2023 Quarter 4 Market Report

In 2023, Jackson Hole’s real estate market sought a new normal, marking a period of transition and adaptation. The year kicked off with interest rates reaching 20-year highs, recession predictions, and concerns about international unrest looming heavily on the minds of both buyers and sellers. These factors collectively contributed to a deceleration in the real estate market, even in Jackson Hole. Nevertheless, the scenario is far from bleak. In fact, Jackson Hole has, and presumably aways will, remain a location where demand far outpaces supply.

Despite a 7% decrease in the number of transactions in the overall market, the average sale price witnessed a 10% increase. This surge in average price was influenced by a thriving luxury market, accounting for approximately 20% of the total transactions and around a dozen closings surpassing the $15 million mark. The median sale price saw a modest decline of about 9% from the previous year, indicating a shift towards more stable pricing. Inventory remains a persistent issue across most market segments, with a 5% drop in active listings compared to the end of 2022. The number of listings under contract at year-end remained essentially flat from a year ago. As Jackson Hole’s real estate market strives to find equilibrium after years of rapid expansion, the time required to sell a property has increased by over 25%. Each segment of the market has reacted to the changing market pressures differently but overall, strong demand persists when price, condition, and location align appropriately.

2023 Quarter 3 Market Report

Three quarters of the way through 2023 the real estate market in Jackson Hole is holding firm. It has been over a year since the real estate market experienced a shift in buyer sentiment, triggered by increasing mortgage rates and threats of a national recession. While many buyers have decided to put their purchasing plans on hold driving transactions down, pricing has remained robust compared to a year ago with the average sale price increasing 14%. Since the market shift began over a year ago, the number of transactions has been decreasing vastly compared to the spikes seen during the COVID-19 era. However, those decreases have leveled off with only a slight (-6%) decrease in transactions compared to a year ago. The number of properties available for sale ticked up 24% and so did the average time to sell, up 42%. This data indicates buyers are still buying when the price and circumstances align but there is little urgency to snag a property as soon as it hits the market.

 

2023 Quarter 2 Market Report

It has been about a year since the real estate market began shifting locally. A major question on many people’s minds is – Are prices coming down? Based on the year-over-year figures there isn’t any clear evidence of depreciation. In fact, the overall average sale price continued to increase, up 24% from a year earlier. Despite this average price increase, the overall market continues to experience challenges as many buyers wait on the sidelines for a “good deal” and others have been sidelined by affordability issues. The overall number of transactions dropped 14% even though buyers have a nice boost of available properties to choose from with 30% higher inventory compared to last year. Properties are staying on the market an average of 193 days which is up 53%. Could a combination of higher inventory, fewer sales, and longer marketing times force prices down?

2023 Quarter 1 Market Report

In the prior year, a significant transformation was observed in the real estate sector on both a national and local level. The rapid escalation of interest rates coupled with the prevailing economic uncertainty had a dampening effect on buyers’ sentiment, ultimately leading to a slowdown in the real estate market. The beginning of 2023 is witnessing a continuation of this trend, characterized by reduced transactions, price levels maintaining their gains from prior years, and a modest increase in available inventory. Despite these fluctuations, many are finding investment in real estate is a viable option in a turbulent and high-inflation environment.

The overall Jackson Hole real estate market, which includes all property types, experienced a modest decrease in transactions, down 8% compared to the first quarter of 2022. Nonetheless, the average sale price increased nearly 20% to just under $4 million. The drop in transactions led to the total dollar volume falling about 22%. The number of active listings available jumped over 120% compared to levels seen a year ago. This additional inventory is a welcome sign of a more stable market, however still at historically low levels. The number of pending listings dropped significantly, down 42% year over year, signaling that low transaction levels could persist through the year. On the plus side for buyers, properties took about 86% longer to sell, giving buyers an opportunity to be more selective and navigate the transactional process more easily.

2022 Year End Market Report

In 2022, the tide turned in Jackson Hole’s real estate market. After two years of explosive transaction levels and price growth following the pandemic, the real estate market reacted to a new set of economic conditions by cooling its heels. Interest rate increases, while still at historically lower levels, have caused some pause in the market, mostly in the primary home market. Second and vacation home buyers are less affected by rising rates, but all buyers have become more price-sensitive and more selective. Sellers today must be agile – but if the price is appropriate to condition and location, the demand is still strong.

The overall market had 51% fewer transactions in 2022 compared to 2021 which appears to be more on par with the volume seen in 2018. Despite sales activity slowing, prices remained strong with the average sale price up 5% and the median sale price up 30%. The number of active listings at year-end 2022 increased 68% compared to the prior year, yet inventory levels remain near historical lows. The imbalance of supply and demand, which is characteristic of Jackson Hole, maintains pricing levels gained from the past two years. That said, a leveling of price growth is a sign of a more balanced real estate market.

Jackson Hole Market Report Midyear 2022

The Jackson Hole real estate market re-balances after 24 months of heated demand and low inventory.

The local real estate market is shifting, and quickly at that. In the past 2 years, the lack of inventory has drastically impacted total dollar volume, average sales price and days on market. In the first half of 2021 total dollar volume rocketed to $1.2B, an unprecedented level.

The demand for Teton County real estate was fueled by the pandemic driven desire for rural living and increased interest in the western mountain region. Multiple offers and over-asking price sales became commonplace and many listings were on the market for only a matter of days before they were snapped up by desperate buyers.

Experience Jackson Hole: Summer 2022

We are pleased to present Experience Jackson Hole: The Catalog of Fine Properties and Lifestyles for Summer 2022. Inside you will find a selection of exceptional properties from across the region, as well as a look at the way of life unique to Jackson Hole and the Greater Grand Teton area.

Jackson Hole Market Report Quarter One 2022

Quarter One of 2022 is the first chapter in a different real estate landscape in Jackson Hole. The significant shortage of inventory we have been experiencing for the last two years has hit home, causing the number of transactions to drop over 50% and total dollar volume to drop 23% when comparing Q1 2022 to Q1 2021.

The total dollar volume for Q1 2022 checked in at nearly $460M including an off market hotel sale of over $100M. However, it is important to remember that Q1 0f 2021 broke never-before-seen record highs in dollar volume. And while January and February of 2022 posted a lower sales volume than last year, decreased approximately $75M and $51M respectively, March 2022 experienced a rather profound uptick to approximately $142M.

 

Jackson Hole Market Report Year End 2021

The year-end numbers are IN and they clearly illustrate that the Jackson Hole real estate market was in no position to slow down in 2021. The rocky mountain west simply has the desirable lifestyle attributes of freedom, recreation and open space that continues to draw attention and interest.

Overall in Teton County, the number of transactions were flat, up only 1%. The area that showed the most increase in transactions was the Town of Jackson. But, with a growing average sales price in all categories of the market the overall Total Sales Volume for 2021 increased 17% to nearly $2.8B. Inventory is still trending down, limiting buyer choices and pending listings are down significantly by over 50%.

Catalog of Fine Properties: Winter 2022

We are pleased to present Experience Jackson Hole: The Catalog of Fine Properties and Lifestyle for Winter 2022. Inside you will find a collection of exceptional properties, as well as a look at the people, organizations and lifestyles unique to Jackson Hole and the Teton Region.