MAMMOTH LAKES
MARKET TRENDS REPORT
JUNE 1, 2025
Unveiling Mammoth Lakes’ Unspoken Real Estate Sector: Development Opportunities
In Mammoth Lakes, single-family homes, condominiums, and residential lots often dominate real estate conversations. Yet, a lesser-known submarket is gaining traction: development opportunities. These projects, ranging from luxury hotels to mixed-use parcels, are shaping the future of our town, particularly around the vibrant North Village Area. Matthew Lehman Real Estate specializes in these complex properties and fields countless questions about the latest construction and proposed developments. Addressing some of the more common questions, I’m providing a concise guide to the most recent projects transforming, or likely to soon transform, Mammoth Lakes:
Key Development Projects Near North Village
- Limelight Hotel: A luxurious 151-room hotel with 15 managed residences, developed by Aspen Ski Company (co-owner of Alterra). Pre-sales are fetching $1,700–$2,200 per square foot, signaling strong demand for premium properties.
- Peak Mammoth (Formerly Mammoth Crossing): A 9.02-acre parcel at Main Street and Minaret Road, recently sold and zoned for up to 80 rooms per acre. This site is primed for a 5-star development, ideal for hospitality or mixed-use projects.
- Rock Spring Resort (Formerly Nevados Corner): Under construction, this resort will feature 118 condominium units, 198 bedrooms, and a 2,200-square-foot restaurant, adding a new dimension to Mammoth’s hospitality scene.
- Woodsite & Minaret Parcels: Two contiguous lots totaling 7.55 acres, zoned for 48 bedrooms per acre. These parcels offer flexibility for innovative residential or lodging developments.
- Mammoth Hotel (Former Skadi location): A fully entitled 101-room Marriott-branded hotel, with construction slated for summer 2025 or early 2026, promising to elevate Mammoth’s appeal to visitors.
- The Reserve: Newly completed luxury townhomes along the 8th and 9th fairways of Sierra Star Golf Course. These 2,752-square-foot homes are selling for $726–$908 per square foot, blending exclusivity with scenic beauty.
- Mammoth View: A 5.5-acre parcel above Main Street’s northern edge, once home to Swiss Chalet, Cervino’s Restaurant, Shakey’s Pizza, and Baskin-Robbins. Zoned for mixed lodging and residential uses, this recently listed property is generating significant interest.
Single-Family Homes Market Overview
As of June 2025, the median price for single-family homes in Mammoth Lakes continues its upward trajectory. In 2024, the median price was $1,300,000, based on 57 home sales. Year-to-date figures for 2025 indicate a median price of $1,400,000, derived from 23 sales. Notably, May recorded only two home sales, with the median price increasing by $50,000 compared to the previous month.
Single-Family Residential History Mammoth Lakes
Here’s a summary of median prices, average prices, and sales over the years:
The graph below is a representation of the median single-family home pricing reflecting the table above:
Median Home Pricing Trends
The graph below illustrates monthly fluctuations in median single-family home prices for 2024 and 2025. Throughout 2024, prices generally trended downward. However, February 2025 experienced a significant uptick, primarily due to several high-end sales exceeding $3 million. In May, the median price reached $2,005,000, but this figure is based on only two transactions, highlighting the impact limited sales volume can have on monthly median prices.
Below is a summary of available (active) home listings at the beginning of each respective month:
Inventory Levels
The inventory of single-family homes has continued its upward trajectory, reaching 20 active listings. This marks the third consecutive month of inventory growth, indicating a gradual shift toward a more balanced market. This trend aligns with national patterns, where active listings have increased year-over-year, providing buyers with more options and reducing competitive pressures.
Price Per Square Foot
Analyzing the median price per square foot offers valuable insights into long-term market trends. The chart below presents the median price per square foot for single-family homes from 2014 to the present, illustrating how home values have evolved over the past decade.
The median price per square foot has increased from 2014 to 2025, with slight dips observed in 2023 and 2024.
Condominium Market Overview
In 2024, the median sales price for condominiums in Mammoth Lakes was $725,000. As of June 1, 2025, this figure has risen to $853,944. While this represents a substantial year-over-year increase, it’s a moderation from the previous month’s spike, which was influenced by several high-end sales in the Obsidian development. The current median price suggests a return to more typical market conditions, reflecting a steadier growth trajectory.
Condominium Market History
Here’s a summary of the condominium market trends over the years:
The graph below is a representation of the median condominium pricing table above:
This chart reflects monthly fluctuations in median condominium sale prices from May 2024 through May 2025. Overall, the data shows a volatile market with a mix of seasonal shifts, low sales volume influence, and one-off high-end transactions.
The January 2025 price spike is an outlier caused by a handful of high-end sales, not a broad market shift. Median prices remain elevated compared to mid-2024, but recent months suggest a stabilizing trend around the mid-$700,000s to low-$800,000s range. Due to low sales volume, monthly medians are highly sensitive to the type and quality of units sold.
Inventory Levels
Active condominium listings peaked in September 2024 with 98 properties. While inventories have been holding steady, current inventories of condominiums are rather high in comparison to the past three months.
(Continued on the following pages)
Price Per Square Foot for Condominiums
Here is a summary of the median price per square foot for condominiums:
Below is a representation of the table above:
Vacant Residential Land Market
In 2024, the median home price dropped sharply by 28.4% to $340,000, reflecting a significant correction after a strong 2023. However, as of 2025 Year-to-Date, the market shows modest recovery with an 8.2% increase in median price to $368,000, though overall pricing remains well below 2023 levels and price per square foot has decreased.
Land Sales History
Here’s a summary of land sales trends:
Below is a graph reflecting the table above: 
Featured Listings
Mammoth View – Mammoth View is a prominent assemblage of seven parcels spanning 5.51 acres along Main Street. Strategically located just east of the Village at Mammoth, a bustling tourist hub known for its high-density hospitality offerings, restaurants, retail shops, and numerous town
events, Mammoth View benefits from exceptional visibility and accessibility. What sets Mammoth View apart is its unique position as a midpoint
between Mammoth Lakes’ primary commercial districts and the Village at Mammoth.
Listed at $10,000,000.
Bright and updated, 2-bedroom condo, less than half a mile from the chair lifts at Canyon Lodge! This lovely, two-story floor plan has an open main floor with entertaining space in the kitchen, dining, and living rooms. Enjoy your sunny, south facing balcony with views to Mammoth Mountain Ski Area right off the dining room.
Listed at $595,000
Unit will be sold mostly furnished minus 5 chairs – 2 brown club chairs, the black recliner, and the 2 black cow hide sling chairs. Full inventory list will be available soon. Seller has not actively rented the condo, so no income history.
Listed at: $899,900
This home boasts a fully landscaped yard and an expansive back deck, ideal for après-ski relaxation in the hot tub or summer and fall entertaining. The deck features a cozy fire pit, a grill, and enchanting party lights that add a welcoming touch. Four bedrooms with a loft and three and a half baths. Three bedrooms have their own ensuite bathroom.
