New Normal for Jackson is Tight Inventory
John Spina / Jackson Hole Daily
Jan 29, 2018
As the Jackson real estate market continues to contract, the changes many Jacksonites have long feared appear to be coming down the pike.
According to the Jackson Hole Report’s year-end review, which compiles and analyzes data from every free-market real estate transaction in Jackson Hole each year, the available housing inventory in Jackson Hole is the lowest it’s been in more than 30 years, driving costs to record levels as wage growth remains relatively stagnant.
The solution? Either build up or out, but either way it will change the face of Jackson forever.
“There are more people who want to live in Jackson than there is property,” said Greg Prugh Jr., owner of Prugh Real Estate. “At some point the numbers just don’t work for building housing that’s affordable. We either shut off airplane flights into the valley or continue to develop smaller properties, with smaller units and more apartments, or we sprawl to Victor and Alpine.”
Currently, the least expensive home in the Jackson Hole is a 608-square-foot, one-bedroom, one-bath condo built in 1978 in the Town Creek Apartment Complex for $345,000. The least expensive single-family home is a 1,388-square-foot single-story home built in 1980 with two bedrooms and one and a half baths on a 0.17-acre lot in Rogers Point near Hoback Junction; it’s listed for $575,000.