As we near the start of Big Sky’s summer season—with Farmers Markets, Thursday concerts, and long sunny days packed with adventure—May offers a perfect pause to take stock of the real estate market. Historically a quieter month for sales activity, it’s an ideal time for a market snapshot.

The latest graphs reveal clear trends across Big Sky’s residential landscape. In the private club communities of Spanish Peaks and Moonlight Basin, average home prices have more than doubled since 2020—rising from $3M to just over $7M YTD 2025. This growth reflects the closing of many development contracts that were originally signed pre-construction. In contrast, prices in the broader Greater Big Sky market have remained steady,  hovering between $1.7M and $2M over the past three years.

Sales volume is also gaining momentum. April 2025 marked the strongest month since 2022, outpacing the same period in both 2023 and 2024. Seasonality is always a factor, but the data suggests renewed buyer energy, with 25 additional properties already under contract and expected to close before summer’s end.

Inventory remains tight, with active residential listings at their lowest point since November 2022. That said, inventory typically peaks in July—so expect to see new listings come online in the next few weeks as we head into the heart of the summer selling season.