JACKSON HOLE REAL ESTATE REPORT
The Jackson Hole Report is published semi-annually, with additional email updates for the first and third quarters. While other Realtors attempt to report on our market with MLS statistics only (MLS historically tracks 65-70% of the market), we track every single transaction in Teton County. This data-driven report is the oldest, most accurate and trusted real estate news source in Teton County, Wyoming.
While the overall number of sales is down 6%, condo/townhome and single-family home inventory are on the rise. Overall inventory is up 5%, with single-family home inventory up 15% and townhome/condo inventory up 14%. In contrast, residential vacant lot inventory is down 25%. Normally, rising inventory puts pressure on Sellers to lower their prices, and we are seeing this in 2024. Out of the 234 currently listed overall properties, 49 (21%) have reduced their price in 2024. Out of the 234 properties listed, 90 (38%) have been on the market for more than one year.
While 21% of the current listings on the market have reduced their list prices this year, Buyers are still willing to pay more in some areas of the market than last year due to the lack of inventory. This is especially true in the under $2 million price range for homes and the under $1 million range for condo/townhomes. Currently, there are only ten condo/townhomes under $1 million and only six single-family homes for under $2 million on the market. If priced according to the market, these two categories and respective price ranges are receiving offers within 10 or fewer days after hitting the open market.
It’s important to point out that the 145 overall sales to date is the second lowest number of sales in 30 years. Besides the lack of inventory, high mortgage interest rates are still affecting potential Buyers. Locally, the lack of affordable homes and condo/townhomes under $1 million has cut the number of Buyers by more than 80%. For example, just three years ago, the first six months of 2021 registered 112 sales under $1 million. By contrast, in 2024 we had a total of 19 sales under $1 million in the first six months (all condo/townhomes). Step back to 2013, and there were 220 sales under $1 million in the first six months. NOTE: With high mortgage rates, 77% of all sales in 2024 have been cash. Interest rates continue to put a damper on remodeling projects as Buyers are using their extra cash to purchase.
Available inventory at the end of June 2020 registered 323 overall listings, and today, we only have 234. NOTE: Just three months ago, at the end of Q1 2023, there were only 150 active listings overall. That’s a 56% increase in just three months. While the increase in listings is expected this time of year, it’s still only 55% of the fifteen-year average for the end of June. Regardless, it’s good news for Buyers when inventory is on the rise.
Looking ahead, we expect to see continued appreciation in the lower price ranges and a leveling off in the mid- to upper price ranges. While inventory levels are still at historic lows, without more Buyers in the market, some Sellers will have to lower their expectations if they want to close in 2024.
The Jackson Hole Report is the most widely distributed and anticipated quarterly newsletterin Jackson Hole. To guarantee the most successful outcome in your next real estate transaction, call us today.
DATA-DRIVEN REPORT FOR THE FIRST SIX MONTHS OF 2024
The Jackson Hole Report is the oldest, most accurate, and comprehensive real estate market report in Teton County, Wyoming. We derive our statistics from a privately maintained database that tracks every single sale, not just the transactions reported through MLS. NOTE: Only 70% of sale prices valley-wide in 2024 were reported to MLS.
Were you shocked when you received your 2024 property tax estimate? If you would like an assessment of the current value of your Jackson Hole property, please contact us for a free comparative market analysis by calling 307-690-4004 or emailing david@jacksonholereport.com.
Read the full report at www.jacksonholereport.com
CLOSINGS
6% Decrease
OVERALL DOLLAR VOLUME
1% Decrease
ACTIVE LISTINGS VALLEY WIDE
All Home, Lot, Condo, Multi-Family & Commercial
The Luxury Market—condo/townhomes and vacant residential lot sales priced at $5+ million and home sales priced at $10+ million—registered 14 sales (down 30%). The hottest segment overall was between $10 and $20 million in which seven sales closed. Single-family homes claimed 27% of Luxury sales (eight transactions) with 50% of those on the Westbank. Luxury listings under contract are up 400% with four sales pending. NOTE: There are 48 properties on the market in the $5+ million price range—no change from Q2 2023. The most expensive overall listing is a home located North of Jackson priced at $34.9 million. The main house, built in 1999, has 8,060 sq. ft. with five bedrooms and seven baths. The log home sits on 42.6 acres bordering the Snake River and has a 900 sq. ft. guest house. Click here to learn more about the Jackson Hole Luxury Market.
Overall properties under contract has declined with 36 properties currently in negotiations (down 14%). While the dollar volume followed suit (down 10%), the average list price was up 11% to $3.9 million. The single-family home and vacant lot segments experienced a decrease in the number of properties under contract, but the condo/townhomes segment increased 40%. The decrease in this segment is directly related to the lack of inventory under $750,000 with only four townhome/condos currently listed in that range.
Overall inventory of active listings increased just 5% when compared to Q2 2023, marking the fourth lowest number of overall active listings in over 50 years at mid-year. Single-family homes increased 15%, and condo/townhomes went up 14%, but vacant residential lots decreased 25%. Homes for sale under $1 million are non-existent. The least expensive home is currently priced at $1.295 million. NOTE: On July 1, 2011, there were 104 homes listed for under $1 million with an average list price of $2.795 million versus today’s average list price of $6.71 million.
• There are currently 12,359 free-market deeds (not deed-restricted or timeshare) in Jackson Hole. They break down as follows: Westbank (3,716); Town of Jackson (4,132); North of the Gros Ventre River (1,447); and South of the Gros Ventre River to the County Line (3,064).
• There are currently 1,058 deeds that qualify as Luxury properties in Jackson. All vacant residential lots (314) and condo/townhomes (170) priced at $5+ million qualify as Luxury, as well as the 515 single-family homes priced at more than $10 million. The other 59 deeds that quality as Luxury are local ranches and large, undeveloped tracts.
• Due to the Great Recession, overall inventory peaked in 2010 at 842 available properties. We have experienced a continued decline in inventory since then with overall available properties showing 234 listings. In 2020, prior to COVID, overall active listings hovered around 375.
MID-YEAR 2024
Demand for single-family homes decreased 15% with 64 sales so far in 2024. Following suit, the dollar volume and median sale price are both down 15% and 10%, respectively. The average sale price was $5.57 million, down only 1% when compared to 2023. The decrease in overall home sales can be directly linked to the lack of affordable inventory as the least expensive home currently on the market is $1.295 million, and only six are available for under $2 million. NOTE: In the first six months of 2024, 21 homes (33%) sold for over $5 million. Also noteworthy: only one home sold in this timeframe for under $1 million, and it closed at $990,000. Compare that to 2018 when 42 homes sold for under $1 million in the first six months.
The number of single-family homes under contract decreased 22%. In contrast, the dollar volume, average and median list prices for homes under contract are up 12%, 43% and 35%, respectively, when compared to Q2 2023. With the dearth of available inventory under $2 million, the $2 to $4 million segment is now the most active in the valley; 39% of the homes currently under contract fall into this segment.
The number of sales in the Luxury, single-family home market ($10+ million) decreased 36%. Of the eight sales, six were priced at over $15 million with three of those closing for over $20 million. NOTE: The number of active Luxury home listings decreased 18%.
The number of single-family homes under contract is up 35%, and the dollar volume is up 18% to $77 million. In contrast, the average and median list prices decreased 13% and 11%, respectively, when compared to Q2 2022. With the dearth of available inventory under $2 million, the $2 to $4 million segment is now the most active in the valley; 39% of the homes currently under contract fall into this segment.
The inventory of listed homes increased 15% to 107 listings, with none listed for less than $1.295 million. In contrast, the average and median list prices are both down 10%. This is due in part to current Luxury listings (priced at over $10 million) decreasing 10% when compared to Q2 2023.
Current available inventory breaks down as follows: six homes between $1 and $2 million (up 20%); 24 homes between $2 and $3 million (up 50%); 34 homes between $3 and $5 million (up 31%); 24 between $5 and $10 million (no change); and 19 over $10 million (down 10%).
Currently, the least expensive single-family home, located South of Jackson, is listed for $1.195 million. The .17-acre parcel features a 1,388 sq. ft., two-bedroom, one and a half bath home built in 1980.
The most expensive single-family home, located North of Jackson, is listed for $34.9 million. The main home, built in 1999, has 8,060 sq. ft. with five bedrooms and seven baths. The log home sits on 42.6 acres bordering the Snake River and has a 900 sq. ft. guest house.
• Currently, there are 6,138 free-market, single-family homes (not deed-restricted or timeshare) in Jackson Hole. They break down as follows: Westbank (1,774); Town of Jackson (1,430); North of the Gros Ventre River (970); and South of the Gros Ventre River to the County Line (2,002).
• There are 515 Luxury, single-family homes worth at least $10 million throughout the valley, of which 44% of these are located on the Westbank.
• There are 186 homes in the valley situated on 35+ acres.
MID-YEAR 2024
Condo/townhome sales remain unchanged in the first six months of 2024 with 48 sales. In contrast, the average and median sale prices decreased 17% and 35%, respectively, when compared to 2023. NOTE: The average and median sale prices both went down due to an increase in sales under $1 million (up 36%) and a decrease in sales over $3 million (down 43%).
The hot spot was the Town of Jackson with 22 sales, or 46% of the sales valley-wide.
The number of condos/townhomes under contract has increased 40% with 14 properties currently in negotiations. Following suit, the average and median list prices increased 2% and 17%, respectively, and the dollar volume increased 39%. The increase in the average and median list prices reflects an increase in listings under contract for more than $1 million (up 67%).
Available inventory of condos/townhomes has seen a slight increase of 14% (64 listings). NOTE: In 2009 the market peaked with 214 available listings, and from 2015 to 2020 the average number of listings mid-year was 75. Following suit, the average and median list prices are down 10% and 15%, respectively. Based on mid-year results, current inventory offers only eight months of condo/townhome stock. NOTE: Of the current available inventory, 16% is listed for less than $1 million, with the least expensive at $615,000—a 608 sq. ft. one bedroom in the Town of Jackson.
• There are currently 3,288 condo/townhomes in Jackson Hole. They break down as follows: Westbank (1,163, with 681 in Teton Village); Town of Jackson (1,748); North of the Gros Ventre River (92); and South of the Gros Ventre River to the County Line (285).
• There are 170 Luxury condos/townhomes worth at least $5 million throughout the valley. Most are within Teton Village, except for 21 in the Town of Jackson.
MID-YEAR 2024
Single-family vacant lot sales increased in the first six months of 2024 with 25 sales (up 25%). In contrast, the dollar volume decreased 40% and the average and median sale prices decreased 50% and 17%, respectively, when compared to mid-year 2023. NOTE: The Luxury market ($5+ million) had one sale over $5 million (down 80%).
Single-family vacant lots under contract: Three properties are currently in negotiations (down 57%), with the least expensive being $1.1 million. One is listed for $10.495 million.
Available inventory of listed lots decreased by 25%, and dollar volume was down 49% from Q2 2023. Following suit, the median list price decreased 33% ($2.25 million) when compared to 2023. The decrease in the median list price reflects the lack of inventory over $3 million—down 40%. NOTE: We do not expect much appreciation in 2024 as the market seems to be leveling off. Based on mid-year results, there are currently 12 months of available inventory.
Current available inventory breaks down as follows: Zero lots under $1 million; 20 lots between $1 and $2 million; seven lots between $2 and $3 million; seven lots between $3 and $5 million; 12 lots between $5 and $10 million; and four lots over $10 million.
• Q2 2024 registered the third lowest number of available single-family lots in 37 years.
• Currently, there are 1,077 platted and vacant residential single-family lots under 35 acres in Jackson Hole. Of those, only 364 (34%) are located on the Westbank.
• Currently, there are 232 platted and vacant residential single-family lots over 35 acres in Jackson Hole that are not under any type of a conservation easement.
The Jackson Hole Report is published semi-annually, with additional email updates for the first and third quarters.
*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, Luke, or 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 2024 compared to sales in 2023.
*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), not including Alta, WY.
*The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.
© Copyright 1995 – 2024 by David Viehman and Devon Viehman, dba Engel & Volkers Jackson Hole. 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 Viehman.
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Jackson, WY 83001
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david@jacksonholereport.com
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devon@jacksonholereport.com
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307.699.5921
luke@jacksonholereport.com
