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Jackson Hole vs. Aspen Real Estate: Where Should You Invest?

Colby Murphy

10/24/25


Investing in mountain real estate offers the allure of breathtaking scenery, outdoor recreation, and a lifestyle many dream of. Jackson Hole, Wyoming, and Aspen, Colorado, are two of the most coveted locations in the United States for luxury and second-home buyers. Each destination has its own unique appeal, market dynamics, and investment potential, making the decision more nuanced than simply choosing the most famous name. This guide unveils key differences between these markets to help investors make informed decisions.

Market Overview

Both Jackson Hole and Aspen have long been considered prime locations for high-end real estate, attracting buyers from across the country and around the world. Jackson Hole is known for its dramatic natural landscapes, offering an exclusive, tranquil environment that continues to draw luxury buyers. Aspen, by contrast, combines mountain beauty with a cosmopolitan atmosphere, appealing to those seeking both outdoor adventure and vibrant cultural amenities. Each market has its own rhythm and appeal for investors, with varying levels of competition and inventory. While both destinations attract second-home buyers and vacation homeowners, Jackson Hole tends to appeal more to those seeking seclusion, whereas Aspen often draws individuals who value social and cultural engagement. The differences in lifestyle and market character create unique opportunities and challenges for potential investors in each location.

Property Types and Pricing

Jackson Hole offers a mix of rustic luxury estates, modern mountain homes, and land parcels for custom builds, making it a versatile market for buyers. Properties often emphasize privacy, expansive views, and proximity to national parks and ski areas. Aspen’s real estate includes iconic luxury homes, ski-in/ski-out residences, and historic properties, catering to those who value lifestyle as much as investment. Both markets have strong luxury segments, though the style and scale of properties differ, giving buyers distinct options depending on their priorities. Price ranges vary significantly, reflecting the diversity of property types and locations within each town. Buyers are able to choose between more intimate homes in quieter neighborhoods or sprawling estates with high-end finishes and panoramic mountain views.

Investment Potential

Jackson Hole’s real estate market is often shaped by limited inventory and strong demand for premier properties, creating significant opportunities for long-term appreciation. Aspen offers a more established and steady market, featuring a mix of luxury and high-profile properties that appeal to investors who value stability along with lifestyle amenities. Choosing between the two markets often depends on an investor’s appetite for growth versus consistency and their personal interest in the lifestyle each location provides. The scarcity of luxury properties in Jackson Hole can increase competition among buyers, potentially leading to higher long-term gains. Aspen’s mature market, on the other hand, provides predictability and security, making it an attractive option for those seeking a reliable investment with continued value growth.

Lifestyle and Amenities

The lifestyle in Jackson Hole is defined by rugged natural beauty, proximity to Grand Teton and Yellowstone National Parks, and world-class skiing. It appeals to those who enjoy outdoor adventure, open spaces, and a quieter, more secluded setting. Aspen, in contrast, combines mountain recreation with luxury shopping, fine dining, and a dynamic cultural scene. Buyers in both areas can enjoy exceptional recreational activities, but the pace and social environment of each town differ significantly, catering to different lifestyle preferences. Jackson Hole emphasizes a connection to nature and an active, outdoors-oriented lifestyle, with numerous opportunities for hiking, skiing, and wildlife exploration. Aspen offers more of a blend between outdoor pursuits and cultural enrichment, including art galleries, music festivals, and high-end culinary experiences.

Tax Considerations

Tax environments are an important factor for real estate investors. Wyoming, home to Jackson Hole, does not levy a state income tax, which can be attractive for high-income buyers. Colorado, where Aspen is located, has state income tax obligations that may affect long-term financial planning. Property taxes and other considerations vary between the two locations, influencing overall investment returns and potentially guiding a buyer’s choice based on their financial priorities. Additionally, understanding local regulations and tax incentives can help investors maximize profitability and minimize unexpected costs. Tax planning is often a key consideration for those purchasing luxury or high-value properties, particularly when evaluating long-term ownership versus short-term investment strategies.

Market Trends and Forecast

Both markets remain desirable, but their trajectories differ. Jackson Hole often sees strong interest in luxury homes, driven by scarcity of inventory and high demand, making it appealing for those seeking potential appreciation. Aspen’s market tends to balance luxury demand with consistent pricing and transaction levels, providing a stable environment for long-term investors. Understanding these trends can help buyers anticipate opportunities and make strategic investment decisions in either location. Jackson Hole may experience fluctuations driven by limited inventory and the exclusivity of certain neighborhoods, creating competitive buying conditions. Aspen’s stability allows investors to forecast returns with greater certainty, though market saturation in some areas may limit dramatic price gains.

Considering Real Estate in Jackson Hole?

For anyone exploring the luxury real estate market, understanding local trends and opportunities is essential. Working with an experienced professional can make the difference in finding the right property and navigating negotiations. Whether seeking a vacation home, a luxury estate, or a strategic investment, contact Colby Murphy today to discover the potential Jackson Hole holds.

*Header photo courtesy of Unsplash



Colby Murphy

Colby Murphy

About the Author

Born in the land of the Delta Blues, Colby Murphy grew up as a nationally ranked cyclist and avid outdoorsman. Colby's addiction for competition took his amateur cycling career through college, capturing silver at the USAC National Championship and a spot on Team USA for the 2013 UCI World Championships in Auckland, New Zealand. While attending Middle Tennessee State University, Colby volunteered coaching youth athletes in addition to interning with the D1 NFL Combine Camp in Nashville, Tennessee. It was freshman year when Colby was exposed to the magic of Jackson Hole. Instantly attracted, he began splitting his time to ski Jackson every year thereafter.

Upon publishing research in the International Journal of Exercise Science and receiving his bachelor’s degree, Colby immediately relocated to Southern California in pursuit of his professional cycling career. Once retired from competition, Colby quickly found himself as a top producing sales professional serving owners of high end luxury real estate in areas of San Diego including Rancho Santa Fe, La Jolla, and Coronado. With his affection for luxury property, history with Jackson Hole, and prior connection to Christie's International Real Estate, Colby saw a clear path and executed a move to Jackson. In his spare time, he now enjoys turning laps at Jackson Hole Mountain Resort and giving back at Jackson Hole Therapeutic Riding Association.

Colby is fortunate to have been raised around admirable examples of what drive, tenacity and resilience can yield. His father, a self-made entrepreneur, and uncle, an owner of the Christie's affiliate brokerage in San Miguel de Allende and Mexico City, both inspired Colby's ambitions from an early age.

Now, Colby has positioned himself among some of the most respected networks in the industry. He feels proud and blessed to have established relationships with multiple Christie’s affiliate owners and associates spanning multiple cities, states, and countries. Colby has also recently become a member of REALM™, the first globally collaborative real estate collective designed to empower the real estate professional by curating new relationships and matching qualified buyers based on lifestyle experiences and passions rather than search criteria.

In a market where there are as many agents as annual transactions, Colby represented clients from Australia, the UK, Mexico, and several U.S. states in his first year alone. He applies the principles and work ethic he learned through sport and his impressive circle of mentors to ensure he creates the highest value for his clients. Always elevating, always seeking excellence, his acquired values and attributes provide a successful combination that will ensure your selling or buying experience is a win.

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Colby applies the principles and work ethic he learned through sport and his impressive circle of mentors to ensure he creates the highest value for his clients.

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