How does Ketchum, Idaho compare to Jackson Hole and Aspen for buyers?
Ketchum is the least expensive of the three by a wide margin — an average home value around $1.56 million, against roughly $2.18 million in Teton County, Wyoming and $3.46 million in Aspen. All three are on the full Ikon Pass. The real differences are tax treatment, airport access, and how much of each town still functions year-round.
By Stevenson Real Estate Group | September 21, 2026
If you're shopping for a Western mountain second home, you're almost certainly looking at more than one valley. We talk to buyers every season who are running Ketchum against Jackson and Aspen on a spreadsheet, and the spreadsheet usually isn't comparing the right things.
Here's how the three actually stack up, with the caveats that matter.
A note on the numbers before we start
Resort-market price data is genuinely misleading if you grab the first figure you find. Aspen's single-family median for full-year 2025 was about $17.5 million, up 31%. Its June 2026 median across all property types was about $10.9 million. Its three-month median was around $2.1 million. Those are all real numbers describing the same town, and they differ by an order of magnitude depending on what's included.
So for the headline comparison below we're using Zillow's average home value index for each market, because it's the one metric calculated the same way in all three places. Treat it as a relative gauge, not an appraisal.
Ketchum, ID | Teton County, WY | Aspen, CO | |
|---|---|---|---|
Average home value | ~$1.56M | ~$2.18M | ~$3.46M |
Year-over-year | +1.5% | +0.8% | +7.1% |
State income tax | 5.3% flat | None | 4.4% flat |
Effective property tax | ~0.39% | ~0.53% | ~0.22% |
Ikon Pass | Full pass | Full pass | Full pass |
On Ikon Base? | No | No | No (Snowmass only) |
Price: Ketchum is roughly half of Jackson, and under half of Aspen
On the average-value measure, Ketchum runs about 72% of Teton County and about 45% of Aspen.
The gap widens at the top. Aspen's ultra-luxury tier has no real equivalent here — a $17.5 million single-family median tells you that a large share of Aspen's transactions happen in a bracket where Ketchum has a handful of sales a year, not hundreds.
The gap also narrows at the bottom, in a way that matters. Neither Jackson nor Aspen has a functioning entry tier inside the county anymore. The Wood River Valley still does: Hailey averages around $817,000 and Bellevue around $697,000, both a 15 to 30 minute drive down Highway 75. Jackson's equivalent is Victor or Driggs, over Teton Pass in a different state. Aspen's is Basalt or Carbondale, well down the Roaring Fork.
Momentum is different too. Aspen appreciated 7.1% over the past year while Ketchum managed 1.5% and Teton County 0.8%. If you're underwriting for appreciation, Aspen has been the stronger horse lately. If you're buying to use the place, that same number is just a higher entry price.
Taxes: this is where Wyoming wins and Idaho doesn't
For a second-home buyer with real income, the tax comparison often swamps the purchase price difference.
Wyoming has no state income tax at all. Idaho charges a flat 5.3%. Colorado charges a flat 4.4%. On $500,000 of income, that's a $26,500 annual difference between Idaho and Wyoming — enough to service a meaningful amount of additional mortgage.
This is not a small factor and we won't pretend otherwise. It's the single strongest financial argument for Jackson over Ketchum, and it's why a certain kind of buyer establishes Wyoming residency.
Two things complicate it, though.
The first is that state income tax only matters if you're changing domicile. If you're keeping your primary residence in California or Texas and buying a place you'll use eight weeks a year, Wyoming's zero rate does nothing for you. Plenty of buyers run this comparison as though they're relocating when they aren't.
The second is property tax, which runs in the other direction. Teton County's median effective rate is about 0.53%, higher than Blaine County's 0.39%. Pitkin County is lowest of all at roughly 0.22%, a function of Colorado's low residential assessment rate. On a $2 million home, the Teton–Blaine spread is a few thousand dollars a year — real, but an order of magnitude smaller than the income tax question.
Idaho also has no real estate transfer tax, which shows up at closing rather than annually.
Access: Ketchum's airport is the closest, and the most fragile
Friedman Memorial (SUN) sits in Hailey, about 12 miles from Ketchum — the shortest airport-to-town distance of the three. As of mid-2026 it had four airlines running roughly nine nonstop routes to eight destinations, on United, American, and Delta. We've written more about flying in and out of Sun Valley.
That's genuinely good service for a town this size. It's also thinner than Jackson's, and everyone who flies here regularly knows the tradeoff: SUN sits in a valley with terrain on both sides, and weather diversions to Twin Falls or Boise are a normal part of winter travel. Budget for it.
Aspen's Sardy Field has similar terrain constraints and similar reliability complaints. Jackson Hole has the most robust schedule of the three, though it's also the only commercial airport inside a national park, which caps expansion.
One more access note: there are no nonstop flights between Aspen and Jackson Hole, which tells you something about how separate these markets actually are. Buyers compare them. Traffic doesn't move between them.
The ski pass is a wash
All three are on the full Ikon Pass — $1,399 for the 2026/27 adult all-access, with Sun Valley, Jackson Hole, and Aspen Snowmass each offering up to seven days.
All three are also excluded from the Ikon Base Pass, with the exception that Snowmass added five Base days for 2026/27. And for 2026/27, Jackson Hole requires lift reservations; Aspen Snowmass dropped its reservation requirement entirely.
If pass access is driving your decision, it shouldn't. This is the one category where the three are effectively equivalent.
The part that doesn't show up on a spreadsheet
Here's what we'd actually tell a buyer weighing these three.
Ketchum still runs year-round. There's a hardware store, a functioning main street in April, and a population that doesn't entirely leave in shoulder season. Aspen and Jackson are further along a curve that Ketchum is also on — but not as far. Whether that matters depends entirely on how you plan to use the place.
The valley's scale is different. Sun Valley opened in 1936 as America's first destination ski resort, and it has had ninety years to not become Aspen. The resort heads into its 91st season on November 26, 2026, with the Stifel World Cup Finals returning to Bald Mountain March 20–25, 2027 — a reminder that the skiing here competes at the top level even though the town doesn't price like it.
Inventory behaves differently. Ketchum listings have recently been sitting around 139 days, and Sun Valley's days on market roughly tripled year over year, from 27 to 76. There's more negotiating room here right now than there has been in several years. That's a timing observation, not a forecast.
The entry tier is the real structural difference. If there's any chance you'll want a smaller place, a rental, or a landing spot for family, the Wood River Valley gives you options down-valley inside the same county and school district. In Teton County and Pitkin County, that option left the building years ago.
Frequently Asked Questions
Is Ketchum cheaper than Jackson Hole?
Yes, substantially. Ketchum's average home value is around $1.56 million against roughly $2.18 million for Teton County, Wyoming — Ketchum runs about 72% of Jackson. The gap is wider still at the entry level, where the Wood River Valley has Hailey and Bellevue in the $700,000 to $820,000 range and Teton County has no real in-county equivalent.
Does Wyoming's lack of income tax make Jackson Hole cheaper overall?
Only if you change your domicile to Wyoming. Wyoming has no state income tax while Idaho charges 5.3% and Colorado 4.4%, which is a large annual difference for a high earner who actually relocates. For a buyer keeping their primary residence elsewhere, it has no effect — and Teton County's property tax rate, about 0.53%, is higher than Blaine County's 0.39%.
Are Sun Valley, Jackson Hole, and Aspen all on the Ikon Pass?
Yes. All three are on the full Ikon Pass for 2026/27, each with up to seven days, at $1,399 for adult all-access. All three are excluded from the Ikon Base Pass, except that Snowmass added five Base days this season. Jackson Hole requires lift reservations for 2026/27; Aspen Snowmass does not.
Which has the best airport access?
Friedman Memorial (SUN) is the closest to town at about 12 miles from Ketchum, with roughly nine nonstop routes on United, American, and Delta. Jackson Hole has the deepest flight schedule. All three sit in mountain terrain and all three see weather diversions in winter — SUN diverts to Twin Falls or Boise.
Is Aspen a better investment than Ketchum?
Aspen appreciated about 7.1% over the past year against Ketchum's 1.5%, so recent momentum favors Aspen. That comes at more than double the entry price and in a market where the ultra-luxury tier drives the averages. Which performs better depends on your holding period, your tax situation, and whether you're buying to use the property or to hold it — worth modeling rather than assuming.
Where we land
Ketchum's case isn't that it's a cheaper Aspen. It's that it's a comparable mountain on a full Ikon Pass, in a town that still works in April, with an entry tier fifteen minutes down the road and a shorter drive from the airport than either competitor.
Jackson's case is the Wyoming tax code, and it's a strong one if you're genuinely moving. Aspen's case is momentum and depth at the top of the market.
If you're running this comparison seriously, the numbers above are the starting point, not the answer — the right call depends on your tax situation, how many weeks a year you'll actually be there, and what you want to own. We're happy to walk through the Idaho side of it honestly, including the parts where we don't win. Reach out anytime.
Image: Visit Sun Valley
About Stevenson Real Estate Group
The Stevenson Group has decades of experience in Sun Valley, and use that historical knowledge to help long-time and new clients achieve their real estate goals. Selling everything from remote mountain lodges in the Sawtooths to luxury estates on the Big Wood River to starter homes in the South Valley, Gayle, Matt and team consistently get the job done like few other agents or teams in the market.
