2026 Resort Report

A COLLABORATIVE GUIDE TO TOP SKI MARKETS ACROSS THE MOUNTAIN WEST

Resort Report

As the only true global real estate brand, Sotheby’s International Realty connects international markets through an unrivaled network spanning more than 80 countries and territories. From Park City to Cortina d’Ampezzo, Aspen to Santa Fe, our advisors share real-time insights and opportunities, connecting people and properties in the right places at the right time.

$24B+

90

These averages are weighted and provide an overall summary of the data in this report.

A YEAR IN REVIEW

The Mountain West market is seeing a shift towards normalization and long-term confidence. After years of rapid acceleration, conditions across many resort communities have shifted toward balance. Buyers are more measured, inventory has improved in select markets and strategic pricing has re-emerged as a defining factor in transaction velocity. Homes positioned correctly are moving, while aspirational pricing is being tested.

Luxury demand remains a consistent throughline. Trophy properties, ski-in/ski-out residences and architecturally distinct homes continue to command attention, reinforcing that scarcity and location still drive premium value. In several destinations, highend activity is shaping overall market performance, even as broader segments settle into a more sustainable pace.

Infrastructure investment, resort expansion and new development are influencing buyer confidence across the region. From transformative mountain expansions to increased accessibility and evolving tax environments, the case for long-term value continues to build.

Across all markets represented, one theme is clear: the Mountain West remains a globally relevant lifestyle destination. Constrained supply, year-round recreation and enduring brand strength continue to anchor value, placing these resort communities alongside the world’s leading alpine markets.

A special thank you to our Sotheby's International Realty collaborators:

ASPEN SNOWMASS

BIG SKY

GLACIER

ITALY

JACKSON HOLE

LIV

TOMLINSON

ARIZONA

Sunrise Park

Snowbowl

CALIFORNIA/NEVADA

Badger Pass Ski Area

Bear Valley Mountain Resort

Big Bear Mountain Resort

Boreal Mountain

China Peak

Diamond Peak

Dodge Ridge

Donner Ski Ranch

Heavenly (Lake Tahoe)

Homewood

June Mountain

Kirkwood

Mammoth Mountain

Mountain High Resort

Mt. Baldy

Mt. Rose Ski Tahoe

Mt. Shasta

Northstar

Palisades Tahoe

Sierra at Tahoe

Snow Summit

Snow Valley

Soda Springs

Sugar Bowl

Tahoe Donner

COLORADO

Arapahoe Basin

Aspen Mountain

Aspen Highlands

Beaver Creek

Breckenridge

Buttermilk

Ski Cooper

Copper Mountain

Crested Butte

Echo Mountain

Eldora Mountain Resort

Granby Ranch

Howelsen Hill

Kendall Mountain

Keystone

Loveland Ski Area

Monarch

Powderhorn

Purgatory Resort

Silverton

Snowmass

Steamboat

Sunlight Mountain

Telluride

Vail

Winter Park

Wolf Creek

Mountain West Resort Pass Guide

IDAHO

Bogus Basin

Brundage

Kelly Canyon

Lookout Pass

Pebble Creek

Pomerelle

Schweitzer

Silver Mountain

Soldier Mountain

Sun Valley

Tamarack

MONTANA

Big Sky

Blacktail Mountain

Bridger Bowl

Discovery Ski Area

Great Divide

Lost Trail Powder Mtn

Montana Snowbowl

Red Lodge Mountain

Showdown Montana

Turner Mountain

Teton Pass

Whitefish

Yellowstone Club

NEW MEXICO

AngelFire

Apache

Cloudcroft

Red River

Pajarito

Ski Santa Fe

Sipapu

Taos Ski Valley

OREGON

Anthony Lakes

Hoodoo Ski Area

Mt. Ashland

Mt. Bachelor

Mt. Hood Meadows

Mt. Hood Skibowl

Timberline

Willamette Pass

PASSES & PARTNERSHIPS EPIC

UTAH

Alta

Beaver

Brian Head

Brighton

Cherry Peak

Deer Valley

Eagle Point

Nordic Valley

Park City Mountain

Powder Mountain

Snowbasin

Snowbird

Solitude

Sundance

Wasatch Peak Ranch

Woodward Park City

WASHINGTON

49 Degrees North

Alpental

Bluewood

Crystal Mountain

Echo Valley

Hurricane Ridge

Leavenworth Ski Hill

Loup Loup Ski Bowl

Mission Ridge

Mt. Baker

Mt. Spokane

Stevens Pass

Summit at Snoqualmie

White Pass

WYOMING

Antelope Butte

Grand Targhee

Hogadon Basin

Jackson Hole

Meadowlark Ski Lodge

Pine Creek Ski Resort

Sleeping Giant

Snow King Mountain

Snowy Range

White Pine Ski Resort

MOUNTAIN COLLECTIVE, POWER PASS OR POWDER ALLIANCE

OTHER PASSES/PARTNERSHIPS

UNAFFILIATED/PRIVATE INDY

Snowmass Village, CO

Entire MLS For Major Area Snowmass Village

Aspen Snowmass Sotheby’s International Realty

per Square Foot

ACTIVE LISTINGS AS OF JANUARY, 2026

SKI RESORTS

Aspen Highlands Ski Resort, Aspen Mountain Ski Resort, Aspen Snowmass Ski Resort, Buttermilk Ski Resort

THE SINGLE FAMILY HOME MARKET IS VERY TIGHT , with fewer than 20 active listings; at times during 2025 there were as few as 10 available homes for sale. SELLERS CONTINUE TO HOLD THE NEGOTIATING POWER, with average list-to-sale price discounts below 5%. Historically Snowmass traded at a 45–50% discount to Aspen price per square foot, but that tightened to about 35% in 2025. This was the first year both homes and condos averaged over $2,000 per square foot, and UNDER-CONTRACT CONDOS NOW EXCEED $3,000 PER SQUARE FOOT.

— Andrew Ernemann CEO & Partner

AS FEW AS

homes for sale at times during 2025

LOCALS' PRO TIPS

Earn your turns while skinning up Snowmass Mountain for beautiful early morning sunrises

Visit The Treehouse Adventure Center which covers childcare and ski lessons, then explore extensive terrain options that ensure everyone in the family finds a run that fits

For the best on - mountain après, head straight to The Cabin for laid - back mountain vibes and their snowcat-accessed dinner experience

When you’re ready to switch up the pace, trade your skis for the mid‑mountain alpine coaster, a scenic ride offering unlimited thrills

Steamboat Ski Resort

229 ACTIVE LISTINGS AS OF JANUARY, 2026

Steamboat Springs, CO

Altitude Realtors MLS for Steamboat Springs Steamboat Sotheby's International Realty

AVERAGE SOLD PRICES ROSE MODESTLY YEAR OVER YEAR, reflecting steady demand across the market. Price per square foot held relatively consistent, indicating solid value as inventory and days on market increased. HOMES TOOK SLIGHTLY LONGER TO SELL IN 2025 , suggesting a sustainable pace. The luxury segment remained active, highlighted by a top sale reaching $20M . Entry-level sales continued, with the lowest closed prices still providing access. Transactions increased slightly, while total sales volume reached notable milestones, showing demand. PROPERTIES CONTINUE TO CLOSE NEAR ORIGINAL LIST PRICES , reflecting accurate pricing.

— Kiyah Roe Assistant Managing Broker

$20M

TOP SALE, with average sold prices rising modestly

LOCALS' PRO TIPS

Cross-country or nordic ski at Haymaker Nordic Center

Unwind at the Strawberry Park or Old Town Hot Springs

Head to Fish Creek Falls – hike to the overlook or down to the falls

Take a hot air balloon ride with Wild West Balloon Adventures

Hit up locals hour at Cypress on Yampa

Take Olympian Nelson Charmichael's free bump clinic Sundays at 1pm

Aspen, CO

Entire MLS for Major Area Aspen

Aspen Snowmass Sotheby’s International Realty

ACTIVE LISTINGS AS OF JANUARY, 2026

Aspen Highlands Ski Resort, Aspen Mountain Ski Resort, Aspen Snowmass Ski Resort, Buttermilk Ski Resort

INVENTORY ROSE MODESTLY, demand stayed steady, sellers gained slight leverage, and while the $25M+ segment bears watching, LONG-TERM PRICE MOMENTUM REMAINS STRONG. Condo inventory sits near eight months, off-market deals are rising, and list-to-sale discounts averaged 6%.

— Andrew Ernemann CEO & Partner

$17M AVERAGE single-family home price in 2025

LOCALS' PRO TIPS

The "Town Mountain" offers quadburning groomers and steep, gladed runs all leading to the heart of Aspen

Ajax Tavern is the spot to see and be seen, and of course, eat truffle fries with a locally brewed draft beer in the fresh air and sunshine

Schedule your visit around X Games ; good skiing, great music and amazing world class athletes

Belly Up Aspen has become a requisite Rocky Mountain tour stop for all your favorite bands 2025 MIRRORED 2024 in the Aspen market, with 185 total sales and nearly $2B in dollar volume versus $1.7B last year. AVERAGE PRICES MADE HEADLINES , with condos near $6M and single-family homes topping $17M, but price per square foot told the real story, rising 6% for condos and 3% for homes.

SKI RESORTS

Crested Butte Mountain Resort

211 ACTIVE LISTINGS AS OF JANUARY, 2026

LOCALS' PRO TIPS

Ski or snowshoe to a gourmet dinner at the Magic Meadows Yurt

Catch the Al Johnson Memorial Telemark Race in March

Stop by the Crested Butte Museum to learn about the town's history

Dance to live music at the Public House or Center for the Arts

Order a flight of high mountain rum at Montanya Distillers or grab a pint at The Eldo Brewpub & Venue

Crested Butte, CO

CREN MLS LIV Sotheby's International Realty

STRONG PRICING REFLECTS CONTINUED DEMAND for mountain lifestyle markets, with an average sold price of $1.2M and an average price per square foot of $625, with premium values driven by limited supply and lifestyle appeal. Balanced conditions are emerging as AVERAGE DAYS ON MARKET STRETCH TO 129 , signaling a shift away from the competitive pace of prior years. LUXURY SALES REMAIN A KEY DRIVER , with an $11.9M highest sale price contributing to $420M in total dollar volume. Pricing remains realistic, with homes selling at 96% of list price INVENTORY IS STABLE , with approximately 211 active listings aligned with the 2025 average of 233 across Gunnison County.

— Jaima Giles-Alsum Vice President & Managing Broker

96% AVERAGE list to sale price

Summit County, CO

Altitude MLS

LIV Sotheby's International Realty

74 ACTIVE LISTINGS AS OF JANUARY, 2026

Arapahoe Basin, Breckenridge Ski Resort, Copper Mountain, Keystone Resort

The residential market has seen A CLEAR SHIFT TOWARD BUYERS , driven in part by elevated days on market. Homes priced correctly typically sold within about 70 days, while OVERPRICED LISTINGS LINGERED closer to 180 days, contributing to higherthan-normal inventory. Despite this, TRANSACTIONS INCREASED year over year as buyers remained drawn to the area’s lifestyle. Market volatility, rising interest rates and higher insurance costs—pushing HOA dues up—gave buyers pause, but early price reductions by savvy sellers created compelling opportunities and allowed buyers more time to make thoughtful decisions.

— Larry Hutton Vice President & Managing Broker

77.6% INCREASE in days on market for 2025

LOCALS' PRO TIPS

Rootstalk in Breckenridge was founded by Matt Vawter, a local Summit High School graduate who received the James Beard Award for Best Chef – Mountain

Saved by the Wine in Dillon welcomes dogs on the patio, and 2.5% of net profits go to animal shelters

Bingo at the Elks Lodge in Silverthorne helps support free community dinners

Breck Create in Breckenridge offers workshops like glassblowing and ceramics for artists of all skill levels

SKI RESORTS

Grand Targhee Resort, Jackson Hole Mountain Resort, Snow King Mountain

161 ACTIVE LISTINGS AS OF JANUARY, 2026

LOCALS' PRO TIPS

Ride the tram at Jackson Hole Mountain Resort and get a waffle at Corbet's Cabin

Cross-country ski in Grand Teton National Park

Snowmobile, ski or take a dogsled ride into Granite Hot Springs

Take a sleigh ride to see elk on the National Elk Refuge

Take a guided snowmobile tour into Yellowstone

Jackson Hole, WY

Teton Board of Realtors, Areas 1-10, 12 Jackson Hole Sotheby's International Realty

2025 was FUELED BY THE LUXURY SEGMENT, with high-end sales seeing record activity. The MEDIAN HOME SALE PRICE ROSE 25% from $3M in 2024 to $3.75M in 2025 (the prevalence of upper-end sales skews the average). Properties listed at $5M OR MORE generated NEARLY TWO-THIRDS of total market dollar volume, while 36 SALES PRICED AT $10M+ produced $578M in sold dollar volume. The most noteworthy development was the completion of the ski-in/ski-out HOBACK CLUB in Teton Village, establishing a NEW BENCHMARK FOR LUXURY CONDOMINIUMS , though its private sales are not reflected here.

— Donna Clinton Managing Broker & Chief Operating Officer

OVER ONE-THIRD of current inventory is priced above $10M

The Vail Valley, CO

Vail MLS

LIV Sotheby's International Realty

464 ACTIVE LISTINGS AS OF JANUARY, 2026

Vail Ski Resort, Beaver Creek Resort

The luxury market stayed strong in Eagle County, marking the sixth straight year topping the $2B mark. THE RESIDENTIAL MEDIAN PRICE HAS RISEN 176% SINCE 2015 , with 12% average annual appreciation over the last five years for single-family homes. The luxury tier saw 117 sales at $5M+, and just 30 properties trading under $500K. This type of growth demonstrates consistent market activity with especially healthy strength at the top. VAIL VILLAGE’S STANDOUT RESIDENTIAL SALE REACHED $33,000,000, and the highest price-per-square-foot hit $5,516, a clear indicator that owning in the Vail Valley isn’t just a lifestyle choice, it’s a proven, solid and resilient investment.

— Crissy Rumford

Vice President & Managing Broker

176% INCREASE in residential median prices since 2015

LOCALS' PRO TIPS

On select winter days, meet members of Vail Ski Patrol and the avalanche dogs for lunch at Henry's Hut

Check the Vilar Performing Arts Center's event calendar for world-class entertainment ranging from live bluegrass and rock music to dance and comedy

Don’t miss Thursday Night Lights at Beaver Creek – ride up Haymeadow Gondola, ski down with glow batons and watch the fireworks display

Alpine Arts Center in Edwards hosts drop-in activities as well as weekly classes ranging from pottery to painting to ceramics

Granby Ranch, Winter Park Resort

361 ACTIVE LISTINGS AS OF JANUARY, 2026

LOCALS' PRO TIPS

Eat a sweet, chocolatey sugar waffle from the Waffle Cabin

Soak at Hot Sulphur Springs Resort, with 21 pools ranging in temperature

Hit the slopes on a ski bike with SnoGo Tours

Go sledding downtown at the Rendezvous Event Center (complimentary public use)

Snowmobile along the Continental Divide with Grand Adventure

Winter Park, CO

Grand County Flex MLS LIV Sotheby's International Realty

In the mountain resorts market, Grand County continues to represent a great value. As the closest full-service resort to Denver, and with relatively few restrictions on short-term rentals, Winter Park is a popular destination for second homeowners and investors. Since Alterra took over the ski area management , WE HAVE SEEN BOTH A BUILDING BOOM OF ALL PROPERTY TYPES and many improvements on the mountain. This has enhanced the ski experience and given buyers more options. Additionally, BUYERS ARE ENJOYING MORE LEVERAGE TODAY, AS INVENTORY IS HIGHER THAN AVERAGE . The Amtrak Winter Park Express continues to increase accessibility and add lifestyle appeal.

— Larry Hutton Vice President & Managing Broker

19.3% INCREASE in highest sold price for 2025

SKI RESORTS

Telluride Ski Resort

per Square Foot

209 ACTIVE LISTINGS AS OF JANUARY, 2026

LOCALS' PRO TIPS

Enjoy a delicious breakfast from The Butcher and The Baker, where everything is organic or locally sourced

Lift off with Telluride Heli Skiing for a unique skiing experience

Check out happy hour at Kazahana from 5-6 PM for deals on traditional sushi, nigiri and drinks

Attend the Telluride AIDS Benefit Fashion Show

Stop by The Alibi for an evening of live music and dancing

Telluride, CO

MLS: Town of Telluride and Mountain Village LIV Sotheby's International Realty

The luxury second-home market continues to exemplify enduring value and global appeal. BUYER ACTIVITY REMAINS THOUGHTFUL , with discerning purchasers prioritizing location, lifestyle and architectural distinction. While the pace of the market reflects the discretionary nature of second-home ownership, DEMAND FOR EXCEPTIONAL PROPERTIES REMAINS STEADY . With a curated selection of residences currently available, buyers are presented with meaningful opportunities, while homes that combine rarity, design and setting continue to command strong interest. Overall, THE MARKET IS DEFINED BY LONG-TERM CONFIDENCE and timeless appeal.

— Banks Brown Vice President & Managing Broker

97%

INCREASE in the highest sold price for 2025

Sandpoint, ID

Selkirk Association MLS

Tomlinson Sotheby's International Realty

ACTIVE LISTINGS AS OF JANUARY, 2026

Schweitzer

All is quiet on the Western Front in northern Idaho. NEW CONSTRUCTION IS A BIG PLAYER, with a nearly 40% increase in sales from 2024. The luxury space operates on a different clock; properties in excess of $2M saw an increase in sales of 42%, and 40% OF OUR LUXURY BUYERS PAID IN CASH . Homes downtown saw a sales volume increase of 20%, largely related to new construction. The condo market is showing strong activity with an increase of 36% in transactions. INCREASED INVENTORY MEANS BUYERS HAVE OPTIONS and are focusing on getting what they want, increasing days on market by 15%.

— Chris Neu Managing Broker

40% SALES INCREASE for new construction in 2025

LOCALS' PRO TIPS

Take the Great Escape quad to the top of the mountain for lunch with a view at Skyhouse

Stop by Crow’s Bench in the village for elevated food, great cocktails and their must-order Wagyu burger

Take any run to the Outback Lodge for all manner of food and mixed drinks, then hop on Stella for a ride back to the top of the mountain

Don’t miss Pucci’s Pub at Schweitzer, a local favorite for beers on tap and their famous duck nachos

SKI RESORTS

Sun Valley Resort

188 ACTIVE LISTINGS AS OF JANUARY, 2026

Sun Valley, ID

Sun Valley Board of Realtors Sun Valley Sotheby's International Realty

Sun Valley is no longer a best-kept secret. Its natural beauty, year-round access, economic strength, world-class recreation and authentic mountain community have driven significant growth. IDAHO CONSISTENTLY RANKS AMONG THE FASTESTGROWING STATES IN THE U.S. , benefiting from geographic mobility. The Sun Valley market has matured from the emotional years of the pandemic to a more sustainable and disciplined market. Buyers are now making thoughtful decisions about long-term value. THIS MARKET IS DRIVEN BY DEMAND AND CONSTRAINED SUPPLY. In 1937, it was said that “it happened in Sun Valley,” and in 2026, it continues to be happening in Sun Valley.

— Nick Maricich Managing Broker

Idaho is the

ND

FASTEST GROWING STATE

LOCALS' PRO TIPS

Visit Frenchman's Bend Hot Springs, located along Warm Springs Creek and free to the public

Hike to Pioneer Cabin, built by the Union Pacific Railroad as a ski hut in 1937

Mountain bike Fisher Creek for magnificent views with a toboggan-like downhill return after the arduous climb

Visit Silver Creek Preserve, a unique spring creek with abundant wildlife and historic blue-ribbon fly-fishing

Dine at Michel's Christiania Olympic Bar, an opportunity to have a drink, eat some great food without a reservation and view local Alpine Olympic history

Big Sky, MT

MLS Area: Greater Big Sky

Big Sky Sotheby's International Realty

ACTIVE LISTINGS AS OF JANUARY, 2026

Big Sky Resort

INVENTORY REMAINS LIMITED and has dropped 51% since the 2020 market high (384 closed residential properties in 2020). Even though the number of properties available has decreased, TOTAL DOLLAR VOLUME FOR 2025 WAS AT THE SECOND HIGHEST LEVEL IN 20 YEARS. The top 10% of our residential market increased from $9.3M+ in 2024 to $10.7M+ in 2025. Attainable options also grew, as 2025 saw MORE PROPERTIES AVAILABLE FOR UNDER $2M compared to 2024. Land volume is up slightly, with the median sales increasing from $1,550,000 in 2024 to $1,670,000 in 2025. Cash or 1031 Exchange closings prevail with 55% of residential transactions.

— Mitch Immenschuh Managing Broker

ONLY

187 RESIDENTIAL SALES in 2025

LOCALS' PRO TIPS

Check out the Iglu bar, built entirely of ice and snow at the base of the Lone Peak tram, and have fun people watching

Catch the new gondola to take in views of Lone Peak at Kircliff Observation Deck, no skis required

Enjoy a Yeti Dog and a brew at the Big Sky base area; if you’re lucky, you can score a red gondola to eat in

Pick up a copy of the Big Sky Adventure Map to explore hidden dens and discover new trails

Dine at the Montana Dinner Yurt for a unique on-mountain dinner

SKI RESORTS

Whitefish Mountain Resort

ACTIVE LISTINGS AS OF JANUARY, 2026

Whitefish, MT

Montana Regional MLS Glacier Sotheby's International Realty

The luxury market CONTINUES TO EXHIBIT STRENGTH AND STABILITY, driven by consistent demand for high-quality, resort-oriented properties. BUYERS HAVE BEEN MORE DELIBERATE due to increased inventory, taking more time to evaluate options and negotiate value. Despite this more cautious approach, sold prices remained resilient, underscoring A HEALTHY, MATURING MARKET characterized by steady absorption, realistic sellers, and an absence of distress. The FUTURE IMPACT OF MONTANA’S TAX REFORM —a flat 1.9% fee on vacation and short-term rental properties set to take effect in 2026—has yet to be determined.

— Stephanie Skinner Global Real Estate Advisor

2026

TAX REFORM introduces a flat 1.9% fee on vacation and short-term rental properties

LOCALS' PRO TIPS

Cross-country ski or e-bike the iconic Going to the Sun Road at Glacier National Park before it opens to cars

Purchase your Whitefish Ski Resort pass before September for the best deal for skiing seven or more days

Downtown Whitefish is home to the town's best breakfast at Buffalo Café, Loula’s or Swift Creek Café

Under the Big Sky Music Festival takes place each July; book early, as lodging fills quickly and rates increase

Take a hike with standout options throughout the extensive trail system

Santa Fe, NM

Entire MLS

Sotheby's International Realty - Santa Fe

ACTIVE LISTINGS AS OF JANUARY, 2026

Ski Santa Fe, Taos Ski Valley

SANTA FE DELIVERS THE ROCKY MOUNTAIN LIFESTYLE WITHOUT THE PREMIUM PRICE TAG. Buyers get more square footage, more land and top -tier amenities for far less than other resort markets, making it one of the region’s hidden gems. At the beginning of 2026, BUYERS HAVE MORE OPTIONS than we’ve seen in years; with increased inventory they have slowed down to take a deeper breath and think things through. The luxury market was still very much awake in 2025, with a jaw - dropping sale of $9.5M—a 46.3% leap from the year before. Bargain finds are getting harder to come by, with A STRIKING INCREASE OF 144.4% ON THE LOWEST PRICE.

— Drew Lamprich Vice President, Managing Broker

We are on track to see an 11% increase in active listings, meaning BUYERS HAVE MORE OPTIONS

LOCALS' PRO TIPS

At Ski Santa Fe, warm up mid-mountain at Totemoff's Bar with green chili stew and live music on weekends

The mountain road is gorgeous but narrow; get there early on powder days (locals are in the parking lot for Ski Santa Fe by 8am or earlier)

Après ski at The Shed or La Choza in Santa Fe for classic red/green chili

Taos Ski Valley blends some of the steepest lift served terrain in North America with unique New Mexico soul

Stay right in the ski village at The Blake, America's #1 ski hotel

Deer Valley Resort ®

2025 SAW $750M in pre-construction sales

LOCALS' PRO TIPS

Take in the views of the Jordanelle and Heber valley from the Green Monster, Utah's longest ski run

Aprés ski with High Chocolate in Deer Valley ® East Village's new Grand Hyatt

Get off the beaten path with a snowmobile tour through Uinta National Forest

Explore the 135 new ski runs and 16 new chairlifts, more than doubling Deer Valley's existing terrain

Relax after a day on the slopes at the Homestead Crater in Midway

Deer Valley® East Village, UT

MLS: Greater Park City Summit Sotheby's International Realty

Deer Valley East Village is bringing THE MOST DIVERSE GROUP OF BUYERS seen to Park City. Flagship brands such as FOUR SEASONS AND WALDORF ASTORIA RESONATE GLOBALLY , carrying a luxury standard that buyers know, trust and seek. International press, exceptional on- and off-mountain experiences and unparalleled access have delivered equally strong demand for unbranded residences. Deer Valley East Village is becoming THE BENCHMARK FOR EXTRAORDINARY LUXURY LIVING.

— Sheila Hall Global Real Estate Advisor, Associate Broker

130% INCREASE in highest sold price

The Cottonwood Canyons, UT

Wasatch Front Regional MLS

Summit Sotheby's International Realty

Alta Ski Area, Brighton Resort, Solitude Mountain, Snowbird

per Square Foot

Days on Market

136 ACTIVE LISTINGS AS OF JANUARY, 2026

Big and Little Cottonwood Canyons deliver some of UTAH’S MOST EXCLUSIVE MOUNTAIN REAL ESTATE . Their consistent and quality snowfall have created growing demand and record breaking price points. With nearly $1B in sales volume in 2025, these areas benefit from some of the LOWEST DAYS ON MARKET IN THE GREATER SALT LAKE CITY AREA . Inventory will continue to play a factor, directly impacting affordability. We anticipate CONTINUED YEAR-OVER-YEAR GROWTH in average sales price, which has been over $1M the past two years.

— Ryan Kirkham & Lindsay Tripp Managing Brokers

NEARLY

$1B in sales volume

LOCALS' PRO TIPS

Strap on your snowshoes and catch the sunrise from one of Big or Little Cottonwood Canyon's 100+ trails

Skip the lines and head up Little Cottonwood Canyon for a heli ski adventure with Powderbirds

Hit up Lone Star Taqueria for legendary fish tacos

Aprés at the Hogwallow Pub with live music almost every night

Get some bonus slope time under the stars with Brighton's twilight pass

SKI RESORTS

Deer Valley Resort ®, Park City Mountain, Woodward Park City

per Square Foot

924 ACTIVE LISTINGS AS OF JANUARY, 2026

LOCALS' PRO TIPS

Start the morning early at Deer Valley ® and take the funicular ride to the St. Regis

Order coffee like a local at the Silver King Coffee hut

Check out Park City's Banksy at long-time favorite Java Cow and stop in for milkshakes and souvenirs

Explore Park City Main Street and then enjoy a cozy dinner and whiskey flight at High West Saloon

Experience the passion and future of winemaking in the Mountain West with fireside wine at Old Town Cellars

Greater Park City Area, UT

MLS: Greater Park City Summit Sotheby's International Realty

PARK CITY AND THE SURROUNDING WASATCH BACK HAVE EVOLVED from the reactive, emotionally driven market of recent years into something stronger: a disciplined one. Buyers are making thoughtful decisions about lifestyle and long-term value. Sellers who prepare and price accurately are being rewarded. THE FUNDAMENTALS HERE REMAIN EXCEPTIONAL. Salt Lake City continues to grow as a regional economic hub, DEER VALLEY'S ® EXPANSION IS RESHAPING THE RESORT EXPERIENCE and the return of the Winter Games puts a global spotlight on our backyard. This is a market built on demand, constrained supply and lasting appeal. It is a confident time to be here.

— Bridgette Osguthorpe President & Managing Broker

Average sold prices have GONE UP ALMOST 25%

North Lake Tahoe, CA/NV

North Shore and Truckee

Sierra Sotheby's International Realty

Boreal Mountain, Diamond Peak Ski Resort, Donner Ski Ranch, Homewood Mountain Resort, Mt. Rose - Ski Tahoe, Northstar California Resort, Palisades Tahoe (Alpine Base Area), Sugar Bowl Resort, Tahoe Donner Downhill Ski Resort

Pricing matters— PROPERTIES WITH NO PRICE ADJUSTMENTS SOLD FOUR TIMES FASTER than those with one or more adjustments, reinforcing the impact of strategic pricing from the start. Seasonality has clearly returned to the Tahoe Basin, with the MAJORITY OF SALES OCCURRING IN THE THIRD QUARTER as buyers gravitate toward peak summer activity. The luxury market continues to thrive, with lakefront sales increasing 12%, highlighting sustained demand for premier waterfront properties.

— Jenny Johnson President & Broker

1,840 ACTIVE LISTINGS AS OF JANUARY, 2026

4x FASTER SALES for properties with no price adjustments

LOCALS' PRO TIPS

The spring Pond Skim event at Mt. Rose is a must attend, with costumes, big spills, live music and an epic award ceremony

Enjoy an “adult snack” at the Summit Smokehouse located at the top of Northstar's Comstock Express chairlift

Grab an ice cold beer and relax in the sun at Les Chamois (known to locals as "The Chammy" ) after a ski day at Palisades Tahoe

Pop into The Slot Bar for affordable drinks in a cozy, fun atmosphere

SKI RESORTS

Heavenly Mountain Resort, Kirkwood Mountain Resort, Sierra-at-Tahoe Resort

South Lake Tahoe, CA/NV

East Shore and South Lake Tahoe Sierra Sotheby's International Realty

per Square Foot

LUXURY SALES PEAKED IN JUNE 2025 with over $95M in sales volume in less than 30 days. Total dollar volume increased nearly 12% year over year, while the total number of properties sold rose almost 3%, signaling steady demand across the market. Pricing matters— PROPERTIES WITH NO PRICE ADJUSTMENTS SOLD THREE TIMES FASTER than those with at least one price adjustment, reinforcing the value of strategic positioning from day one. Average list prices continue to climb, increasing 11% from 2024, and the average sale price rose 8.8%, highlighting ongoing strength and resilience in the luxury segment.

— Jenny Johnson President & Broker

253 ACTIVE LISTINGS AS OF JANUARY, 2026

155.9%

INCREASE for the highest sales price for 2025

LOCALS' PRO TIPS

Visit Heavenly Mountain Resort for unmatched lake views and long groomed cruisers, but start your day on the Nevada side (Stagecoach or Boulder Lodge) to avoid crowds

Stop by The Idle Hour for sunset drinks in a boathouse on the lake, one of the most scenic après spots

After a long day on the mountain, grab post-ski tacos at Taqueria Jimenez, the go-to local spot that’s fast and casual

When storms roll in, locals head to Kirkwood for more reliable lift operations and better powder access

global influences that impact your local market

Resort real estate does not operate in isolation. It is impacted by global markets, migration patterns, resort infrastructure investments and international sporting events.

Our strategic advantage delivers this up-to-the-minute research through the pages of the Sotheby's International Realty Luxury Outlook Report. From generational wealth shifts to long-term real estate market implications of lifestyle migration, this report provides forward looking intelligence no matter the location.

In our recently released 2026 report, featured article Game On explores how global sporting events influence luxury properties long after the closing ceremony. The research is clear: when infrastructure, international visibility and location branding align, the local markets often benefit from durable, long-term value drivers. Simply put, in resort markets, this perspective is actionable.

With our brand and network spanning more than 80 countries and territories, our connection and reach is realized through research and reporting. We sit at the intersection of global trends and local opportunity. In the pages that follow, you'll see this connection in action as we take our data a step further, showcasing the influence of the Milan Cortina games and mega resort passes on the international alpine markets of Italy.

enduring alpine appeal in the Dolomites

Amid the global attention surrounding the Milan–Cortina Winter Games, the Dolomites have stepped into an international spotlight. To understand how this exposure intersects with local market dynamics, we partnered with Italy Sotheby’s International Realty for on-the-ground perspective from one of Europe's most established alpine destinations. This timely comparison to the 19 Mountain West markets featured in this report offers insight into how increased global awareness can influence real estate decisions across resort communities around the world.

How have the Milan/Cortina Winter Games impacted real estate?

In the Dolomites, the impact of the Winter Games has been tangible but highly selective. In Cortina d’Ampezzo and the surrounding valleys, we see accelerated demand in prime, supply-constrained micro-markets, particularly renovated properties, new builds and walk-to-lift residences. Infrastructure investments, international media exposure and the strengthening of Cortina’s global brand have already reinforced its positioning as Italy’s flagship alpine destination. However, we believe that the most significant positive effects on real estate demand, especially in terms of sustained international interest, will become more evident as global awareness increases and destinations are “proven” on an international stage.

In this sense, Milan–Cortina 2026 should be seen less as a short-term catalyst and more as a long-term value driver for the region. The uplift remains concentrated in areas where scarcity, quality infrastructure and strong branding were already present, reinforcing the resilience of prime alpine locations.

Has the growth of Italian ski partnerships with the Epic and Ikon passes increased US traffic?

Yes, and we now see measurable signals. The integration into global ski-pass ecosystems has significantly reduced barriers for North American visitors. Dolomiti Superski reported approximately 12,000+ Ikon pass holders midseason, reflecting an estimated 30% year-over-year growth in that segment. This aligns with what we are observing locally, including more first-time US visitors and growing real estate inquiries from US buyers. Multi-resort passes function as a discovery platform: visitors experience the Dolomites through the pass ecosystem and, over time, some transition from tourism to property ownership, particularly in Cortina d’Ampezzo, Alta Badia and Val Gardena.

Are you seeing lifestyle migration similar to the US?

Not at the same scale seen in certain US resort counties, but a meaningful shift is underway. In the Dolomites, buyers are increasingly seeking longer stays, second homes and year-round usability supported by remote work, wellness and summer sports. Top alpine villages are evolving from purely winter destinations into four-season lifestyle hubs. Strict planning regulations and limited new development keep supply constrained. As a result, this remains a scarcity-driven market, with high-quality assets attracting strong competition.

Where are buyers coming from for Italian ski real estate?

Top feeder markets within driving distance include Northern Italy (Milan, Verona, Brescia, Bergamo, Bologna), Southern Germany, Austria and Switzerland. These buyers benefit from efficient road access and represent a stable, recurring demand base. Expanding markets internationally include the United Kingdom and United States, due to global ski-pass ecosystems (Epic & Ikon), improved international connectivity and strong relative value versus France and Switzerland.

What do you get for the money in Italian ski areas?

Pricing in Italy varies significantly by resort, micro-location and property condition. Prime markets such as Cortina d’Ampezzo, Alta Badia and Val Gardena average between €15,000–€30,000 per square meter (≈$1,640–$3,290 per square foot). Entry points within prime ski domains such as Arabba and Canazei (Sellaronda circuit) average €6,000–€8,000 per square meter (≈$660–$880 per square foot). Compared to France and Switzerland, Italy continues to offer a compelling value, benefiting from strong cultural appeal, gastronomy and a four-season lifestyle.

– Laura Benaglia, Chief Marketing Officer

LOCALS' PRO TIPS – DOLOMITES

For a prime slopes experience, Start your ski day early in Cortina d’Ampezzo, Alta Badia and Val Gardena to enjoy pristine conditions and a refined, low-density atmosphere

Reserve in advance at renowned mountain restaurants in Alta Badia and Val di Fassa for Alpine fine dining, where Michelin-starred chefs and premium hospitality enhance the overall destination appeal

Drive along the iconic passes linking Cortina, Val Gardena and Alpe di Siusi to experience seamless access between resorts

Elegant venues in Cortina and Selva di Val Gardena offer Après Ski, networking, leisure and high-end social interaction in a discreet setting

Explore the Dolomites in spring and summer for hiking, cycling and wellness retreats

Italian Alps/Dolomites Resort Pass Guide

3 Peaks Dolomites

Alpe Cimbra: Folgaria-Lavarone

Alpe Lusia – San Pellegrino

Alta Badia

Arabba/Marmolada

Cervino Ski Paradise

Civetta

Cortina d’Ampezzo

Courmayeur Mont Blanc

Folgarida-Marilleva

Kronplatz/Plan de Corones

La Thuile - Espace San Bernardo

Madonna di Campiglio

Monte Bondone

Monterosa Ski

Paganella Ski

Pejo3000

Pila

Pinzolo

Pontedilegno-Tonale

Rio Pusteria – Bressanone

San Martino di Castrozza/Rolle Pass

Val di Fassa/Carezza

Val di Fiemme/Obereggen

Val Gardena/Alpe di Siusi

EPIC PASSES

IKON

The Resort Report was created with the collaboration of these Sotheby's International Realty affiliates