2024 Quarter 3 Market Report
As summer fades into fall, we reflect on the Jackson Hole real estate market. The summer months were active, with many potential buyers closely examining available properties, monitoring interest rates, and waiting for the right moment to act on their dream properties. Sellers, meanwhile, remained patient, trusting that the right buyer would recognize the value of their property. This cautious approach on both sides resulted in a continuation of the trend seen over the past two years—stagnant transaction levels and minimal movement in sale prices.
The number of sales dipped slightly overall, down 3% from the previous year, while inventory in most market segments remained tight, even decreasing by 2%. However, as the season shifted to fall, some sellers began adjusting their asking prices and the Fed lowered interest rates. This led some buyers to act, leading to a 36% year-over-year increase in listings under contract as of the end of September. That said, different market segments have shown varied results.
As we approach the year’s end, we don’t expect any significant shifts in Jackson Hole’s real estate market. While prices are softening in some segments, others remain strong. Last quarter, we predicted that lower interest rates would spur buyer activity, increasing demand and competition and maintaining higher price levels. Now on the cusp of possible rate changes, we will watch closely to see what the remainder of the year brings. With a presidential election on the horizon, uncertainty may influence the market in the short term. But historically, post-election clarity often restores confidence, prompting more decisive moves from buyers and sellers.