Jackson Hole Real Estate Market Report | Q2 2022

TETON COUNTY, WYOM I NG

Market Report Second Quarter

2022

Teton County, Wyoming — Q2 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

To call the last couple years of the Jackson Hole real estate marketing “interesting” would be a gross understatement.

2013

2014

2015

2016

2018

2019

2020

202 1

period last year), and the number of sales is seeing a decline from the record-setting stats of 2020 and 2021.

Trepidation during the early days of Covid was quickly

But even with the dip in overall transactions, individual property

displaced by the frenetic pace that endured for the next two years

prices continue to set new high water marks. This is particularly

as droves of visitors and part-time residents sought refuge in

evident in the upper end of the Jackson Hole market (that is,

northwestern Wyoming. With historically low mortgage interest

listings priced in excess of $5M) where the 26 closings in 2022

rates and the uncertainty of a global pandemic, a higher-than-

generated more than $200M in sales volume (or 45.8% of the

normal percentage of visitors and locals purchased real estate in

YTD Teton County total).

and around Teton County.

The spring and early summer closure of the Jackson Hole

Today—as interest rates climb upward and as equity markets

Airport limited the number of visitors in the region and led many

correct—the summer Jackson Hole real estate market appears

intent sellers to delay officially listing their property until the

to have two major forces shaping the remainder of 2022: the

reopening (potentially influencing the 54% decrease in sales for

inventory of property available for sale is slowly creeping upward

May and June year-over-year). With non-stop flights from 18 cities

for the first time in two years (at the moment, the 92 homes for

back in service the Jackson Hole region stands poised for another

sale in Teton County represent a 20% increase over the same

busy summer season.

Sales Volume By Area

Y T D 2021

YTD 202 1 VS. 202 2

Y T D 2022

Sales Volume By Price Category U NITS SOLD

YTD 202 1 VS. 202 2 YTD 202 1

$3 20 M

$400M

$2 8 0 M

$ 36 0 M

40

$ 24 0 M

$160 M 27

35

51

78

41

$ 16 0 M 19

11

NORTH OF TOWN

TOWN OF JAC KSON

SOUT H OF TOW N

24 61

$80M $40M

WEST OF SN AKE RIVER

53

$ 1 20 M 23

TE TO N V ILLAG E

26

$ 20 0 M

44

21

$8 0 M $4 0 M

UNITS SO LD

$280M

112

$20 0 M

$120 M

YTD 202 2

$ 320 M

66

$24 0 M

Cover Property: #S7DEMG

2017

58 9

< $ 850K

19

$ 850K$ 1 . 5M

$ 1 . 5$3M

$ 3 M -5 M

>$5M

Land & Ranches

Featured Property: #GMG5QP

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

Y T D 2022

U N ITS SO LD

$ 10 0 M $90 M $8 0 M

26

$70 M $60 M $50M

8

$40M

14

$30M

7 $ 20 M

3

$10 M

0

0

CUR R E N T A R E A STATS

TE TON VIL LAGE

At A Glance

6

8

2

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

With only 49 vacant parcels of land currently on the market in Teton County ranging from $1.1M to $50M, it would seem statistically impossible for the market to eclipse last year’s year-to-date land sales (where 57 vacant parcels closed by the end of Q2 vs. 16 sales for the same period in 2022). As has been the story for more than three decades, the scarcity of privately held land in Teton County continues to limit activity in this market segment.

Even with the 72% decline in sales for the first six months of 2022, the average sale price for raw land in 2022 increased 6.8% (from $2.79M last year to $2.98M this year), and the median land sale for 2022 grew 22.8% to $2.15M (for a vacant parcel north of town in Solitude).

Escalating construction costs and Covid supply chain issues have surely impacted this segment of the market as well. Depending on the caliber and scope of the design, construction costs in Teton County are exceeding $1000/ sq.ft. in many cases and a shortage of labor and vendors push the typical build time out to more than two years.

Number of Land & Ranch Sites Sold Q2 2022

% Change in Average Sales Price from Q2 2021

Q2 2022 Average Land & Ranch Sites Sale Price

Average Days on Market

16

+6.8%

$2,978,438

193

Condominiums/Townhomes

Featured Property: #WNGYSJ

CU R R E N T A R E A STATS

At A Glance

Like the rest of the Teton County market, condo and townhome sales saw a downturn in transactions for the first six months of 2022, with transactions dropping 56.3% (from 93 sales in 2021 to 42 sales in 2022). Conversely, inventory for this market segment grew 60% year-overyear from 25 condos/townhomes on the market in 2021 vs. 40 condos/townhomes for sale as of July 1st.

It’s worth noting a “60% increase in inventory” over the same period in 2021 equates to an additional 15 units for sale in Teton Village, the Aspens, the town of Jackson and the like. In this finite market, it’s not uncommon for one business relocating its employees to tax-friendly Wyoming or a handful of existing property owners downsizing from a more substantial home to a townhome to have a noticeable impact in this segment of the market.

That said, the average sale price grew from $1.2M in 2021 to nearly $1.9M in 2022. The median sale for 2022 was a 2-bedroom, 1,200sq.ft. townhouse at Spring Creek Ranch that sold for more than $1.4M (or nearly $1,200/sq.ft.).

Sales Volume By Area

* excludes fractional units

Y T D 202 1 VS. 202 2 YTD 202 1

YTD202 2

UNITS SOLD

$9 0 M $8 0 M 64 $70 M $6 0 M $5 0 M $40 M $3 0 M

24

10 13

$20 M 8

$10 M

TETON VILLAG E

6

5

3

WEST OF SNAKE RIVER

NORTH OF TOWN

3

TOWN OF JACKSON

0

SOU T H O F TOW N

Number of Condominiums Sold Q2 2022

% Change in Average Sales Price from Q2 2021

Q2 2022 Average Condominiums Sale Price

Average Days on Market

42

+56.3%

$1,882,555

75

Single Family Homes

Featured Property: #5FEN4Y

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

Y T D 2022

U N ITS SO LD

$ 2 20 M $20 0 M $ 18 0 M 34

$ 160 M $ 14 0 M $ 120 M

17

26

$ 10 0 M 6

$8 0 M

19

11 25

19 17

$60 M $40M $ 20 M

1

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

For 2022, half of all sales in Teton County involved an existing home. While there are slightly more choices for potential home buyers in 2022 (ranging in price from $1.6M to more than $30M), escalating prices have kept some buyers on the sidelines despite a slowdown in transactions in this market segment.

The 65 sold homes on the YTD accounted for nearly $300M in sales volume for the Jackson Hole market (or 66% of the total market volume), and the average sale price grew 7.3% in 2022 to more than $4.5M. In 2021, the median home sale through Q2 was a 4-bedroom, 3,500 sq.ft. home in South Park that sold for just over $3M. Twelve months later, however, the median home sale involved 4-bedroom, 3,600 sq.ft. home on West Gros Ventre Butte for nearly $3.6M (or a 20% increase in median home value in the last 12 months).

SOUTH OF TOWN

Number of Single Family Homes Sold Q2 2021

% Change in Average Sales Price from Q2 2021

Q2 2021 Average Single Family Home Sale Price

Average Days on Market

65

+7.3%

$4,500,980

128

MAIN OFFICE

TETON MOUNTAIN LODGE

JACKSON HOLE RACQUET CLUB

185 WEST BROADWAY JACKSON, WYOMING 83001

3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025

3535 NORTH MOOSE-WILSON ROAD WILSON, WYOMING 83014

EAST BROADWAY

TETON PINES RESORT

110 EAST BROADWAY JACKSON, WYOMING 83001

3415 NORTH PINES WAY 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

ALPINE 168 HWY 89 #B-2 ALPINE, WYOMING 83128

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.