Jackson Hole Real Estate Market Report | Year End 2021

TETON COUNTY, WYOM I NG

Market Report Year End

2021

Teton County, Wyoming — Year End 2021 Sales Volume Vs. Units Sold 20 0 4 -202 1

SA L ES VO LU M E

U N I TS SO L D

U N ITS SO LD

$ 2 .0 0 B

800

$1.8 0 0 B

700

$ 1.6 0 0B

600

$ 1.4 0 0 B 500 $1. 20 0B 400

$ 1.0 0 B $8 0 0 M

300

$60 0 M 200 $400M 100

$ 20 0 M

20 0 4 20 0 5 2006 20 07 2008 2009

2010

2011

2012

The 2020 Jackson Hole real estate market was a tough act to follow.

An unprecedented demand, fueled by the global pandemic, flooded the region with visitors 18 months ago, and the local community white-knuckled its way through an influx of new residents looking to enjoy an elevated quality of life in Northwest Wyoming.

While it feels like the COVID-inspired influx is beginning to moderate (December, 2021 saw the fewest number of sales in the last 12 months with only 37 closings), the year-end Teton County dollar volume saw another record year with more than $1.9B in sales.

Lack of inventory and escalating prices are certainly part of the tapering. At the beginning of 2022, only 52 homes were on the market in Jackson Hole. More startling is that the average price for

Sales Volume By Area

2020

2020 VS. 202 1

2021

2016

2017

2018

2019

2020

the finite choices in Teton County has grown to more than $7M. All regions of the valley saw significant individual property appreciation over the last 12 months, but the region North of Town proved to be the Jackson Hole hot spot with $673M in sales volume. The Town of Jackson was the only region in Teton County that saw a growth in year-over-year transactions (posting 229 transactions in 2021 vs. 194 in 2020).

Even with the slow down in transactional velocity, Q4 was the strongest quarter in 2021 with nearly $600M in sales volume (to put that in context, the entire 2019 Jackson Hole volume was $927M—which was also a record-setting year at the time).

The demand for Jackson Hole’s rustic-yet-refined lifestyle continues to be a driver for the regional market, and—possibly now more than ever—Wyoming’s tax friendly climate points toward another strong year for real estate in 2022.

2020 VS. 2021 YTD 202 1

UNITS SO LD 97

93

$900M $800M

146

$4 8 0 M

229

$70 0 M

$4 0 0 M

$600M

87

194

$3 20 M

125

96

$ 50 0 M $400M

54 37

164

181

104 83

$ 30 0 M

$160 M

17 9

$ 20 0 M $8 0 M

$ 10 0 M TE TO N V ILLAG E

202 1

$ 1 .0 B

$5 60 M

Cover Property: #ML2VML

2015

YTD 2020

128

$24 0 M

2014

Sales Volume By Price Category U NITS SOLD

159

$64 0 M

2013

WEST OF SN AKE RIVER

NORTH OF TOWN

TOWN OF JAC KSON

SOUT H OF TOW N

138

129

87

< $ 850K

$ 850K$ 1 . 5M

$ 1 . 5$3M

$ 3 M -5 M

>$5M

Land & Ranches

Featured Property: #BQNBDL

Sales Volume By Area 2020 VS. 202 1 2020

2021

U N ITS SO LD

$ 20 0 M

65

47

$ 18 0 M $ 160 M $14 0 M $ 120 M $10 0 M $80M

20

15

22

$ 60 M $4 0 M

5

$20 M

16 3

13

CUR R E N T A R E A STATS

TE TON VIL LAGE

At A Glance

23

WEST OF N ORTH S N AK E R I V E R O F TOW N

TOW N O F JAC KSO N

SOUT H O F TOW N

Despite its wide open spaces and expansive views, Teton County’s number of privately-held vacant land parcels continues to dwindle.

County Assessor records suggest fewer than 10% of the 15,000 deeds remain open for development in 2022 (many of Jackson Hole’s vacant land parcels already enjoy a private conservation easement restricting their future development).

Land transactions dropped 18.3% in the last 12 months (down to 103 sales in 2021 vs. 126 sales in 2020). But in looking at the surge in building permits for the last year, the 200-plus land sales over the last 24 months suggest the scant undeveloped land in Jackson Hole has seen sharp pressure from buyers in the last two years.

In 2020, the median land sale for Teton County was a 4.16-acre parcel north of Town in Owl Creek that was listed for $1.295M (and that sold in November, 2020 for $1.1M). Twelve months later, the median land sale had grown to nearly $2M for a 50’ x 150’ lot in the Gill Addition in the Town of Jackson.

Number of Land & Ranch Sites Sold 2021

% Change in Average Sales Price from 2020

2021 Average Land & Ranch Sites Sale Price

Average Days on Market

103

+35.9%

$3,326,070

238

Condominiums/Townhomes

Featured Property: #L6GD2K

CU R R E N T A R E A STATS

At A Glance

While unit sales of condos and townhomes were down slightly in 2021 (190 sales last year vs. 194 sales in 2020), this segment of the market saw an 11.1% increase in dollar volume, generating nearly $350M in the last 12 months.

Individual areas—like the Aspens and the Town of Jackson—enjoyed a spike in property values. Toward the end of 2020, one-bedroom O’Brien floor plans in the Aspens were hovering around $600,000. Less than a year later, that value has jumped to nearly $1M. In the Town of Jackson, Love Ridge condos at the Snow King Resort were priced in the $1.7M range toward the end of 2020. One year later, the same 3-bedroom floor plans are now fetching almost $3M. The median sales for 2020 and 2021 saw a 30.7% increase year-over-year. In 2020, the midpoint condo/townhome sale in Jackson Hole was the equivalent of $577/sq.ft. (for a 2-bedroom Elk Run Townhome). One year later, this metric had grown to $754/sq.ft. (for a 2-bedroom townhome in Melody Ranch).

Sales Volume By Area

* excludes fractional units

2020 VS. 2021 2020

2021

UNITS SOLD

$1 8 0 M $16 0 M

1 17

$14 0 M 1 10

$1 20 M $100 M $8 0 M

29

$6 0 M

24 25

$4 0 M 29

14

$20 M

TETON VILLAG E

WEST OF SNAKE RIVER

12

NORTH OF TOWN

12

TOWN OF JACKSON

12

SOU T H O F TOW N

Number of Condominiums Sold 2021

% Change in Average Sales Price from 2020

2021 Average Condominiums Sale Price

Average Days on Market

190

+14.0%

$1,373,141

109

Single Family Homes

Featured Property: #HPKB3Q

Sales Volume By Area 2020 VS. 202 1 2020

2021

U N ITS SO LD 69

$440M 80 $4 0 0 M

95

$360M $3 20 M $280M 47

$ 24 0 M

87

60

$20 0 M 65 $160 M

20 61

10

$ 120 M $8 0 M $40M

CU R R EN T A RE A STATS

At A Glance

T E TO N V I L L AG E

W EST O F S N AK E RIVER

N O RT H O F TOW N

TOWN OF JACKSON

SOUTH OF TOWN

Residential home sales define the Jackson Hole real estate market. While the 251 home sales in Teton County in 2021 were down 26.8% from the previous year (mostly due to a lack of inventory and escalating prices), the corresponding $1.187B in dollar volume represented 62.5% of the total market sales volume.

The median home value saw a substantial rise year-over-year, growing from about $2.5M in 2020 (for a 2,500 sq.ft. home in Polo Ranches) to more than $3M in 2021 (for a 3,500 sq.ft. home in South Park).

In 2019, 28 homes sold with a listing price of $5M or more. In 2020, that number exploded to 71 sales and almost $650M in complementing dollar volume. While home transactions fell in 2021 (again, mostly due to lack of inventory), the upper-end-home market again posted 71 sales above $5M but with $742M in volume.

The upper-end home market represented 12.3% of all transactions, but accounted for almost 40% of the $1.9B Jackson Hole real estate market.

Number of Single Family HomesSold 2021

% Change in Average Sales Price from 2020

2021 Average Single Family Home Sale Price

Average Days on Market

251

+24.9%

$4,729,255

125

MAIN OFFICE

SNAKE RIVER LODGE & SPA

TETON PINES RESORT

185 WEST BROADWAY JACKSON, WYOMING 83001

7710 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

3415 NORTH PINES WAY WILSON, WYOMING 83014

EAST BROADWAY

TETON MOUNTAIN LODGE

JACKSON HOLE RACQUET CLUB

110 EAST BROADWAY JACKSON, WYOMING 83001

3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025

3535 NORTH MOOSE-WILSON ROAD WILSON, WYOMING 83014

HOTEL TERRA

DRIGGS NORTH

3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025

10 NORTH MAIN STREET DRIGGS, IDAHO 83422

FOUR SEASONS RESORT 7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

DRIGGS SOUTH JHSIR.COM

ONE SOUTH MAIN STREET DRIGGS, IDAHO 83422

Although the foregoing data has been compiled from sources deemed reliable, Jackson Hole Sotheby’s International Realty does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, error, revision, and cancellation without notice, and should be independently verified with the source of such information. Source data is provided by Teton Board of Realtors MLS for areas one through ten, and supplemented with proprietary sales data for $0 sales. ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.