A healthier market takes shape

The first half of 2026 continues to show encouraging signs for the Big Sky market. While pricing has become more balanced, buyer activity has strengthened, creating a healthier market than we've experienced over the past several years.

Buyers are returning

Through June, 126 residential sales have closed across Big Sky, matching all of 2024's first-half pace and exceeding both 2023 and 2025. While we're well below the extraordinary pandemic market of 2021, today's activity reflects a much more sustainable level of demand.

Perhaps most encouraging is that buyers are returning despite higher interest rates, suggesting confidence in the long-term value of the Big Sky market.

Pricing continues to normalize

Average residential pricing outside the private clubs remained remarkably stable, slipping just slightly from 2025 levels after several years of moderation.

Rather than indicating a weakening market, this reflects a healthier balance between buyers and sellers following the exceptional appreciation experienced during 2021 and 2022.

The average sales price within Moonlight Basin and Spanish Peaks declined more noticeably compared to last year, but the headline number doesn't tell the full story.

The 2025 average was significantly elevated by the completion and closing of high-priced residences within One&Only, many of which had gone under contract years earlier. Those luxury closings created an unusually high average price that was unlikely to repeat.

This year's activity has included a broader mix of product types, including several fractional residences at Montage, which naturally lowers the average sale price. At the neighborhood level, the story is much more nuanced. Some club communities continue to experience strong appreciation, while others have seen modest price adjustments as inventory has expanded.

Inventory is growing... Just as we'd expect

June brought a meaningful increase in new listings, which is typical as the summer selling season begins.

Even with this month's increase, however, inventory remains below what we've seen during several of the past few years. New listings continue to be absorbed at a healthy pace, particularly for well-priced properties.

Looking Ahead

As we move into the second half of the year, the market feels increasingly balanced. Buyers have more choices than they did several years ago, while sellers continue to benefit from pricing that remains historically strong.

The result is a market driven less by urgency and more by fundamentals, creating opportunities for both buyers and sellers who are well informed and prepared.