Demand for single-family homes is increasing, with 142 sales (up 40%) so far in 2018. Following suit, the dollar volume is $330* million (up 82%).The average sale price is $2.33* million (up 31%), and the median sale price is $1.42* million (up 29%). The lack of homes listed is fueling this fire. As of July 1, only 123* homes were listed for sale valley-wide (down 25%). NOTE: In the first six months of 2018, only 30% of all home sales were under $1 million. Properly priced listings in this segment continue to receive multiple offers. The selling strategy is simple: To spark immediate interest, work with us to effectively price your property according to current market values.

The upper-end of the single-family home market is sizzling in all segments with 100* home sales for more than $1 million (up 64%). NOTE: The Luxury segment ($3+ million) is experiencing a lot of activity, with 37* sales (up 185%) when compared to Q2 2017. Upon closer inspection, the $5+ million luxury home market is the hottest in the valley with 16* home sales (up 433%). NOTE: Two sales closed for over $10 million.

  • Currently there are 5,739 free-market, single-family homes in Jackson Hole. They break down as follows: Westbank (1,681); Town of Jackson (1,380); North of the Gros Ventre River (873); South of Gros Ventre River to County Line (1,805)—all free-market (not deed restricted or timeshare).
  • There are 1,010 single-family homes worth at least $3 million (luxury homes) throughout the valley. Currently, the Westbank is home to almost half of these luxury homes.
  • 153 homes in the valley are situated on 35+ acres.

Single-family homes under contract are on the rise with a 68% increase of properties currently in negotiations, and $127* million in dollar volume (up 126%). Following suit, the average and median list prices both increased 34% when compared to mid-year 2017. With the dearth of available inventory under $1 million, the above $1 million segment is now the most active in the valley. 81% of the homes are currently under contract in this segment.

The inventory of listed homes is helping to fuel the fire, down 25% to 123* listings, with only 15* listed for less than $1 million (down 46%). NOTE: Available inventory breaks the record for the lowest level in over 35 years. In contrast, the average and median list prices rose by 9% ($4.42* million) and 16% ($2.89* million) respectively. These new all-time highs are breaking historic records.

Current available inventory breaks down as follows: 15 homes between $500,000 and $1 million (down 46%); 26 homes between $1 and $2 million (down 35%); 24 homes between $2 and $3 million (up 20%); 25 between $3 and $5 million (down 17%); 19 between $5 and $10 million (down 39%); and 14 over $10 million (up 17%).

Currently, the least expensive single-family home, located in Hoback Junction, is listed for $565,000. The .17-acre property features a 1,388 sq. ft. two bedroom one and a half bath Hoback Jct. cabin, built in 1980.

The most expensive home, located north of Jackson, is listed for $24.5 million. The main home, built in 1993, spans 11,500 sq. ft. with four bedrooms and five baths. The 40-acre property offers almost a mile of trout-filled spring creeks and a private golf course facing the Tetons.

*While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call Devon and David today.  “We are the Experts”.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
*All statistics quoted in this newsletter are based on sales in 2018 compared to sales in 2017.
*Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.
*Average sale price is the total combined dollar volume divided by the number of sales.
*In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, ranch), minus Alta, WY.
*The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value.

© Copyright 1995 – 2018 by David E. Viehman and Devon Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.