Jackson Hole Real Estate Market Report | Q1 2022

TETON COUNTY, WYOM I NG

Market Report First Quarter

2022

Teton County, Wyoming — Q1 2022 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

By most accounts, a mediocre ski season did little to slow the pace of the Jackson Hole real estate market for the first three months of 2022. A lack of inventory, however, resulted in a 56.9% decrease in transactions and a 48.4% drop in overall dollar volume compared to the same period in 2021.

But ask any buyer currently searching for a place to hang their hat in Jackson Hole, and they’ll probably tell you that they wished they purchased something last year. The simple principles of supply and demand continue to push individual property values to record levels for NW Wyoming.

For the first quarter last year, the median home sale was a 3,600 sq.ft., 4-bedroom home on West Gros Ventre Butte that sold for $2.9M. Fast forward twelve months, and the median price for a home has grown 37.9% to more than $4.0M (for a 2,700 sq.ft., 4-bedroom home with a guest house in East Jackson).

2014

2015

2016

2017

2018

2019

2020

Sales Volume By Price Category

YTD 202 1 VS. 202 2

YTD 202 1 VS. 202 2 U N ITS SO LD

Y T D 2022

202 1

But the statistics fail to tell the whole story. During the height of the Covid pandemic, more than 600 homes sold across the valley. Conversely, only 35 homes are currently on the market in Teton County. Many existing property owners are reluctant to put their home on the market for ANY price given lack of options for them to find a new domicile.

Like the last two years, the upper end of the Jackson Hole market outperformed all other segments in Q1 2022. Sales volume for listings greater than $5M ($101.9M and which also only accounted for 23.7% of transactions) nearly eclipsed sales volume for all other price points ($104.1M).

With this dynamic in place, it seems inventory will remain low for the foreseeable future. All signs also point to another busy summer for valley, suggesting too that demand to call Jackson Hole home will remain strong for the rest of 2022.

Sales Volume By Area YTD 202 1

YTD 202 1

$ 160 M

$ 20 0 M

$ 14 0 M

$180M

YTD 202 2

UNITS SO LD 18

$ 16 0 M

$ 120 M

57

34

$ 10 0 M

$ 14 0 M

13

$ 1 20 M

$80M Cover Property: #9V6RTD

2013

20

10

$ 60 M

16

41

22

$80M 10

21

$60M

$40M

13

9

$ 20 M WEST OF SN AKE RIVER

NORTH OF TOWN

TOWN OF JAC KSON

SOUT H O F TOW N

19

33

$40M

6

$ 20 M

TE TO N V ILLAG E

14

$ 10 0 M

23 4

< $ 850K

9

$ 850K$ 1 . 5M

$ 1 . 5$3M

$ 3 M -5 M

>$5M

Land & Ranches

Featured Property: #LHN8V9

Sales Volume By Area YTD 202 1 VS. 202 2 Y T D 202 1

Y T D 2022

U N ITS SO LD

$50M $45M $40M $3 5 M $3 0 M

14 5

$2 5 M $ 20 M

2

$ 15 M

5 $10 M

2

1

6

4

$5 M

0

0

CUR R E N T A R E A STATS

At A Glance

TE TON VILLAGE

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

As is the theme across the entire regional real estate market, the lack of vacant land inventory caused Q1 land transactions to fall 74.2% in the first three months of 2022 (with 8 sales this year compared to 31 sales in 2021).

In taking a closer look at the finite number of sales this year, however, a much more positive story comes to light relative to individual values.

For example, a 3.5-acre parcel north of the Town of Jackson that was listed for $3.7M sold in February. While no two pieces of land are exactly alike, a similar parcel in the same neighborhood sold in July, 2021 for less than $3M. With more than 98 percent of the privately held real estate in Teton County already developed or protected in perpetuity, raw land is truly scarce.

Only 21 vacant parcels of land are currently for sale across the valley. And only one is listed below $1M (a 3-acre tract in Moran). At the upper end of the scale, the seven most expensive listings have a combined price of more than $180M.

Number of Land & Ranch Sites Sold Q1 2022

% Change in Average Sales Price from Q1 2021

Q1 2022 Average Land & Ranch Sites Sale Price

Average Days on Market

8

+56.0%

$3,703,750

143

Condominiums/Townhomes

Featured Property: #LMSKJ3

CU R R E N T A R E A STATS

At A Glance

While residential homes make up the lion’s share of the transactions in the Jackson Hole real estate market, condominiums and townhomes–especially in the regions of the valley that accommodate short-term rentals– have been in particularly high demand during the pandemic.

Condo/townhome transactions fell 53.7% during Q1 2022 (with 19 closings in the first three months of this year vs. 41 sales in 2021) and complementing dollar volume also dropped 37.1%. The lack of available inventory was clearly the culprit on both fronts.

In looking at the median sale price yearover-year, however, an older townhome in East Jackson sold in February, 2022, for the equivalent of about $900/sq.ft.; last year, that value was about $750/sq.ft. (for a 2-bedroom townhome at Spring Creek Ranch). In the upper end of this market segment, sale prices in both the Town of Jackson and Teton Valley approached or exceeded $2,000/sq.ft. in Q1 2022.

Sales Volume By Area

* excludes fractional units

Y TD 202 1 VS. YTD 202 2 YTD 202 1

YTD 202 2

UNITS SOLD

$4 5M $4 0 M

30

$35M $3 0 M $2 5M $20 M 5 $15M

10

4

$10 M $5M

3

2

2

3

1

TETON VILLAG E

WEST OF SNAKE RIVER

NORTH OF TOWN

0

TOWN OF JACKSON

SOU T H O F TOW N

Number of Condominiums Sold Q1 2022

% Change in Average Sales Price from Q1 2021

Q1 2022 Average Condominiums Sale Price

Average Days on Market

19

+35.8%

$1,822,005

80

Single Family Homes

Featured Property: #45GZKN

Sales Volume By Area Y TD 2021 VS. Y T D 202 2 Y T D 202 1

Y T D 2022

U N ITS SO LD

$110 M $ 10 0 M $90 M 19

$80M $70 M

9

$60 M $5 0 M

4

12

7

$40M

14 10

8

$3 0 M $ 20 M 1

$ 10 M

4

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 SN AK E RIVER

N O RT H O F TOW N

TOWN OF JACKSON

SOUTH OF TOWN

At present, 35 homes are on the market throughout Teton County ranging from $1.9M for a home in East Jackson that was originally built in 1947 to nearly $20M for an 8,000 sq.ft. home in Wilson on almost 50 acres.

Given that more than 600 homes sold during the last two years, current inventory is woefully out of balance with the demands of buyers.

Calling Jackson Hole a “Seller’s market” would be a gross understatement.

The median home sale price for Q1 2022 broke the $4M mark (up 37.9% from the same period in 2021), but more alarming for buyers is that the average listing price for the few homes currently for sale is nearly $5.9M. If trends continue, 2022 might be the year when buying a home in Jackson Hole for less than $2M became an impossibility.

All hope, however, is not lost for weary buyers.

Warmer weather has historically seen new listings in the spring and early summer. But even amidst soaring prices, existing Jackson Hole homeowners are reluctant to cash out from fear of an inability to find a replacement home in NW Wyoming.

Number of Single Family HomesSold Q1 2021

% Change in Average Sales Price from Q1 2021

Q1 2021 Average Single Family Home Sale Price

Average Days on Market

31

+7.2%

$4,483,852

131

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.