When compared to 2019, the number of lot sales was up 94% with the average sale price of $2.475 million (up 130%). Following suit, the dollar volume and average sale price increased 149% and 130% respectively. The increase in the average sale price can be attributed to the number of sales over $3 million segment, where sales were up 135%.

For those still looking for post-recession bargains, there are currently 12 single-family lots for sale under $1 million, and 3 for under $500,000. With the vanishing supply of single-family homes for under $1 million, expect to see the under $1 million vacant land segment continue to accelerate in value in 2021. NOTE: 82% of the vacant land sales in 2020 were purchased with cash.

The 3+million-dollar segment of residential lot sales is up 135% when compared to 2019. NOTE: Currently 31% of the available residential vacant land inventory is listed for more than $3 million.

The number of lots currently under contract (19) is up 19% when compared to 2019. Meanwhile, the average list price increased 67%. NOTE: Residential vacant lot inventory now has less than three months of inventory.

Available inventory dropped 60% when compared to 2019, with 32 available single-family home sites (lowest available inventory in over 40 years). The average listing price was $3.26 million (up 33%) and the median listing price was $1.9 million (up 52%). Residential vacant lot values continue to strengthen, with land bargains few and far between. Available inventory breaks down as follows: Three properties between $335K and $500K; 9 between $500K and $1 million; 4 listings between $1 and $2 million; 8 between $2 and $5 million; seven between $5 and $10 million; and one over $10 million.

NOTE: Of the 32 listings, only seven (22%) have more than 35 acres.

Least expensive lot listing at year’s end: $275,000 for a .38-acre single-family lot in the Hoback River subdivision. Most expensive single-family lot listing at year’s end: $18.5 million for 72 acres on the Snake River, north of Jackson.

If you are a property owner in Jackson Hole and would like a free comparative market analysis, please email David or Devon at david@jacksonholereport.com or devon@jacksonholereport.com, or call 307-690-4004. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.

Jackson Hole Mountain Resort (Teton Village): Eleven lots sold (up 120%) with an average sale price of $3.5 million and a median sale price of $2.8 million (down 30%).

Jackson Hole Racquet Club and Teton Pines: Four lots sold in Teton Pines with an average sale price of $1.6 million. None sold in the JH Racquet Club.

Westbank, North of Wilson (excluding resort areas): 14 lots sold (up 27%) with an average sale price of $2.9 million (up 78%) and a median sale price of $2 million (up 34%).

Westbank, South of Wilson: Twelve lots sold (up 71%) with an average sale price of $2.88 million (up 26%) and a median sale price of $2.1 million. Total dollar volume: $34.5 million.

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 31 lots sold (up 121%) with an average sale price of $3.7 million (up 12%) and a median sale price of $1.5 million (down 32%).

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: Eight lots sold (up 15%) with an average sale price of $4.33 million (up 93%).

North of Gros Ventre Junction/Kelly/Moran: 41 lots sold (up 156%) with an average sale price of $2.06 million (up 104%) and a median sale price of $1,075,000 (up 23%). Total dollar volume: $84.4 million.

Town of Jackson: Ten lots sold (up 25%) with an average sale price of $838,300 (up 36%) and a median sale price of $850,000 (up 100%).

South of Jackson to the Snake River Bridge: 16 lots sold (down 24%) with an average sale price of $2 million (up 31%) and a median sale price of $1 million (up 5%).

South of the Snake River Bridge to Co. Line: 22 lots sold (up 450%) with an average sale price of $1.33 million (down 13%) and a median sale price of $850,000 (up 31%).

*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 2020 compared to sales in 2019.
*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 – 2021 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.