When compared to 2019, the number of sales increased 52%, and the dollar volume increased 116%, totaling $1.49 billion. Following suite, the average and median sale prices increased, 42% and 44% respectively. NOTE: The 402 sales, along with the $1.49 billion in dollar volume, the average sale price of $3.7 million and the median sale price of $2.5 million in 2020 are all record-breaking. Also noteworthy is the record-breaking 28 homes selling for over $10 million.

The under $1 million market continues to slip away, representing only 13% of all home sales in 2020. The year ended with 51 home sales under $1 million. Current inventory represents zero homes in this price range, with only 3 currently listed for under $2 million. This segment continues to reflect brisk activity, and the ever-intensifying appetite for properties priced below $1 million: When a well-priced home hits the market in this segment, a bidding war is sure to ensue within 72 hours.

South of Jackson to the County line, and the Westbank shared the spotlight. 132 homes sold South of Town, and 125 homes sold on the Westbank. These two areas represent 64% of all homes sold in 2020. The area reporting the greatest percentage increase in home sales was Teton Village where 19 sales occurred (up 280%).

Within the single-family home market, the $1+ million segment reported 351 transactions in 2020 (up 60%). All told in 2020, there were 166 single-family home sales above $3 million (up 160%), 82 above $5 million (up 173%) and 28 above $10 million (up 367%).

As of year’s end, there were 38 homes under contract (up 41%) with an average listing price of $4.975 million (up 174%) and a median list price of $2.3 million (up 18%). The increase in the average list price is the result of increased activity in the over $4 million segment, where 13 homes are under contract.

Homes currently on the market: The open market currently has 45 homes (down 60%) listed with a record-breaking average list price of $8.65 million (up 53%) and a record-breaking median list price of $5.495 million (up 86%). Of the 45 single-family homes currently on the market, zero are listed for under $1 million, and only five are listed for under $3 million, valley-wide. The other 40 break out as follows: 14 between $3 and $5 million; 13 between $5 and $10 million; and 13 over $10 million.

Current demand outpaces supply for homes under $3 million. The 2020 absorption rate for single-family homes was 19.7 per month. Compare that to only five (5) single-family homes currently on the market, we have about two weeks of available inventory in this price range. Currently three are listed for under $2 million. NOTE: At years end, the least expensive single-family zoned home listed in the entire valley was $1,395,000.

Least expensive single-family zoned home listing at year-end: A 3-bedroom, 2-bath, 850 sq. ft. log home built in 1948 on a .17-acre lot in Wilson listed for $1,395,000. Most expensive single-family home listing at year-end: $69.5 million for a 278-acre private estate north of Jackson on the Snake River with a 7,984 sq. ft. home (4 bedrooms, 6 baths), and a 3,618 sq. ft. four-bedroom guest house.

Jackson Hole Mountain Resort (Teton Village): 19 sold (up 280%) for an average sale price of $7.4 million and a median sale price of $6.35 million. Total dollar volume: $141 million.

Jackson Hole Racquet Club (The Aspens): Seven homes sold for an average sale price of $2.75 million. Total dollar volume: $19.2 million.

Teton Pines: 15 homes sold (up 36%) with an average sale price of $4.18 million and a median sale price of $3.25 million. Total dollar volume: $62.6 million.

Westbank, North of Wilson (excluding resort areas zoned vacation rentals): 40 homes sold (up 54%) for an area record-breaking average sale price of $4.5 million (up 38%) and a record-breaking median sale price of $2.9 million (up 16%). Total dollar volume: $181.3 million.

Westbank, South of Wilson: 44 homes sold (up 83%), breaking an area record for number of home sales. The average sale price of $4.2 million (up 30%) and for the median sale price of $2.65 million (up 56%) are also record-breaking for this area. Total dollar volume: $186.9 million.

Skyline Ranch, North of Hwy. 22 to Sagebrush Drive/West of Spring Gulch: 42 homes sold (up 133%), breaking area records for number of home sales, for the average sale price of $5.2 million (up 86%) and for the median sale price of $3.4 million (up 55%). Total dollar volume: $218.2 million.

North of Jackson, South of Gros Ventre Junction and East of Spring Gulch: 12 homes sales (up 50%) breaking area records for number of home sales, for the average sale price of $6.9 million (up 52%) and for the median sale price of $5 million (up 25%). Total dollar volume: $83.8 million.

North of Gros Ventre Junction/Kelly/Moran: 39 homes sold (up 86%), breaking the area records for number of home sales, for the average sale price of $3.87 million (up 101%) and median sale price of $2.8 million (up 67%). Total dollar volume: $151 million.

Town of Jackson: 77 homes sold (up 12%), breaking the Town of Jackson records for an average sale price of $1.8 million (up 19%) and a median sale price of $1.29 million (up 4%). Total dollar volume: $138.8 million.

South of Jackson to the Snake River Bridge: 66 homes sold (up 18%), breaking area records for the average sale price of $3.3 million (up 27%) and median sale price of $1.6 million (up 25%). Total dollar volume: $218.6 million.

South of the Snake River Bridge to County Line: 39 homes sold (up 63%) for an average sale price of $2.03 million and a median sale price of $1.725 million. Total dollar volume: $79.1 million.

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.

*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.