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.
Dear Friends,
As we celebrate the 30th anniversary of the Jackson Hole Report, we want to take a moment to reflect on this incredible journey and express our deepest gratitude to you—our readers, clients, and community members. This milestone wouldn’t be possible without your trust and support over the years.
When we first launched the Jackson Hole Report three decades ago, we had a simple but ambitious goal: to bring clarity to a complex and often opaque real estate market. Wyoming’s strict non-disclosure laws meant that accurate data was hard to come by, and we wanted to fill that gap by providing insights that people could rely on. Little did we know that this mission would evolve into a resource that so many people, from locals to national investors, would come to depend on.
Over the years, we’ve tracked every sale, every trend, and every shift in the market, but more importantly, we’ve watched Jackson Hole itself evolve. From a small mountain town to a globally recognized destination, Jackson Hole has seen remarkable change. Through it all, our love for this valley has remained constant. We’ve had the privilege of watching families grow, businesses thrive, and neighborhoods transform—all while helping clients find their own place in this extraordinary community.
Looking back, we’re proud of how the Jackson Hole Report has grown to become not just a newsletter, but a trusted guide for navigating one of the most unique real estate markets in the country. Whether it’s being quoted in national publications or providing in-depth analysis for local buyers and sellers, our commitment has always been to you and the valley we call home.
As we move forward, we’re as committed as ever to providing the most accurate, insightful, and actionable information about Jackson Hole real estate. We’re also excited to keep growing, learning, and finding new ways to serve you better—whether through podcasts, special reports, or community initiatives like the Community Housing Fund.
Thank you for being part of this journey with us. Whether you’ve been a reader since the very beginning or are just discovering the Jackson Hole Report, we are deeply grateful for your trust and support. Here’s to another 30 years of stories, milestones, and shared success in this extraordinary place we all love.
With gratitude,
David and Devon Viehman
Founders, Jackson Hole Report
OUR TEAM
Our team embodies the spirit of Jackson Hole, combining decades of professional expertise with an unwavering dedication to the valley and its people. With long-standing ties to the community, we’re more than just real estate professionals—we’re stewards, leaders, and advocates for the place we proudly call home.
Devon Viehman brings a legacy of service and leadership to her work, from creating the Community Housing Fund, which has raised over $750,000 for affordable housing, to serving on the Jackson Town Council and Teton County Planning Commission. Her work is rooted in a deep commitment to sustainable solutions and community-driven policies. As the author of the Jackson Hole Report, David Viehman has tracked the valley’s real estate trends for decades, offering unparalleled insight to clients while contributing his expertise to legal cases and community preservation efforts. Luke Smith, a Jackson native, exemplifies the town’s spirit of giving back as a youth hockey coach and Lions Club member, fostering teamwork and connection in the next generation.
Together, we combine professional acumen with a shared passion for preserving the valley’s natural beauty and unique character. Our dedication extends beyond real estate; we are actively engaged in initiatives that enhance Jackson Hole’s quality of life and ensure it remains a thriving, balanced community. For us, it’s not just about helping clients buy or sell homes—it’s about building a stronger, more vibrant future for Jackson Hole.
YEAR END 2024
The year closed with the overall market—including all home, lot, condo, and commercial transactions or listings—reporting 7% more closings than 2023 for a total of 357 in 2024. This uptick reversed the 4-yr. downward trend in # of sales. The dollar volume was up also 6% to $1.43 billion.
The Luxury Market (homes $10+ million and condo/townhome and single-family lots $5+ million) reported 12% fewer closings in 2024. On the flip side, the number of luxury properties under contract as of January 1, 2025, is up 40%. This increase in properties under contract can be directly attributed to the increase of overall Luxury inventory (up 46%).
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CLOSINGS
7% Increase
OVERALL DOLLAR VOLUME
6% Increase
ACTIVE LISTINGS VALLEY WIDE
11% Increase
All Home, Lot, Condo, Multi-Family & Commercial
The hotspot in 2024 sat between $1 and $3 million, where 171 transactions (48%) occurred. With only 20 homes listed in this price range (21%), we predict prices will continue to creep up in 2025. NOTE: In 2024, 70 homes sold in this price range (41%). Zoom Town Buyers and Baby Boomers will continue to flock to our market, but our underlying question remains: How much inventory will be available for Buyers?
Overall real estate currently under contract: At year’s end, there were 38 properties under contract (up 27%) with an average list price of $5.86 million (down 7%) and a median list price of $2.995 million (at par with 2023). The increase in the number of overall properties under contract is the direct result of the increased available inventory—up 11% from 2023. Of the 38 properties under contract, 12 are on the Westbank with a combined list price of $80.6 million.
Current overall available inventory is up 11% when compared to 2023. Single-family homes were the only segment with additional inventory at years-end. Following suit, the average and median list prices are up 28% and 40% respectively. NOTE: The $1 to $3 million segment reported the most current active listings with 58. The under $1 million segment only logged in 9 active listings at the end of 2024. Also, do not expect overall inventory to increase until late spring 2025.
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YEAR END 2024
When compared to 2023, the number of sales was at par with 2023 (169 sales). Meanwhile, the average sale price was up 5%, breaking yet another record at $5.298 million. NOTE: Twenty homes sold for over $10 million in 2024, down 20%.
The under $1 million market continues to slip away, representing only one home sales in 2024. The least expensive single-family home listed as of January 1st was $1.595 million. Between $1 and $2 million there are currently three listed. These segments continue to reflect brisk activity and the ever-intensifying appetite for properties priced below $2 million. When a well-priced home hits the market in this segment, expect bidding wars continue to ensue.
*Record Breaking
Single-family home hotspot: Town of Jackson was the hotspot. Forty-eight homes sold in the Town of Jackson in 2024 (at par with 2023). This represents 37% of all homes sold in 2024. The area reporting the highest increase in home sales was the Gros Ventre Buttes to Sagebrush Drive where 15 sales occurred (up 67%).
Within the single-family home market, the $1+ million segment reported 169 transactions in 2024. All told, in 2024 there were 98 single-family home sales above $3 million (down 2%), 55 above $5 million (at par with 2023), 20 above $10 million (down 20%) and four above $20 million. NOTE: Only one home sold for less than $1 million in 2024 ($990,000).
Homes currently under contract: As of year’s end, 12 homes were under contract (no change from 2023), while the average and median list prices are breaking records, $10.1 million (up 55%) and $6.1 million (up 22%) respectively. The increase in the average and median list price of homes under contract is the direct result of eight (69%) being listed for over $5 million.
Homes currently on the market: The open market currently has 88 homes (up 52%) listed with an average list price of $10.41 million and a median list price of $7.75 million, both record breaking. Of the 88 single-family homes currently on the market, zero are listed for under $1 million, and three listed between $1 and $2 million valley wide. The other 85 break out as follows: 11 between $2 and $3 million, 17 between $3 and $5 million; 26 between $5 and $10 million; 19 between $10 and $20 million and 12 over $20 million.
Least expensive single-family zoned home listing at year’s end: A 3-bedroom, 2-bath, 1,188 sq. ft. home built in 1984 on a .23-acre lot in the J-W Subdivision listed for $1,595,000. Listed by Trinity Real Estate/Andria Clancy.
Most expensive single-family home listing at year’s end: $40 million for a 40.65-acre private estate in Riva Ridge on the East Gros Ventre Butte. Norwegian architecture in a compound of six structures featuring over 9,000 sq. ft. (6 bedrooms, 7 baths) with elevated acres overlooking panoramic views of the Grand Teton, the Teton Range and the Spring Gulch valley. Listed by Sothebys/Tom Evans & Ashley DiPrisco.
Most expensive single-family home sale in 2024: Sold for $37 million, this 73-acre private estate located North of Jackson and on the Snake River, had a 7,984 sq. ft. home (5-bedrooms, 7-baths), six indoor fireplaces, a 1,621 sq. ft. 4-car garage and multiple spring creeks/ponds. Listed by Brenda Wylie /Todd Domenico Real Estate, LLC.
YEAR END 2024
When compared to 2023, the number of sales increased 20%. In contrast, the average and median sale prices both decreased 5%. Of the 126 sales, 34 sold for under $1 million (down 5%). With only ten condos currently on the market for under $1 million and 54 overall listings (five months of inventory), expect this segment of the market to continue to increase in value in 2025. NOTE: The under $1 million segment accounted for 27% of all condo sales in 2024.
Condo/townhome hotspot: Town of Jackson had the highest number of condo sales in 2024 with 68. The average sale price was $1.65 million (down 12%) in the TOJ, and the median sale price was $1.375 million (up 38%).
Condo/townhomes currently under contract: The number of condo/townhomes currently under contract increased 67%. Following suit, the average and median list prices increased 87%, and 70%, respectively (both record breaking). The increase in the average and median list prices can be directly attributed to the lack of inventory under $1 million in 2024.
Current condo/townhome market inventory is down 9% when compared to the same period in 2023 with 51 available units. Meanwhile, the average list price broke another record $3.193 million (up 20%). Of the 51 condo/townhomes currently on the market, nine are listed for between $690,000 and $1 million, 14 between $1 million and $2 million, 17 between $2 million and $5 million, and eleven over $5 million.
Least expensive condo/townhome listing at year’s-end: $698,000, which buys you a 441 sq. ft., studio with 1-bath condo in Teton Mountain Lodge (Teton Village). Listed by Sothebys/Pam Renner.
Most expensive condo/townhome listed in MLS at year’s-end: $13.295 million, which buys you a 4,074 sq. ft. 4-bedroom, 3.5-bath townhome in Shooting Star Resort. Listed by Clear Creek Group/John Resor.
YEAR END 2024
When compared to 2023, the number of lot sales were up 14%. In contrast, the average sale price is down 33%. The increase in the number of sales in 2024 can be directly attributed to the increase of inventory under $2 million. Out of the 50 sales, only seven sold for under $1 million, and none currently listed for under $1 million. The least expensive lot listing, as of January 1, 2025, is $1.145 million for a 2.92-acre lot South of Wilson.
Historically, the 41 current listings are the fourth lowest number of listings in over 40 years. In contrast, at the end of 1996, there were 551 active vacant residential land listings.
For those still looking for post-recession bargains, there are currently no single-family lots for sale under $1.1 million. With only seven selling in for under $1 million in 2024, and only one single-family homes selling for under $1 million in 2024, expect to see the under $1 million vacant land segment vanish in 2025. NOTE: 86% of the vacant land sales in 2024 were purchased with cash.
The $5+ million segment of residential lot sales is down 43% (4 sales) when compared to 2023. NOTE: Currently 31% of the available residential vacant land inventory is listed for more than $5 million.
Residential lots currently under contract: Compared to 2023, four lots are currently under contract (down 43%). In contrast, the average and median list prices increased 45% and 5%, respectively (both record breaking). This dramatic increase in both average and median list prices reflects one of the four being listed for over $17 million. NOTE: Residential vacant lots have about twelve months of inventory, based on the 2024 performance.
Available vacant land listings: Available inventory did not change when compared to 2023 with 41 available single-family home sites. The average listing price was $6.03 million (up 30%), and the median listing price was $2.69 million (down 13%). Residential vacant lot values continue to strengthen with land bargains few and far between. Available inventory breaks down as follows: Zero under $1 million; 15 listings between $1 and $2 million; 12 between $2 and $5 million; eight between $5 and $10 million; and four over $10 million. NOTE: Of the 41 listings, only six (15%) have more than 35 acres.
Least expensive lot listing at year’s end: $1.145 million for a 2.92-acre single-family lot in the Indian Paintbrush subdivision, South of Wilson. Listed by Sotheby’s/Bruce Simon.
Most expensive single-family lot listing at year’s end: $15.5 million for 3.11 acres in the Shooting Star Resort. Listed by Sotheby’s/Huff-Vaughn-Sassi.
The Jackson Hole Report will no longer be distributed in a printed a mailed format. Sign up to receive quarterly market report updates via email.
*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 – 2025 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.
155 W. Broadway
Jackson, WY 83001
Associate Broker
307.690.4004
david@jacksonholereport.com
Associate Broker
307.690.0621
devon@jacksonholereport.com
Associate Broker
307.699.5921
luke@jacksonholereport.com
