Finding a Vacation Home in Vail
Your guide to a mountain retreat to enjoy winter skiing or summer hikes
Most widely known for its grandiose Vail Ski Resort, attracting skiing and snowboarding enthusiasts throughout the winter, Vail is also an excellent getaway for summer activities. If you’re a year-round Vail fanatic, you might even consider purchasing a vacation home in the area to make travel more comfortable.
Why purchase a home in Vail?
If you’re a snowbird in the winter and enjoy hiking, biking, fishing, rafting, golfing and craft-beer drinking as summertime activities, purchasing a property in Vail could be an ideal opportunity. Vail is a high-end, luxury market; the median price of homes currently on the market in $2,150,000. You’ll notice that Vail property listings range from condos in the heart of Vail, overlooking the bustling city center, to sprawling estates with four to nine bedrooms and vast windows on the peaceful, scenic mountainside. You’re bound to find a property that fits your vision of the perfect vacation retreat.
What’s happening in the Vail housing market?
The real estate market in Vail suffered during the recession, along with housing markets nationwide, but its recovery has been steady and impressive. The median value of all homes in Vail has rebounded to $844,200, similar to 2008 levels, and just about $30,000 shy of peak values in pre-recession 2007. Although values haven’t fully recovered, the overall housing market in Vail is very healthy, with scarce instances of mortgage delinquency or foreclosure and a steady rate of home buying and selling. The median appreciation rate throughout the past year was 4 percent, stronger than a standard of 3 percent.
Which nearby markets offer access to Vail for a value?
Just a 20-minute drive west of Vail is the town of Edwards, where home values are similarly competitive, but you get more home for your money. The median home value in Edwards is $867,800, slightly higher than in Vail, but the price per square foot is $445, compared to Vail’s $1,280. Current homes on the market list at a median price of $1,835,000, significantly less expensive than the inventory in Vail. The market in Edwards is healthy, too, mirroring the market trends in Vail, with values near pre-recession levels.
Another alternative market is Eagle, about a 30-minute drive west of Vail, in the heart of the White River National Forest. Home values, price per square foot and current listing prices are all bargains in Eagle when compared to Vail or Edwards. The median value of homes is $499,000, also about $30,000 behind peak pre-recession values, and the cost per square foot is $268.
Ideally, you’ll find the perfect vacation home to enjoy romantic ice-skating in the winter and scenic hikes in the summer sun.