Q2 REPORT 2026
ACTIVITY
851 Wilson Way, Gray Head - Offered at $20,900,000
Top Of The Market Leads The Way...
As we enter the second half of 2026, the Telluride real estate market is most easily understood as a tale of three segments. Across the west, ski town markets have recently evolved toward exclusivity, focusing sales heavily on the finest product in the best locations. Most markets are seeing fewer transactions at higher sale prices, resulting in increasing average transaction values. In Telluride, much like our counterparts in Aspen, Jackson Hole, and other iconic ski towns, this trend is influenced greatly by a continued premium for high-end new construction inventory, alongside an infusion of high-end branded product. While this ultra high-end shows little sign of slowing, middle-market opportunities are becoming more plentiful as a large segment between the extremes seems to be trending toward a slight buyer's market. As top-end sales continue to push the threshold on an aggregate and price-perfoot basis, some existing inventory has become subject to a recent increase in buyerscrutiny and favor for properties that represent relative value. In time, will the rising tide of the upper-end prove to be a harbinger of future growth in the middle of the market? If historic Telluride market trends hold true, almost certainly. On the lower end, entry-level properties are seeing a typical-to-strong rate of absorption as residents put down roots and many younger buyers begin their Telluride real estate journey.
By The Numbers... This year in Telluride, transactions are down 13% while dollar volume of sales is up 9%, leading to higher average prices. Similar patterns are seen in Jackson Hole and Vail. Deer Valley is seeing some downward pressure on condos as inventory has increased, leaning the segment toward a buyer's market. Transactions (YOY)
$ Volume (YOY)
Telluride
-13%
+9%
Aspen (through Q2 2026)
-31%
-51%
Market
Aspen held a similar position to these markets until Q2 2026, when transactions fell 31% and dollar volume dropped 51%. This divergence has been attributed to a shortage of quality inventory at the upper end, where buyers expect an extreme level of finish, and that caliber of product is increasingly scarce. It is quite possible that Telluride will eventually face the same scarcity of elite properties, but that outcome looks unlikely in the near term. Projects like the Four Seasons, Highline, Little Rose, Summit and singlefamily spec homes continue to be well received, giving sophisticated developers room to build a more balanced pipeline of inventory.
In Conclusion... Telluride's real estate market is at an inflection point as the Four Seasons nears its 2028 opening. At the upper end, demand remains strong, but buyers now expect something truly special to justify the elevated prices being asked. Sellers who invest in proper positioning and pricing are succeeding, while those who miss the mark see their property's perceived value erode the longer it sits on the market. The $4–8M segment tells a different story. Inventory here has grown, tilting the balance toward buyers. Savvy buyers are moving decisively in this range, and wise sellers are responding in kind rather than letting a qualified buyer walk away. Below $4M, the market remains active, driven by new owners taking their first step onto Telluride's appreciation ladder. As the luxury segment pulls the broader market forward, these buyers build equity they'll often roll into a future dream property — a pattern that keeps demand flowing upward through the tiers. Perhaps the clearest market signal isn't a number at all: it's how consistently people recognize Telluride's lifestyle value, especially after visiting other ski towns where authenticity carries less weight than it does here. That recognition continues to strengthen demand across every price point.
#
$
13% compared to 2025
9% compared to 2025
$1.42B
$1.16B
$1.1B $1.04B
944 $868.3M
$865.7M
814
582 445
483
448
$392M 186
2020
2021
2022
2023
2024
2025
2026 ytd
# o f Tr ansac t i on s San Mi g u e l Co unt y
2020
2021
2022
2023
2024
2025
Dol l ar Vo l u me San Miguel C ount y
176 Butch Cassidy Drive, Mountain Village - Offered at $19,500,000 The information represented above is compiled from Telluride Consulting data ytd as of 6/30/26 and represents all sales in San Miguel County.
2026 ytd
Town of Tel luride Under Contract
Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking $
2-3 Bedrooms
1
3
$3,250,000 - $5,360,900
$4,100,000
9%
4 Bedrooms
1
2
$8,110,000 - $14,300,000
$11,205,000
2%
5+ Bedrooms
1
3
$8,670,000 - $15,919,417
$11,500,000
4%
Studio & 1 Bedrooms
2
4
$750,000 - $1,580,000
$1,230,000
6%
2 Bedrooms
1
7
$1,275,000 - $4,700,000
$1,625,000
5%
3 Bedrooms
3
5
$1,950,000 - $3,000,000
$2,225,000
3%
4 Bedrooms
1
0
--
--
--
5+ Bedrooms
0
1
$1,750,000
$1,750,000
11%
0
6
$700,000 - $17,500,000
$2,850,000
0%
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from the Telluride MLS ytd as of 6/30/26 and includes the Idarado Subdivision & Valley Floor. It excludes deed-restricted, commercial, & fractional properties.
ytd
$
2026
as of 6/30/2026 there have been 31 residential sales in the Town of Telluride for a total dollar volume of $132,673,317.
8
61% compared to 2025
6
#
3% compared to 2025
17
$71,210,317
$28,700,000
$32,763,000
HOMES
LAND
CONDOS
131 E. Gregory Avenue, Town of Telluride - Sold 6/18/26 for $5,360,900 Listed & Sold by Telluride Properties
Town of Tel luride Number Available
Asking Price Range
Median Asking Price
2-3 Bedrooms
1
$4,700,000
$4,700,000
4 Bedrooms
12
$2,850,000 - $29,990,000
$9,087,500
5+ Bedrooms
12
$5,750,000 - $23,500,000
$14,000,000
Studio & 1 Bedrooms
11
$479,000 - $1,249,000
$925,000
2 Bedrooms
12
$1,350,000 - $4,950,000
$1,725,000
3 Bedrooms
6
$2,500,000 - $4,150,000
$3,135,000
4 Bedrooms
9
$2,850,000 - $16,675,000
$8,100,000
5+ Bedrooms
1
$12,400,000
$12,400,000
16
$699,000 - $6,400,000
$2,592,500
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from the Telluride MLS ytd as of 6/30/26 and includes the Idarado Subdivision & Valley Floor. It excludes deed-restricted, commercial, & fractional properties.
Element 52 Unit S1B, Town of Telluride - Offered at $12,400,000
Mountain V il lage Under Contract
Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking $
3 Bedrooms
1
1
$4,600,000
$4,600,000
8%
4 Bedrooms
0
4
$4,900,000 - $8,250,000
$5,638,817
2%
5+ Bedrooms
4
8
$4,570,000 - $17,500,000
$9,242,500
5%
Studio & 1 Bedrooms
4
4
$350,000 - $852,500
$545,000
5%
2 Bedrooms
1
8
$900,000 - $4,175,000
$1,372,500
2%
3 Bedrooms
6
5
$1,337,500 - $2,850,000
$1,989,000
9%
4 Bedrooms
9
5
$3,725,000 - $4,890,000
$4,147,500
3%
5+ Bedrooms
4
0
--
--
--
2
4
$900,000 - $3,000,000
$1,675,000
8%
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from the Telluride MLS ytd as of 6/30/26 it excludes deed-restricted, commercial, & fractional properties.
ytd 2026
as of 6/30/2026 there have been 39 residential sales in Mountain Village for a total dollar volume of $160,716,634.
$ 13
13% compared to 2025
4
#
2%
compared to 2025
22
$104,377,634
$7,250,000
$49,089,000
HOMES
LAND
CONDOS
219 Russell Drive, Mountain Village - Sold 5/28/26 for $8,250,000 Listed & Sold by Telluride Properties
Mountain V il lage Number Available
Asking Price Range
Median Asking Price
3 Bedrooms
3
$4,995,000 - $8,250,000
$7,495,000
4 Bedrooms
13
$3,950,000 - $11,995,000
$6,799,000
5+ Bedrooms
21
$5,900,000 - $32,000,000
$11,900,000
Studio & 1 Bedrooms
17
$357,000 - $2,395,000
$700,000
2 Bedrooms
10
$1,045,000 - $4,500,000
$2,872,500
3 Bedrooms
12
$1,800,000 - $6,298,000
$4,780,000
4 Bedrooms
7
$4,995,000 - $8,250,000
$6,395,000
5+ Bedrooms
2
$9,500,000 - $10,250,000
$9,875,000
38
$185,000 - $32,500,000
$2,500,000
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from Telluride MLS data ytd as of 6/30/26, it excludes deed-restricted, commercial, & fractional properties.
137 Vischer Drive, Mountain Village - Offered at $11,995,000
Surround ing Areas Under Contract
Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking $
Turkey Creek Mesa
3
1
$4,350,000
$4,350,000
0%
Deep Creek Mesa
3
3
$1,220,000 - $2,300,000
$1,675,000
9%
Down Valley
1
2
$1,100,000 - $2,350,000
$1,725,000
7%
Wilson Mesa
1
1
$2,550,000
$2,550,000
10%
Specie Mesa
0
2
$582,500 - $2,450,000
$1,516,250
11%
Hastings Mesa
2
5
$325,000 - $4,140,000
$950,000
0%
Iron Springs/Horsefly Mesa
0
2
$1,525,000 - $5,195,000
$3,360,000
8%
Ilium/Ames
0
2
$1,250,000 - $1,799,000
$1,524,500
0%
Ophir
3
9
$250,000 - $1,780,000
$325,000
1%
(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates
The information represented above is compiled from Telluride MLS data ytd as of 6/30/26 it excludes deed-restricted, commercial, & fractional properties. It includes homes and land.
411 Pleasant Valley Drive - Ridgway - Sold 6/29/26 for $2,241,730 Listed by Telluride Properties
Surround ing Areas Number Available
Asking Price Range
Median Asking Price
Turkey Creek Mesa
21
$797,000 - $8,750,000
$2,300,000
Deep Creek Mesa
21
$1,549,000 - $23,000,000
$3,750,000
Down Valley
13
$325,000 - $8,200,000
$799,000
Wilson Mesa
9
$485,000 - $13,500,000
$2,695,000
Specie Mesa
12
$350,000 - $8,500,000
$2,445,000
Hastings Mesa
11
$245,000 - $6,500,000
$765,000
Iron Springs/Horsefly Mesa
19
$395,000 - $10,950,000
$1,600,000
Ilium/Ames
0
--
--
Ophir
5
$549,000 - $1,895,000
$1,500,000
(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates
The information represented above is compiled from Telluride MLS data ytd as of 6/30/26, it excludes deed-restricted, commercial, & fractional properties. It includes homes and land.
1804 Ranch Road, San Juan Ranch - Offered at $5,995,000
970.728.0808 TELLURIDE OFFICES 237 South Oak Street 232 West Colorado Avenue 220 East Colorado Avenue
MO UNTAIN VILLAGE OFFICES 560 Mountain Village Boulevard 567 Mountain Village Boulevard 457 Mountain Village Boulevard
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