More than $1B in new development is bringing fresh attention to Steamboat Springs, a close-knit mountain town beloved for its authentic natural beauty, world-class year-round recreation, and everyday livability. The Agency’s Chris Paoli, Managing Partner of The Agency Steamboat Springs, shares what’s driving demand now, how current limited inventory is shaping the market, and what buyers should understand about this pivotal moment.
What’s driving buyer interest in Steamboat Springs right now, and how has that changed over the past few years?
Buyers are driven by the lifestyle. It’s a year-round recreation playground set in an authentic small mountain town. With 12,000 full-time residents, world-class skiing, biking, fishing, hiking, and more, it’s a lifestyle most people dream about. With a large population of young families, another big driver is being near grandchildren. While we are not technically a blue zone, a regular comment is how people age differently here than in most areas of the country. Our lifestyle is active and for many, health-focused.
With over $1 billion in new development underway, how is that growth shaping local property values and buyer expectations?
Most of the development is at our resort base, where multiple properties are zoned for high-density development. The reality of Steamboat is it’s a great place to live. With brands like Auberge and Discovery Land Company bringing more awareness to town, it’s inevitable more people will want to call it home and own real estate here. Most of town is out of developable land, so we will see more competition for our existing home inventory.
Who’s buying in Steamboat right now — and what are they typically looking for?
Our typical buyer is a family with school-age children or about-to-retire individuals looking for a fun place to draw older children back to visit. Compared to other vacation towns, Steamboat is one of the easiest to live in. Recreation is very convenient; we have great schools, a board-certified hospital (UC Health), grocery stores, 3 golf courses, an amazing tennis and pickleball facility, along with a thriving arts community.
How does Steamboat’s character and lifestyle set it apart from other U.S. mountain resort markets buyers might be considering?
We are first an authentic town with families that live and work locally. The energy from young children moving about town, riding bikes to school, playing soccer or skiing at Howelsen Hill adds an energy rarely found in an expensive resort community. On top of all of the everyday amenities mentioned above, and you have a special place to call home.
Are there any regions or neighborhoods seeing increased buyer interest today? What’s appealing about them?
Steamboat has a diverse real estate market. Unlike most, the majority of options are within 10 miles of downtown and the resort. Of course, the most in-demand locations are downtown and the base area where all of the new development is concentrated. As you step away from these core locations, the options become driven by personal interests.
For example, if you are a fisherman looking for a family playground, Marabou Ranch on the west side of downtown is the easy choice. If you are a golfer with friends at Catamount, you might pick the south side of downtown where there are 3 golf courses within a 5-mile distance. A big positive for various communities is a ski area base club. Both Alpine Mountain Ranch and Marabou Ranch have luxury clubs at the ski resort.
What do you think someone considering a purchase in Steamboat should know before they start looking?
Steamboat lives very differently than many places in the country or world. Our world-class recreation starts close to our town center vs outside the core area. For example, you can access 50 miles of mountain bike and hiking trails from downtown without driving a car. National forest access is 10 minutes from downtown. I would think about your favorite activities and learn about how I can position myself to conveniently access them. Unlike areas where I grew up on the East Coast, where it was all about your backyard, Steamboat is like one big backyard.
Where do you see the market heading over the next few years? And what makes now a pivotal moment to buy or invest?
In my opinion, Steamboat was lagging the rest of the country in market strength pre-pandemic. The post-COVID bump we saw just got us to where we should have been price-wise. Our market is a tough one to make money on spec construction, which will cap our new inventory growth outside of the ultra-luxury properties. We will see continued demand for existing homes, especially well done ones, and the start of a teardown-and-redevelopment cycle, which will define our future. When houses become land value, the market takes on a new perspective, price-wise.
Ready to see what’s available in Steamboat Springs?
Connect with Chris Paoli and The Agency Steamboat Springs to find the home that fits your vision.
