning real estate in a globally renowned resort can diversify an investor’s portfolio, often behaving differently than traditional urban real estate or equities, which adds an element of stability.

Investment Insights for Buyers and Developers

For those considering entering these high-performing markets, here are some insights tailored to different types of investors:

High-Net-Worth Individuals & Family Offices

Think long-term and lifestyle. Many wealthy buyers purchase ski town properties as legacy assets or family retreats, not just pure investments. In these markets, it’s common to accept a lower annual yield in exchange for owning a trophy property that can be enjoyed firsthand – for instance, some Niseko buyers see only 1–2% net rental yields but prioritize personal use and long-term appreciation. That said, luxury vacation homes in top resorts have shown outstanding appreciation, making them effective stores of value (and even inflation hedges) over time. To maximize returns, HNW investors often put their ski homes into professional rental programs when not in use, capitalizing on peak-season rates. Additionally, buyers should be mindful of local regulations on short-term rentals (e.g., Aspen’s recent STR rules ) which can affect income potential. Overall, for individuals, the strategy is to buy the best location possible – ski-in/ski-out access, walkable village proximity, or panoramic views – as these premium features will command top dollar in any market conditions. Such properties can double as both a personal sanctuary and a savvy investment as remote work enables more frequent visits and extended stays.

Real Estate Developers

Cater to the luxury segment and unique local experiences. Developers in ski towns are finding success with high-end, mixed-use projects that blend accommodations, residences, and lifestyle amenities. The market is hungry for new inventory – but it must be exceptional to justify top-of-market pricing. Recent trends show new Alpine developments one-upping each other with extravagant amenities: private spas, concierge services, and exclusive club access are becoming standard to attract discerning buyers . Mixed-use projects that include boutique retail or fine dining can tap into tourist spending and diversify revenue. One key insight is to build year-round appeal: incorporate designs for summer (outdoor terraces, biking/hiking facilities) as well as winter, since off-season tourism is growing. Developers should also engage early with local planners and communities; in high-barrier towns, securing approvals can be challenging, but projects that address local needs (like workforce housing or tasteful architecture that preserves historic character) may find smoother paths. Given the high demand, projects that do get built in these areas often enjoy fast pre-sales and premium pricing. In short, focus on quality over quantity – smaller numbers of larger, ultra-luxury units or hotel keys can be more effective than trying to build mass-market condos in exclusive ski enclaves.

Institutional Investors & Funds

Leverage scale and operational expertise. Institutional capital has been increasingly active in resort real estate, from REITs acquiring ski hotels to private equity funds investing in resort retail portfolios. These investors are attracted by the strong performance metrics and the chance to apply professional management for efficiency gains. For example, institutions accounted for about 60% of recent hotel deal volume in the French Alps (https://www.us.jll.com/en/trends-and-insights/investor/hotel-investment-in-the-alps-heats-up), and U.S. REITs like Host Hotels have strategically added ski assets to their holdings (https://www.hosthotels.com/Press-Releases/2022/PressRelease_25071). The play for institutional investors is often to buy into existing cash-flowing assets (hotels, large mixed-use centers, ski area base villages) and then enhance them. This could mean renovating an older lodge into a five-star resort, or repositioning a retail center with new experiential tenants that cater to year-round residents and visitors. Institutional buyers can also benefit from diversification – ski properties often have a low correlation with other real estate sectors – and they can weather seasonal revenue fluctuations through portfolio balance. However, it’s crucial to underwrite conservatively: factor in climate variability (e.g., invest in high-altitude or multi-season resorts) and ensure there’s professional on-site management since guest experience is paramount for sustaining revenues. Done right, institutional entrants can unlock value in these markets, as seen by rising RevPAR and EBITDA figures in professionally managed ski hotels. Patience is key; these assets are typically long-term holds to realize full value, but they offer a compelling mix of yield and growth for institutional portfolios.

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