TETON COUNTY, WYOMING First Quarter
Teton County, Wyoming — Q1 2025
Facing some challenging headwinds heading into 2025, the Jackson Hole real estate market managed to start the year off on a positive note. For the first three months of the new year, Teton County transactions were up 11% while the complementing sales dollar volume rose 3.3% compared to Q1 2024.
Based on the activity in the upper end of the market, the jump in dollar volume was not surprising. Eight of the 60 total transactions in Q1 2025 had a listing price of $10M or more. To put that in context and for all of 2024, Teton County only had 14 sales with a listing price greater than $10M.
The increase in transactions for the last three months, however, resulted from a surge in sales at lower price points and including regions like the Aspens and the Town of Jackson.
Sales
The distribution of Jackson Hole Q1 sales becomes clear when comparing the average transaction price ($4,838,978) to the median – or midpoint – sale price of $2.35M (for a 3-bedroom condo at Snow King).
In other words and for the first three months of 2025, a number of upper-end property sales captured people’s attention. The lower segment of the market, however, saw the majority of the actual activity.
While the pace of transactions has picked up over 2024, so too has the number of properties listed for sale across the valley. Last year, 157 active listings were on the market at the end of Q1. In 2025, that number has grown slightly to 163.
Sales Volume By Price
Condominiums/Townhomes
Condo and townhome transactions were flat through Q1 2025 compared to the same period in 2024. The complementing sales volume saw a slight dip year over year.
Inventory remains low in this segment of the Jackson Hole market, which might explain the slight anecdotal increase in individual property values (although a perfect apples-to-apples comparison can be difficult).
In Q1 2024, a 2-bedroom condo in the original section of Teton Village sold for the equivalent of $1,533/sq.ft. One year later, a similar unit in the same complex sold for $1,567/sq.ft. (or a modest 2 percent increase). Properties in the Aspens and the Town of Jackson saw the same humble uptick in the last 12 months.
With 23 closings for the first three months of 2025 and with only 30 condos or townhomes currently on the market across the valley, this portion of the Jackson Hole market seems poised to see some increased activity heading into the busy summer season.
Current options for potential buyers range from $595,000 (for a 1-bedroom, 1-bath unit adjacent to Flat Creek in the Town of Jackson) to $7.7M (for a 3,200 sq.ft. townhome in Granite Ridge near the slopes of the Jackson Hole Mountain Resort).
Sales Volume By Area
Single Family Homes
Sales Volume By Area
Home sales surged for the first three months of 2025 compared to last year.
With increases of 47 percent on transactions and of 89 percent on sales dollar volume, the Teton County home sector generated more than $237M for Q1 2025. Home sales also represented the lion’s share of the overall Q1 Jackson Hole dollar volume of $290M.
The spike in dollar volume can be attributed to the strength of the upper end of the market. Of the 28 homes that sold in Q1, half had a listing price of $6M or more.
While the average home price of nearly $8.5M was skewed by the glut of higher-priced listings, the median home sale also rose 38.7 percent from 2024’s value of $4.325M and to an even $6M (for a modest home and guest house on 4 acres in Wilson) in Q1 2025.
Despite the strong performance of this market segment, inventory also rose slightly heading into the summer season. Last year at the beginning of April, 61 homes were on the market across Teton County. This year, that number has grown to 80 properties currently listed for sale.
Given the pace of sales for the start of 2025, the limited inventory still places the valley’s home segment in the “Seller’s Market” category.
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Land & Ranches
In looking at the raw data, it’s easy to conclude vacant land sales in the first quarter of 2025 were down substantially from a year ago. A closer look at the numbers puts the 50 percent drop in transactions and 89 percent decline in sales dollar volume in context.
In Q1 2024, 10 transactions generated nearly $115M in volume. Two of those sales, however, were also ranches with a combined listing price of nearly $100M.
In addition, the looming potential of tariffs on foreign goods – including lumber and drywall – may have put potential buyers on the fence for fear of increased building costs in Northwest Wyoming’s already heightened construction environment.
The pace of sales certainly places the vacant land portion of the valley in the “Buyer’s Market” category. At the beginning of April, 35 properties were listed for sale ranging from $1.2M (for a 4-acre parcel in Red Top Meadows) to more than $25M (for 160 acres south of town on Ross Plateau).
The median land sale for the first three months of 2025 was $1.85M (for a parcel less than an acre in the Snake River Sporting Club). That number is down from the same period in 2024 when the median sale was $3.8M (for a 3.4-acre parcel in Wilson).
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MAIN OFFICE
185 WEST BROADWAY
JACKSON, WYOMING 83001
EAST BROADWAY 110 EAST BROADWAY JACKSON, WYOMING 83001
HOTEL TERRA
3335 WEST VILLAGE DRIVE
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SNAKE RIVER LODGE & SPA
7710 GRANITE LOOP ROAD
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3415 NORTH PINES WAY WILSON, WYOMING 83014
STAR VALLEY
280 NORTH MAIN STREET THAYNE, WY 83127
TETON VALLEY
10 NORTH MAIN STREET DRIGGS, IDAHO 83422