Welcome
For many, skiing isn’t just a way to get from the top of a mountain to the base—it’s a way of life. It’s about being at one with nature, doing what you love with your favorite people, and toasting the slopes after a day of conquering them. For these reasons and many more, having the ideal residence to retire to following a day of fun and festivities is vital.
Despite the market’s challenges in 2024, many ski resorts continued to see high demand, recordbreaking sales, and various new development projects. The pandemic-era desire to connect more with the outdoors shows no signs of abating—airlines are responding by offering increased flight numbers and new routes, while airports are being upgraded to accommodate the increasing demand.
This year’s Berkshire Hathaway HomeServices Ski Report reveals a host of trends and insights pertinent to any ski enthusiast. Dive into the pages that follow to discover how developers are working with a limited supply of land, the state of short-term rental markets, and the key amenities buyers are seeking in their ideal ski home.
More specifically, you’ll learn about exciting new residential and commercial projects in Aspen, Vail, and Big Sky; which locations are seeing an uptick in private jet arrivals; and which resorts are considered ski aficionados’ best-kept secrets.
There is a real opportunity right now to secure your dream home in your favorite winter sports destination. We’re confident that these pages will provide the intel and guidance you need to take that first step. After that, your dedicated Berkshire Hathaway HomeServices network Forever AgentSM will take you the rest of the way down the hill to your new ski retreat.
Happy reading, and I’ll catch up with you afterwards for some après-ski merriment.
Gino Blefari Chairman | CEO Berkshire Hathaway HomeServices
Aspen, Colorado
Bend, Oregon
Big Sky, Montana
Jackson Hole, Wyoming
Lake Tahoe, California/Nevada
Park City, Utah
Stowe, Vermont
Sun Valley, Idaho
Taos & Angel Fire, New Mexico
Vail, Colorado
Photo credit: David Heslop, Unsplash (cover), Kevin Ruck, Adobe Stock (left).
AspenColorado
The real estate market in Aspen continues to thrive according to Brenda Wild, Owner of Berkshire Hathaway HomeServices Signature Properties. As of mid-November 2024, they had already eclipsed their 2023 transaction numbers with 825 compared to the previous year’s 676. Aspen’s average home prices dipped 12.12% from $16.5 million in 2023 to $14.5 million in 2024—still significantly higher than pre-pandemic numbers— whereas condo prices have risen 39.9% from $4.49 million to $6.28 million, reflecting a possible shift in buyer preferences in the market.
Working with a broker that has great relationships with the community, longevity in the business, and is willing to commit the time to unearth all options will be the best decision you make in buying here."
Brenda Wild Owner Berkshire Hathaway HomeServices Signature Properties
An area that’s seeing lots of development is Snowmass Village. Located just a few miles west of Aspen, the last couple of years have seen various projects get underway, notably the luxury condo complex Aura, which closed late 2024, and the recently completed second tower of branded residential units at the Viceroy, coined Cirque, both of which swiftly sold out after hitting the market. Residential development Stratos is home to Snowmass Village’s last remaining offerings which launched in December 2024 with the only six-bedroom condominium in Snowmass and 89 units being offered in total.
Developable land is sparse across much of the Roaring Fork Valley, but there is one new project that all eyes are currently on making its way through various approval stages. “The biggest thing that will hit Aspen will be Lift One Lodge and Gorsuch Haus,” Wild said. “There will be two hotels and four free market units along with a fractional component. The project will be right off Aspen’s downtown core on Aspen Mountain—the most significant development Aspen has seen.”
Aspen is famously revered by highnet-worth individuals and some buyers are snapping up multiple properties in the area—larger ranches outside of town where they can enjoy easy helicopter access from Aspen’s airport, plus a smaller home closer to the action. Inside high-end properties, self-care is still the buzzword that’s influencing buyers. “Having that beautifully crafted spa area with a massage room, steam room, cold plunge and the latest treatments that can be delivered at home is a true luxury,” Wild said.
In a market like Aspen’s, Wild stressed that it’s key to work with someone with inside knowledge of the market.
“When looking for that property that compliments the lifestyle you are seeking to create in Aspen, working with a broker that has great relationships with the community, longevity in the business, and is willing to commit the time to unearth all options will be the best decision you make in buying here,” she said.
“Especially when someone is looking for a one-of-a-kind opportunity to add to their portfolio of properties.”
Photo credit: Joshua Woroniecki, Unsplash (left), Mike & Valerie Mille, Adobe Stock (above), Joshua Sukoff, Unsplash (right).
Bend Oregon
Mt. Bachelor, the largest ski resort in the Pacific Northwest, offers over 4,300 acres of lift-accessible terrain. Unsurprisingly, its vibrant winter sports scene draws tourists and homebuyers to nearby Bend, located just 30 minutes away. “A lot of people in the Pacific Northwest find Bend because of Mount Bachelor,” said Suzanne Wegmet, Broker at Berkshire Hathaway HomeServices Northwest Real Estate. “You have skiers in the surrounding states looking for a new mountain to ski—in fact, that ’s how I found Bend, I wanted to try somewhere other than Tahoe—and when they get here, people immediately recognize what a gem it is, how amazing the town is and everything the area has to offer.”
Once visitors get to know the area, they often become prospective buyers. “Consequently, we have lots of demand for second and third homes,” Wegmet added. “So much so that the city had to implement restrictions on short-term rentals like they have in many other tourist areas.” There must be 500 feet of separation between whole-house short-term rental properties in Bend—a recent increase from 250 feet.
Wegmet explained that Bend can be divided into two areas—one on either side of the river. “The west side has more of a resort feel. There aren’t many
While it’s getting a little more expensive, it’s still much more affordable compared to similar resorts in the West."
Suzanne Wegmet Broker
corporate-owned chains and there is limited development because it is closer to the national parks—the recreational areas, the mountains, and the rivers. So those homes sell at a premium because there’s much less development. On the south and northeast side of town, they're developing much more. The city is using a lot of resources to expand the urban growth boundary and to bring affordable housing to the area, because that is an issue. The southeast side is really exploding with housing. They are incorporating restaurants and retail into these developments to create a sense of community for residents in these outlying areas.”
The pandemic saw an influx of buyers to the area thanks to its year-round recreation, including mountain climbing, biking, and camping, as well as the appeal of Bend itself. “The Deschutes River runs directly through town which is just beautiful. It’s a really charming place.”
Many buyers can trace their first memory of the area back to childhood. “People come here with their families as children to camp during the summer at our rivers, lakes, and in the woods,” Wegmet said. “So when they get older, as they've been here on vacation as a child, they realize this is where they want to live.”
Despite the year-round activities, what makes Mt. Bachelor unique is its long ski season; in fact, winter 2024 saw its earliest opening day in 26 years, with slopes opening to skiers on Friday, November 15th. “Two of the other biggest draws for Mt. Bachelor are the sheer size of the mountain and its affordability,” said Wegmet. “While it’s getting a little more expensive, it’s still much more affordable compared to similar resorts in the West.”
Photo credit: Dene' Miles, Shutterstock (left), CSNafzger, Shutterstock (middle), Tino Rischawy, Unsplash (right).
Big Sky Montana
After several years of low supply and a strong seller’s market much like the rest of the country, Big Sky, Montana, is showing signs of a shift, according to Katie Morrison of Berkshire Hathaway HomeServices Montana Properties. This change is partly driven by homeowners who bought just before the pandemic-fueled price surge and are now selling to take advantage of substantial property appreciation.
Yet Morrison is still hesitant to call it a buyer’s market. This is because Big Sky’s real estate market is highly segmented. “Our private clubs are going gangbusters—demand is still strong, even though prices have skyrocketed in the past few years,” she said. “However, something incredible like a single-family, ski-in/ ski-out home with a lone peak view has come down slightly in pricing. While in the Meadow—the Town Center with much of our restaurants and shopping—we’ve seen a bit of a decline in pricing there, too. So overall, the market is fairly balanced.”
There are signs of further changes on the horizon. “We had a pretty slow summer, which is unusual, but I saw a big uptick in contracts for fall, which was really interesting,” Morrison said. “Usually fall is not that busy for us because the resort isn’t open, but we had a big increase in our numbers.”
Investors feel they have a little more room to negotiate, they can come and get what they want for less, and there are still no bidding wars.”
Katie Morrison Real Estate Agent Berkshire Hathaway HomeServices
With modest decreases in property prices in some areas along with the slight drop in interest rates, Morrison noted that this has led to an uptick in investors over the past 12 months.
“Investors feel they have a little more room to negotiate, they can come and get what they want for less, and there are still no bidding wars,” Morrison said.
Big Sky Resort has been busy investing in new amenities to further elevate its winter sports offerings. “On the north side of the mountain they just put in the Madison 8—an eightperson, high-speed bubble chairlift that’s heated,” said Morrison. “That was always the coldest part of the mountain so that’s going to be a game changer. Then by the end of summer they will have a new gondola from the base area to the tram station which goes to the top of Lone Peak—and people can use it just for the views, even if they’re not skiing, including in the summer.”
The area will also soon be home to the One&Only Moonlight Basin, a high-end resort with 73 guest rooms and suites in the main lodge, 19 guest cabins, and a community of private homes. Not only that, but Big Sky’s Town Center will also soon see more dining, lodging and shopping opportunities.
With the host of new developments on the horizon and a slightly larger inventory, Morrison is optimistic for 2025. “Overall, we’re going to see more sales because there’s just a little bit more supply. And I think some fears have been relieved such as those regarding capital gains increases and Fed rate hikes. I think that’ll just start to loosen the market up a bit.”
Photo credit: Chad, Adobe Stock (left), Ryan Day Thompson (below), alexfe, Shutterstock (right).
Jackson Hole Wyoming
Skiing in the Jackson Hole area dates back to the 1930s, but the region’s history as a ski resort began in the mid-1960s. In 1965, a team of developers led by Paul McCollister purchased the Crystal Springs Girl Scout Ranch by obtaining a $1 million government loan and opened it to the public for the 1965-66 winter season.
Since then, Jackson Hole’s offerings have expanded to three resorts— Jackson Hole Mountain Resort, Snow King Mountain, and Grand Targhee Resort—catering to all experience levels. Yet while the winter season is a very busy time for the area in terms of both tourism and real estate, Jackson Hole is a true year-round destination. “We are the gateway to Grand Teton National Park as well as Yellowstone National Park,” explained Tim Harland, Broker/Owner, Berkshire Hathaway HomeServices Brokers of Jackson Hole Real Estate. “Winter is big for us, but summer is enormous.” April and November are deemed shoulder months—numerous local businesses use the short off-seasons to close their doors briefly, take a quick vacation, and prepare for the next influx of visitors.
Jackson Hole offers that unmatched balance of natural beauty and community spirit with privacy and seclusion."
Kurt Harland Broker/Owner Berkshire Hathaway HomeServices Brokers of Jackson Hole Real Estate
Surrounded by national parks, forests, and conservation easements, development opportunities are limited in and around Jackson Hole, which helps preserve the area’s natural beauty and keeps property values stable. The lack of developable land hasn’t stopped new construction, though. “In the downtown area and all over the valley, a lot of the dated architecture is being demolished with new structures being built in their stead,” said Kurt Harland, Broker/Owner, Berkshire Hathaway HomeServices Brokers of Jackson Hole Real Estate.
With these remodeling and tear down projects, buyers are creating lavish homes with an array of highend lifestyle amenities. Sam Haack, Associate Broker, Berkshire Hathaway HomeServices Brokers of Jackson Hole Real Estate, said, “People want an oasis in their homes, with things like hot tubs, golf simulators, movie theaters—amenities that you don’t need to really leave your house for. With commercial real estate being only a minor part of our market, there’s not an abundance of amenities available to the public, so many seek out built-in features in their homes.”
Absorption rate data for 2024 shows a relatively balanced market. “In November we were at an eight-month absorption rate which indicates a slight buyer’s market,” explained Haack. “However, earlier in the year we were at 4.75 months. It’s cyclical throughout the year, but averages out at around six months, which is balanced.”
The lack of state income tax is a big incentive for buyers. “The tax structure is probably the biggest reason high-net worth individuals invest in the area,” Kurt Harland explained, but the area is also favored by people who like to get away from it all. “Jackson Hole offers that unmatched balance of natural beauty and community spirit with privacy and seclusion,” he added. “It is the wealthiest county per capita in the nation. Individuals that buy here prefer to fly under the radar—they're not here to be seen. They're here to disappear and enjoy the incredible lifestyle our area has to offer.”
Photo credit: alonzokh, Shutterstock (left), Kevin Cass, Shutterstock (above), Lane V. Erickson, Shutterstock (right).
Lake Tahoe
California/Nevada
The spectacular Lake Tahoe and its surrounding towns have long been a magnet for outdoor enthusiasts, but the area’s history as a worldclass ski resort can be traced back to 1939 when the first chairlift in California was installed at the Sugar Bowl Resort, just northwest of the lake. The Tahoe Basin is home to many ski resorts that surround the lake, giving visitors and vacation homeowners a wide variety of options for winter sports.
When it comes to the area’s most popular resorts, it depends on the skill and demographics of the skier, said Darin Vicknair, an agent with Berkshire Hathaway HomeServices Drysdale Properties. “If somebody has skied their whole life, they typically go to Palisades Tahoe because it has steeper, aggressive terrain. But North Star Resort matches Palisades in terms of quality amenities, including highly groomed trails, family services, good ski programs, restaurants and day cares.”
But it’s not just the superior skiing opportunities that bring tourists and homebuyers alike to the area. “Unlike some other ski resorts, we have summer activities on the water here,” Vicknair explained. “Lake Tahoe is a national treasure that’s 22 miles by 12 miles, with 72 miles of shoreline and 65 feet of clarity.”
Unlike some other ski resorts, we have summer activities on the water here.”
Darin
Real Estate Agent Berkshire Hathaway HomeServices Drysdale Properties
This confluence of recreational activities is increasingly attracting high-end clients. “That’s why the Bay Area crowd comes here,” Vicknair said. “We're seeing more and more jets at the private airports. The top tech people of the world are either coming into the Truckee airport or, if you bought on the Nevada side, into Minden-Tahoe Airport in the Carson Valley.”
Developable land around the lake is sparse, but that isn’t hindering new development opportunities too much, with older cabins being torn down and replaced by contemporary homes and commercial developments. Along with singlefamily homes, the area is home to several high-end condo complexes— including on the waterfront—that include amenities such as concierge services, snow shoveling, garbage disposal, and more.
“On the water, a luxury condo is usually priced in the $2 to $6 million range,” Vicknair said. “By the resorts, it’s somewhat lower—you could get something similar in the $1 million range. But there are examples of branded penthouse units—like the Ritz Carlton at North Star—that could be well over $5 million.” Single-family homes around the lake and resorts can start at around $700,000 for a modest cabin and up to $20 million for a high-end waterfront property.
Architectural styles are starting to vary more as old homes are torn down and replaced with modern structures. “You have your timeless wooden lodge family retreat that is still highly desirable, but there’s also what we call contemporary mountain—more steel and glass, maybe a flat roof—that is getting popular," said Vicknair. “You will see that the new construction buildings blend seamlessly with the older cabins in the neighborhood.”
Vicknair
Photo credit: Ethan Walsweer, Unsplash (left), DTM Media, Shutterstock (middle and right).
Park City Utah
Steady, healthy growth defines today’s Park City market, according to the Ski Resort Property Group of Berkshire Hathaway HomeServices Utah Properties. “The market has steadied, inventory has increased by about 9% from where we were last year, and average prices are up about 5% year-over-year,” said Nancy Erni, Associate Broker.
The slight increase in inventory can be attributed somewhat to some homeowners who found an opportunity to sell while competition was low. “We have been speaking with our previous clients to let them know that now might be a good time to sell, as low inventory often leads to strong offers,” said Janalee Jacobsen, Associate Broker.
Right now, all eyes are on the new resort just west of the Jordanelle Reservoir and the multitude of development projects cropping up nearby. “Deer Valley East Village is the newest resort expansion of Deer Valley,” explained Erni. “They're adding 3,700 acres, basically doubling the size of Deer Valley Resort, making it one of the largest ski resorts in the country.”
The market has steadied, inventory has increased by about 9% from where we were last year, and average prices are up about 5% year-over-year."
Nancy Erni Associate Broker Berkshire Hathaway HomeServices Utah Properties
Not only that, but the resort will be home to the largest ski beach in the country. The first major part of the project, the Grand Hyatt Deer Valley, was completed in Q3, 2024, and houses 386 hotel units and 55 residential units—the latter of which sold out swiftly.
Elsewhere, Snow Park, another area at the base of Deer Valley, is being revamped with updated amenities. “This area has been in need of an update,” said agent Ryan McLaughlin. “As wonderfully vintage as it is, people are looking for a place to spend time after they ski. Right now, when you finish skiing there isn’t much to do besides go back to your condo or into town. Giving people a reason to linger is going to be a big improvement to that base village area.
“On top of that, it should also alleviate the traffic, as people won’t all be leaving all at the same time. There will be shops, restaurants, retail, an iceskating rink—it will be a big addition to that portion of Deer Valley and probably the most monumental thing
happening within the city limits over the next five years or so.”
Downtown Park City isn’t being left out of the renovations, either—the city council are in the early stages of making Main Street more pedestrianfriendly with easier access to Deer Valley and Park City Mountain Resort.
With the Winter Olympics coming to the state in 2034, it’s clear the region is going full steam ahead to ensure it has the infrastructure in place to accommodate the growing visitor numbers. “Utah is a very desirable place to visit and with the ease of access thanks to our unparalleled airport—which is undergoing big renovations—our visitor count is just going to keep increasing,” Erni said. “But what’s lovely about Park City versus similar resorts is that it’s still a community. It’s just going to get busier and busier, but the city is managing growth well.”
Photo credit: Jason, Adobe Stock (left), Kevin Ruck, Adobe Stock (below), ReviewOutlaw, Shutterstock (right).
Stowe Vermont
With the first ski trails cut in 1933, Stowe Mountain Resort in northern Vermont is the oldest ski resort in the state and one of the top resorts on the east coast. Yet it’s not only winter sports that attracts tourists to the area. “We have so much more to offer than skiing,” said Dody Day, Broker at Berkshire Hathaway HomeServices Vermont Realty Group. “Our biggest season by far is fall—foliage season. It’s a real fourseason resort and there’s a lot to draw people here.”
People come here for a quieter, slower pace of life—but then the new arrivals bring increased demand for amenities as
they seek the same luxuries they’re accustomed to.”
Dody Day Broker Berkshire Hathaway HomeServices Vermont Realty Group
Stowe Mountain Resort offers diverse terrain for all skill levels and features two mountains, Mount Mansfield and Spruce Peak, connected by a gondola. Unlike some other popular ski resorts, there is still room for growth— within certain parameters. “We have a lot of green space here, but a lot of Vermonters want to keep it that way, too,” Day explained. “There can be restrictions on land. It’s certainly something we keep an eye on when we’re helping buyers purchase land to make sure they're able to do what they want to do with it.” More commonly, older structures are being torn down to make way for new developments. “They have just finished a few projects on the mountain road—we continue to see landmarks like old restaurants coming down with townhomes going in,” added Denise Trombley, Broker at Berkshire Hathaway HomeServices Vermont Realty Group.
On what brings people to the area, Day said, “Of course, it’s the New England hospitality and charm, but there’s also a wide range of amenities. People come here for a quieter, slower pace of life—but then the new arrivals bring increased demand for amenities as they seek the same luxuries they’re accustomed to.”
“The microbreweries are popular right now, we have great restaurants, and there’s easy access into Stowe
Village,” Trombley said. “We're 30 minutes from our capital, 45 minutes from Burlington International Airport. So, we’re really in a fabulous location and it’s a beautiful, beautiful village.”
Regarding the area’s rental market, Stowe will introduce mandatory registration of short-term rentals from May 2025, with certain fire and safety regulations going in place plus a registration fee. “What the Town of Stowe is saying to us is that they're not trying to discourage people from renting out their properties,” Day said. “They just want a registry, so they get a better idea of what’s going on.”
The state of Vermont, however, has recently introduced a 3.6% property transfer tax for homes bought that are intended to be used for short-term rentals—time will tell if this has an impact on the rental market.
Buyers come from all over, with a specific emphasis on the east coast. “On weekends, almost every license plate is from out of state,” Trombley said. “We have New York, Massachusetts, New Jersey, Connecticut—everything that surrounds us, as well as Quebec up in Montréal. We're close to Boston—only a three-hour drive—so people will fly into Burlington, Boston, or Manchester, New Hampshire, and we’re just a couple of hours to Montréal–Trudeau Airport, too.”
Photo credit: FashionStock.com, Shutterstock (left), Don Landwehrle, Shutterstock (above and right).
Sun Valley Idaho
Thanks to a series of high placements in Ski Magazine’s yearly rankings of top ski resorts in the West—including securing the number one spot twice and number three once within the last four years—Idaho’s Sun Valley is gaining popularity among a wider demographic of winter sports enthusiasts. “We're seeing a lot more buyers from Texas, the East Coast, Chicago, and Florida than we have in the past,” said Matt Stevenson, Associate Broker at Berkshire Hathaway HomeServices Sun Valley Properties, citing increased flight numbers and connections, plus airport upgrades, as prime reasons for the increase in interest from less traditional feeder markets.
There are a few HOAs that restrict short-term rentals, but other than that, it’s pretty wide open."
Matt
Stevenson Associate Broker Berkshire Hathaway HomeServices Sun Valley Properties
The area’s popularity may explode further given that the Ski World Cup Finals are taking place in Sun Valley this March, with the world’s top alpine ski competitors descending on the slopes to compete in the Downhill, Super-G, Giant Slalom and Slalom events.
Bucking the trend somewhat from a national perspective, Stevenson shared that 2024 was another bonanza year for home sales, behind only 2020 and 2021 in total sales value. “It'll only be the third time that we'll have passed a billion dollars in sales,” Stevenson said. “The year started off strong, then there was a little bit of a slow spell, but the last few months were strong again with some record sales for the region. The demand is there; that said, there’s been more negotiating between buyers and sellers than there was in previous years, which is good.”
Another area where Sun Valley differs from much of the country is regarding rentals; specifically, the lack of restrictions in place. Stevenson explained, “There are a few HOAs that restrict short-term rentals, but other than that, it’s prett y wide open. There’s one city in this area that requires a small licensing fee, and that’s about it. The demand for investment properties seems to be
holding and there are a lot of buyers who are looking to do just that—use a property for themselves and then supplement their income by using it for short-term rentals.”
Much like other established ski resorts, developable land is scarce. While that may stymie future construction opportunities, Stevenson is able to see the positives: “On one hand a very good thing is that it maintains the character of the valley. I think that is one differentiator for us—we don’t really have developments up the hillsides, the view is prett y similar to what you would have seen 20 to 30 years ago.”
That’s not to say that there are no new projects in the area. “There’s one large hotel—the Appellation—that broke ground about a decade ago that’s finally under construction again and they're making a lot of progress,” Stevenson said. “That'll be one of our highest-end hotels once it’s done. And it'll also have residences. Then we have some new luxury penthouses going up downtown, called 5th & Main, with commercial space down below—Johnny Was, Faherty, and some other brand name stores that we haven’t had in the past are opening storefronts, which is exciting.”
Photo credit: CSNafzger, Shutterstock (left and right), John, Adobe Stock (below).
Taos & Angel Fire New Mexico
With three renowned resorts within an hour of Taos, New Mexico, this enchanting region is a prime choice for your next ski vacation or second home destination. The two most popular resorts—Taos Ski Valley and Angel Fire Resort—cater to all experience levels and, between them, welcome millions of visitors per year.
Both year-round destinations, Taos Ski Valley and Angel Fire offer a range of outdoor activities on top of their snow-based sports, including golf, mountain biking, hiking, fishing, and hunting. “Angel Fire has everything that you can imagine for outdoor recreation,” said Tara Chisum, Associate Broker at Berkshire Hathaway HomeServices Angel Fire Real Estate. “The attraction is that it is a small-town community first, and a resort second, if you will. It’s small and friendly and very easy to get around. Personally, I can look out my window on a winter morning and decide if I’m going to go ski and, in 15 minutes, I can drive, park, get in line and be on the chairlift.”
In the post-COVID world, demand remains high year-round, with opportunities to buy and sell throughout.
Tara Chisum Associate Broker
While small, however, Angel Fire is far from insignificant, with over 80 runs, multiple chair lifts and plenty of development on the horizon, including the installation of more lifts.
At Taos Ski Valley, there’s lots of development taking place, too. “New chairlifts and a new gondola are coming,” said Mark Rochester, Vice President and Qualifying Broker at Berkshire Hathaway HomeServices New Mexico Properties. “We’re also seeing lots of new residential opportunities, including some high-end lodges that have been completely renovated.”
There is also plenty of scope for future development opportunities, something which is lacking in other popular ski areas, especially around Angel Fire Resort and in the city of Taos itself, which is about a 30-minute drive from Taos Ski Valley— and worth a visit by its own merits, with its “historical significance and that southwest, old-world charm,” said Chisum.
The short-term rental market is thriving in and around Taos and Angel Fire. Both communities are attracting investors with their welcoming approach and relatively few restrictions—Angel Fire has none, and, while Taos has some, permits are still readily available.
Since the pandemic, there’s no longer a specific “best time” to buy in the area, as the COVID market disrupted traditional seasonality. “Historically, the best time was considered from July through mid-October, when the flowers bloom and Aspen leaves fall,” Chisum said. “However, in the postCOVID world, demand remains high year-round, with opportunities to buy and sell throughout. Even during the winter, golfers and bikers continue to visit and make purchases.”
Often mistaken for a purely flat desertscape, New Mexico has much more elevation than many realize. “Our natural beauty, with tall, cool pines, the snow-packed peaks— people often don’t realize this is part of New Mexico’s identity,” Rochester said. The city of Taos sits at 6,969 feet, while Taos Ski Valley is at 9,321 feet, with the resort’s limits reaching as high as 12,581 feet.
Photo credit: Marcelo Rodriguez, Shutterstock (left), M. Makela, Adobe Stock (below), Roschetzky Photography, Shutterstock (right).
Vail Colorado
In the winter sports gateway of Vail, Colorado, the luxury real estate market is thriving, says Michael Slevin, President of Berkshire Hathaway HomeServices Colorado Properties. “There’s a few different reasons for that,” Slevin said. “People have made a lot of money in the stock market, and they have taken out their profits, so to speak, putting them into hard assets and those valued in dollars. Plus, I think it has to do with the feeling of safety in these resorts—buyers are looking to get something for their family and enjoy it.”
While the continued demand in the area usually increases property prices, some sellers holding onto pandemic-era pricing are realizing that a price adjustment may be the smartest move. Yet Vail is not seeing a full buyer’s market, due in part to the lack of developable land in the area. Construction is taking place, but mainly in small pockets. “The last piece of developable land in Beaver Creek is home to a new project called the Arcadian,” Slevin said. “They've now secured county approvals to build about 12 townhomes, with starting prices for the first phase from $6 million to $7 million. Pre-sales began in early December.”
Step in now. Price drops are rare here, and there will always be dozens of others eyeing the
same property. If you’re serious about buying, there’s no point in waiting.”
Michael Slevin President
Berkshire Hathaway HomeServices Colorado Properties
The commercial market is also still finding opportunities in Vail, despite the lack of land, with developers turning to previously developed land to create something new and exciting. “There was a development called Ever Vail, which was literally another portal onto our mountain at the west end of Vail,” Slevin said. “East West Partners is now going to redevelop it—we'll have a new gondola going in, but that could be a minimum of three years before it’s shovels in the ground.” It is reported that the project will also comprise new lodging, restaurants, boutiques, workforce housing, public spaces, transit, and parking.
“We’re in a nice steady market right now,” Slevin added. “We could do with more inventory of course, but that’s why it’s exciting that this development is underway here in the village.”
Construction on developable land might be harder to come by today in Vail, but there is still plenty of remodeling and tear downs taking place, Slevin said, citing a recent listing of his near the gondola in Vail Village that will close at a little under $30 million, where the buyer intends to tear it down and build anew.
When it comes to construction projects, there is one amenity that’s gaining popularity among hillside properties. “The biggest trend since we’re on hillsides is an elevator,” said Slevin. “We are even seeing them in some of the homes that aren’t on steep hillsides—people want to get their primary bedroom views above ground level, yet they know eventually they don’t want to be walking upstairs with luggage, groceries, etc.” Hot tubs are still a must-have, and with larger properties, a whole suite of wellness amenities: “With the really high-end luxury, homeowners are building their own spa, massage room, workout room, and yoga room.”
Slevin has some final advice for those looking to buy in Vail: “Step in now. Price drops are rare here, and there will always be dozens of others eyeing the same property. If you’re serious about buying, there’s no point in waiting.”
Photo credit:
Erinelizabethphotography, Shutterstock (left), Kevin Ruck, Adobe Stock (below), Maddiew, Shutterstock (right).
The real estate market in Big Bear has recently experienced an uptick in sellers gradually listing their properties, yet the rate of transactions remains slightly slower compared to previous years.
Like other destinations that are primarily dominated by second homeowners—there are about 10,000 housing units in Big Bear but only 5,000 residents— many sellers are investors that bought during the pandemic. They were expecting strong returns that haven’t yet materialized.
Toward the end of last year, there were 430 active listings across Big Bear Lake, Big Bear City, Sugarloaf, and Fawnskin. In the last six months of 2024, around 400 homes sold with an average sales price of $578,000. The average days on the market held at around 109.
Despite a slower market, Big Bear remains an attractive option for those looking for a quaint, year-round getaway. The area’s proximity to Los Angeles, Orange County, and San Diego makes it a popular choice for second-home buyers. Buyers also hail from Southern Nevada and Mexico.
Big Bear’s lifestyle appeal is bolstered by its outdoor activities, including skiing, hiking, boating, and fishing. The two popular resorts— Bear Mountain and Snow Summit—do not offer accommodations. Hence, short-term rentals are the popular choice for the millions of visitors who flock to the region each year.
Berkshire Hathaway HomeServices California Properties agents work with buyers and sellers in the Big Bear area.
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Located in the heart of Colorado’s Rocky Mountains, Breckenridge is a sought-after destination known for its mix of historic charm and world-class skiing.
Breckenridge’s real estate market has experienced a slowdown in transactions over the past few years, particularly following the flurry of activity in 2021. Yet buyers—hailing from around the world—continue to flock to the region and are gravitating toward larger homes with high-end amenities, making Breckenridge’s average sales price currently around $2 million.
With surrounding National Forest inhibiting further growth, limited existing inventory, and the last remaining lots and infill projects in development, values will continue to grow. In fact, homes priced under $1 million are becoming harder to find. Despite the inventory challenges, the market is currently balanced with a healthy mix of buyers and sellers.
Established in 1859, the downtown Main Street retains much of its original charm, with many 19th-century structures still standing. Since becoming a ski resort in the 1960s, the area has grown into a bustling winter sports destination, now featuring over 100 shops and restaurants. Strict building guidelines in the Historic District ensure that generations to come will enjoy the nostalgia of this rugged mountain town.
The team at Berkshire Hathaway HomeServices Colorado Real Estate can assist in securing a winter haven in and around Breckenridge.
Once a quiet coal mining town, Crested Butte is now a beloved, world-renowned skiing destination. In recent times, its real estate market has become competitive, with high demand and inventory challenges resulting in prices trending upward.
Well-located properties near skiing and golfing amenities are proving to be the most sought-after, especially in downtown Crested Butte, Mt. Crested Butte, Skyland Golf Course, Crested Butte South, and the surrounding rural areas. Savvy investors are also seeking homes with strong rental potential.
With Crested Butte’s unique lifestyle, recreational opportunities, and world-class skiing, this trend is expected to continue throughout 2025. However, a slight tempering in price growth may occur as inventory increases and interest rates stabilize.
Crested Butte attracts buyers primarily from Denver, Texas, and California—and some of the most adventurous skiers in the world. Known for its challenging terrain, Crested Butte Mountain Resort covers over 1,500 acres, boasts 121 trails, and offers some of the best extreme skiing in North America.
Visitors appreciate the ski trails, relaxed lifestyle, scenic beauty, and character-filled downtown, with more than 300,000 tourists per year making the journey to enjoy this Colorado gem.
The team at Berkshire Hathaway HomeServices Today Realty & Associates helps buyers and sellers achieve their Crested Butte real estate goals.
Crested Butte, CO
Breckenridge, CO
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Mont-Tremblant, Canada
More homes have recently come on the market in one of Canada’s popular ski destinations—Mont-Tremblant. This wave of new properties on the market coincides with a very slight increase in pricing, if any.
This uptick in homes on the market is largely attributed to the surge in secondary home purchases during the pandemic when low interest rates encouraged investment. However, the subsequent rise in interest rates has led to financial strain for some buyers, prompting many to list their properties.
This year, the market is expected to stabilize even further, with healthy transaction volumes and no repeat of the intense competition seen in 2021 and 2022.
Sellers should prioritize maintaining their properties as buyers and investors are focused on properties in good condition and turnkey solutions as opposed to those that require renovation.
Foreign buyers are still restricted from purchasing residential real estate in Canada until 2027, except under specific conditions including being legally married to a Canadian citizen/resident, in possession of a valid Canadian work permit, in possession of a valid Canadian student visa, or purchasing through a company in which the overseas buyer owns 10% or less with no voting rights.
Connect with Berkshire Hathaway HomeServices Québec to discover real estate opportunities in Mont-Tremblant.
Northern Italy
In the past year, the real estate markets around Northern Italy’s lakes and famed ski resorts have seen rising property values fueled by strong demand.
One of the most renowned regions—Lake Como— has seen significant pricing increase, in some cases appreciating 20% for prime properties.
Throughout the region, resorts like Cortina d’Ampezzo, Madonna di Campiglio, Livigno, Bormio, Val Gardena, Alta Badia, Courmayeur, and Monte Rose Ski have also experienced an uptick in demand. Buyers hailing primarily from the United States, Germany, the United Kingdom, and domestically, are drawn to Northern Italy’s natural beauty, culture, and cuisine. In 2026, the world’s attention will be on Cortina d’Ampezzo as the co-host of the Winter Olympics and Paralympics.
In 2025, property values are expected to continue rising due to the limited supply of in-demand properties, making this an advantageous market for sellers. Buyers are advised to focus on prime locations close to amenities with ski lifts or ski-in/ski-out access and year-round appeal—and to consider legal and tax factors when purchasing. Additionally, engaging with local property management agencies can streamline rental operations for owners who wish to generate income.
Berkshire Hathaway HomeServices Palazzo Estate assists buyers and sellers in the Northern Italy region for their real estate needs.
Vermont has long been a prime location for outdoor adventure, offering some of the best skiing and recreational opportunities in the Northeast. Since its opening in 1961, Stratton Mountain has attracted generations of visitors, drawn by its excellent snow conditions, family-friendly atmosphere, and challenging terrain.
The real estate market in Stratton is thriving, with properties ranging from charming condos to luxurious homes. In the past year, approximately 170 homes and condos were sold for a combined $130 million, with a median sales price of $630,000, making Stratton a coveted destination for those seeking a second home or permanent residence in an outdoor paradise.
With 99 trails served by 11 fast lifts, including four sixpassenger chairs, Stratton Mountain is a year-round playground for skiers, snowboarders, and outdoor enthusiasts of all levels. Additionally, the resort is renowned for being the birthplace of snowboarding and the location of the world’s first snowboard school.
Beyond winter sports, Stratton thrives in the summer, offering activities like golf, mountain biking, tennis, and UTV mountain tours. The vibrant Stratton Village at the base of the mountain serves as a hub for dining, shopping, and community activities.
Network agents at Berkshire Hathaway HomeServices
Stratton Home are experts in the local market.
Demand for high-end homes in Whitefish, Montana, is anticipated to remain strong in the coming years.
Drawing buyers is the region’s growing popularity as a ski destination and a year-round retreat. Within the skiing enthusiast community, Whitefish is fast becoming known as a competitor to renowned resorts like Big Sky, Aspen, and Vail.
Buyers are drawn to Whitefish from cities in Montana itself, including Missoula, Billings, and Bozeman, as well as out-of-state visitors from Idaho, Washington, Utah, and beyond. The nearby Kalispell International Airport makes the area easily accessible, further boosting tourism and real estate interest.
With rising demand, new construction is booming. However, with most vacant lots already acquired, opportunities for buyers looking to build their dream home are becoming increasingly scarce.
Whitefish Mountain Resort, a key attraction, has long been a destination for skiing, offering over 3,000 acres of terrain and 111 named trails. The area has been marketed as a ski resort since the mid-20th century, and today it draws over 500,000 visitors annually, with 2022–2023 marking a record-breaking season.
If you are searching for a home in Whitefish, Berkshire Hathaway HomeServices Montana Properties can provide expert assistance.
Photo credit: Vlad G, Shutterstock (Mont-Tremblant), Francesca Emer, Adobe Stock (Italy), Stratton Mountain Resort (Stratton Mountain), davidmarxphoto, Shutterstock (Whitefish).
Whitefish, Montana
Stratton Mountain, Vermont
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