MARKET REPORT
MID-YEAR • THE JACKSON HOLE MARKET
The first half of 2025 revealed a resilient but evolving real estate landscape in Jackson Hole. Despite national headwinds such as elevated interest rates, volatile global markets, and persistent buyer hesitation, the local market experienced an 18% increase in overall transaction volume and a 16% rise in total dollar volume compared to mid-year 2024. While the average sale price dipped slightly by 2%, this shift reflects increased activity in mid-market price ranges rather than a decline in value. Notably, consumer confidence began to rebound in late Q2 following May’s tariff policy reversal and stock market recovery. Inventory levels rose 15%, and 33% more listings went under contract, signaling improving both buyer engagement and selection as we head into the second half of the year
Jackson Hole’s single-family market continued to anchor regional activity with 65 total sales, flat year-over-year. However, average sale prices climbed 18% to $58 million, and total dollar volume reached $3766 million, an 18% gain Notable submarket growth occurred in the Town of Jackson and South of the Snake River. However, some historically high-performing areas, like West Bank North, saw a significant pullback in both median price and sales activity Inventory increased 12% and days on market fell 21%, suggesting a more competitive but cautious buyer pool.
The condo/townhome segment experienced strong growth, with a 38% increase in sales and a 24% jump in dollar volume, totaling over $85 million. While the average price dipped 10% to $1.68 million, the median price rose 9%, showing strength in the mid-tier and steady demand for lower-maintenance, centrally located properties. The town of Jackson led the market with 31 sales, more than doubling from last year. Inventory rose 14%, and days on market increased modestly to 140 days. Buyers seeking entry into Jackson Hole or lock-and-leave living continue to drive this segment, with cash purchases dominating at 70%.
Vacant land sales fell 22% YOY, with 18 properties sold in the first half of 2025 Average sale prices dropped 35% to $583 million, and total volume declined sharply by 46% to $105 million The price contraction was largely due to fewer ultra-premium land sales compared to the previous year, when multiple high-dollar parcels traded. With construction costs still high and planning timelines extended, many land buyers are playing the long game
Luxury properties continued to fuel much of Jackson Hole’s dollar volume, accounting for over $311 million in sales. While the number of luxury transactions rose 13% from 24 to 27, total dollar volume dipped slightly by 1%, reflecting a 12% decrease in average sale price. Allcash deals comprised 70% of luxury transactions, a significant increase from last year, underscoring the strength of high-net-worth buyers insulated from borrowing rate fluctuations.
Jackson Hole’s commercial sector made a dramatic comeback in 2025, with nine properties sold compared to just one in the same period last year. Total commercial dollar volume soared 199% to $115 million, driven by a handful of large-scale transactions, including an $85 million hotel property Though average prices were down 68% year-over-year due to the skewing effect of the 2024 megadeal, investor interest intensified. This reflects a renewed appetite for income-generating and redevelopment opportunities in core business districts, buoyed by Jackson’s continued tourism growth and shifting retail/residential demand.
The Jackson Hole real estate market demonstrated notable strength through the first half of 2025, outperforming many national markets despite lingering macroeconomic uncertainty. Activity remained especially strong in the luxury and condo/townhome sectors, while single-family sales stayed steady with robust price growth. Whether for lifestyle, legacy, or investment, demand for the Jackson lifestyle remains deeply rooted. 2025 appears to mark a meaningful turning point in the real estate market post-COVID
With many sales occurring outside of the MLS (Multiple-List Service), it is important to manually track ALL Teton County real estate sales Typically, it is the higher-end sales that go unreported, vastly skewing the accuracy of MLS data alone Our market report accounts for all sales, providing a comprehensive overview and deeper insight into the market.
TRANSACTION DISTRIBUTION BY LOCATION
TETON VILL AGE (4) - MLS AREA 1
TETON PINES (1) - MLS AREA 2
NORTH OF WILSON (5) - MLS AREA 3
SOUTH OF WILSON (4) - MLS AREA 4
SK YLINE RANCH TO SAGEBRUSH DRIVE (5) - MLS AREA 5
EAST GROS VENTRE BUT TE (0) - MLS AREA 6
N OF GROS VENTRE JUNCTION (2) - MLS AREA 7
TOWN OF JACKSON (21) - MLS AREA 8
SOUTH OF JACKSON TO SNAKE RIVER BRIDGE (14) - MLS AREA 9
SOUTH OF JACKSON TO COUNT Y LINE (7) - MLS AREA 10
SINGLE FAMILY HOMES
SOLD LISTED AT $2 , 300,000 JACKSON REPRESENTED BY RAY ESLER
At mid-year 2025, Jackson Hole’s single-family home market remained solid with 65 total sales, flat compared to the previous year. The market’s strength was underscored by a 17% increase in average sale price, rising to $5.79 million, and an 18% jump in total dollar volume, reaching $376.6 million Median sale prices also increased 14% to $3.4M, reflecting sustained buyer demand, particularly in the luxury and ultra-luxury tiers. High-performing areas, such as south of Wilson and the Town of Jackson, posted significant price gains, while new activity emerged in traditionally quieter submarkets, like Teton Village.
Inventory increased 12% year-over-year, and pending sales rose 33%, showing that buyers remain engaged despite economic uncertainty. Luxury properties continued to dominate the landscape, with sales over $5 million rising 40%. Additionally, 51% of sales were all-cash, and homes were selling faster, with days on market down 21%
With no sales recorded under $1 million, Jackson Hole has solidified its position as a high-demand, high-value market driven by affluent buyers seeking legacy properties and long-term investments.
MA XIMUM PRICE LISTED
NUMBER OF TRANSACTIONS AVERAGE SALE PRICE
MEDIAN SALE PRICE
PENDING TRANSACTIONS
CONDOS/TOWNHOMES
The condo and townhome market in Jackson Hole saw strong upward momentum in the first half of 2025, with sales increasing 38% year-over-year and total dollar volume rising 24% to over $85 million. While the average sale price dipped 10% to $168 million, the median price increased 9%, suggesting that demand remained solid in the mid-tier segment even as a few ultra-luxury sales skewed last year ’ s average The Town of Jackson was the clear leader, doubling its sales to 31 units and contributing over $55 million in volume, as buyers favored walkability, low-maintenance living, and access to amenities.
Inventory rose 14%, and the average days on market increased 23% to 140 days, indicating a more deliberate pace of sales but healthy overall demand. All-cash deals made up a substantial 70% of transactions, showing the continued influence of high-net-worth buyers in this segment. With limited new development and strong rental potential, condos and townhomes remain an attractive option for both end users and investors, especially those looking to enter the Jackson Hole market at a relatively accessible price point compared to single-family
NUMBER OF TRANSACTIONS
MA XIMUM PRICE LISTED
AVERAGE SALE PRICE
MEDIAN SALE PRICE
PENDING TRANSACTIONS
VACANT LAND
SOLD · LISTED AT $1, 300,000 · JACKSON REPRESENTED BY CAMILLE THOMAS
Vacant land sales in Jackson Hole slowed during the first half of 2025, reflecting buyer caution amid elevated construction costs and economic uncertainty. Transactions declined 22% year-over-year, with just 18 parcels sold, while total dollar volume fell 46% to $105 million The average sale price dropped 35% to $5.83 million, largely due to fewer ultrapremium land sales compared to mid-2024. However, the median sale price rose 6%, indicating that well-located, buildable lots continue to draw interest, particularly in areas where select high-dollar sales lifted submarket performance
Inventory dropped sharply, down 77%, suggesting that available land opportunities are becoming increasingly scarce. Despite the slowdown in volume, some buyers are taking a long-term view, securing parcels now with plans to build once market and material conditions stabilize. With limited developable land left in the valley and demand for custom homes still present, the vacant land segment may see renewed activity in future quarters, particularly if interest rates ease or building timelines improve.
MARKET STATS
NUMBER OF TRANSACTIONS
MA XIMUM PRICE LISTED
MEDIAN SALE PRICE
AVERAGE SALE PRICE AVERAGE DAYS ON MARKET MINIMUM PRICE LISTED ACTIVE LISTINGS
PENDING TRANSACTIONS
LUXURY
The luxury real estate market in Jackson Hole remained a dominant force through the first half of 2025, with 27 sales over $5 million, up 13% from 24 in the same period last year. Though the average sale price dipped 12% to $11 5 million, the median price rose 25% to $9.88 million, signaling strength in the upper-middle tier of the luxury segment. Total dollar volume held steady at $311 million, a slight 1% decline year-over-year, impressive given the record-breaking highs of 2024. Several standout transactions took place in areas where premium views, privacy, and lifestyle amenities continue to command top dollar.
Strong luxury activity was concentrated North of Town, North of Wilson, and Skyline Ranch to Sagebrush Drive, with new interest also surfacing in Teton Village and South of Jackson. Notably, luxury pending sales more than doubled, indicating continued confidence and momentum heading into the spring. Buyer profiles remain varied, ranging from ultra-high-net-worth individuals seeking legacy properties to seasonal owners diversifying portfolios. As more inventory enters the market and interest rates stabilize, luxury demand is expected to remain healthy, especially for move-in-ready homes with privacy, views, and access to Jackson’s outdoor amenities.
NUMBER OF TRANSACTIONS
LISTED ACTIVE LISTINGS
MA XIMUM PRICE LISTED
AVERAGE SALE PRICE
MEDIAN SALE PRICE
PENDING TRANSACTIONS
COMMERCIAL
Jackson Hole’s commercial real estate sector saw a notable resurgence in the first half of 2025, with 9 recorded sales, a significant increase from just 1 commercial transaction in mid-2024 Total dollar volume surged 199% to $115 million, despite a 68% drop in average sale price to $12.38 million, due to the skewing effect of a single $38.5M transaction in 2024. This year ’ s performance was fueled by multiple midsized deals, including several in the Town of Jackson, which contributed the bulk of commercial volume and reflects growing investor interest in central, high-foot-traffic zones.
Inventory in this sector decreased sharply, down 77% year-over-year, suggesting that supply constraints could support pricing in future quarters. Nearly 90% of commercial purchases were all-cash, underscoring confidence among investors betting on Jackson Hole’s tourismdriven economy and long-term growth potential. With demand rising for mixed-use properties, hospitality investments, and redevelopment opportunities, commercial real estate appears to be entering a new phase of activity and could remain a bright spot in the market as local business momentum continues.
MARKET STATS
NUMBER OF TRANSACTIONS
ACTIVE LISTINGS
MINIMUM PRICE LISTED
MA XIMUM PRICE LISTED
MEDIAN SALE PRICE
AVERAGE SALE PRICE AVERAGE DAYS ON MARKET
PENDING TRANSACTIONS
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