December in Big Sky: Fresh Tracks, Holiday Spirit, and Market Perspective

December in Big Sky has been wrapped in fresh snow, glowing lights, and the excitement of ski season. With the Explorer Gondola and Kircliff opening this week in addition to the updated tram, winter access just got smoother, offering a comfortable, scenic ride from the Big Sky base area to the top of Lone Peak. 

As we settle into the heart of the season, it’s a perfect moment to pause, celebrate the holidays, and take a look at how the market is wrapping up the year—along with a few standout ski properties and new listings worth noting.

From a market perspective, Big Sky has remained steady overall, with active residential listings running slightly lower than 2024 throughout much of the year.

While pricing across much of the residential market has held relatively consistent over the past few years, the private communities of Moonlight Basin and Spanish Peaks have diverged from the broader trend. Moonlight Basin has continued to see strong appreciation, driven in part by numerous high-end sales closing in 2025 at One&Only. Spanish Peaks, by contrast, saw a lower median price, reflecting the absence of comparable new project completions and a lower entry point through recent fractional-interest sales at Montage.

Land trends vary more sharply by area, largely due to lower overall transaction volume, where individual sales can meaningfully shift median pricing—most notably on the mountain. The Meadow, Gallatin Canyon, and Spanish Peaks have remained relatively steady, though each reflects a distinct buyer profile: sub-acre Meadow parcels, larger Canyon acreage focused on privacy, and Spanish Peaks’ diverse offerings with often the most accessible entry to private club amenities. Moonlight Basin saw the most significant increase, driven by the release of Moonlight West and its planned golf and ski amenities.

With winter fully underway, here’s a look at a few ski properties and new listings that stand out as the season unfolds..