Jackson Hole Real Estate Market Report | Q3 2023

TETON COUNTY, WYOM I NG

Market Report Third Quarter

2023

Featured Property: #9VXGLS

Teton County, Wyoming — Q3 2023 Sales Volume Vs. Units Sold 20 0 4 -202 2

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 0 B

600

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

$ 1.0 0 B $800M

300

$ 60 0 M 200 $400M 100

$ 20 0 M

20 0 4 20 0 5 2006 20 07 2008 2009 2010

2011

2012

2013

Despite facing the highest mortgage interest rates in more

2015

2016

2017

2018

2019 2020 202 1 202 2

values are down 5%-10%—and in some cases more—from 2022.

than two decades, the Jackson Hole real estate market managed

During this softening of the Teton County market, Jackson

to eke ahead of 2022 levels for the first nine months of 2023.

Hole Sotheby’s International Realty has outperformed its peers

While transactions in Teton County were nearly flat (203 closings

in the brokerage community by increasing its market share to

through Q3 in 2022 compared to 204 closings this year), overall

48.6% (based on overall sold dollar volume). To put that into

dollar volume increased 11.8 percent to more than $770M.

perspective, the No. 2 brokerage in the region only enjoys 15.0%

The most active segment of the market on the year to date

of the year-to-date dollar volume in Teton County.

was the $1.5M to $3M swath, where more than one-third of all

The brokerage’s success thus far in 2023 was particularly

closings occurred. The lion’s share of the dollar volume activity,

noteworthy in the >$5M price bracket, where Jackson Hole

however, posted in the upper end of the market (i.e., properties

Sotheby’s International Realty agents represented the buyer

with a listing price of more than $5M); this high-end segment—

and/or seller in 48.8% of these higher-end transactions and

which tallied only one-fifth of all transactions in Jackson Hole—

where the complementing dollar volume market share grew to

accounted for more than 50 percent of 2023’s current dollar

60.4%.

volume.

Whether you’re looking to buy or sell in this challenging market,

The strong performance of the market stands in contradiction for individual property values, where anecdotal evidence suggests

let the valley’s most successful sales force help you with your real estate needs in 2023.

Sales Volume By Area

Sales Volume By Price Category

YTD 202 2 VS. 2023

TYD 202 2 VS. 2023

YT D 202 2

Y TD 2023

U N ITS SO LD

YTD 202 2

37

$2 20 M

$ 36 0 M

84 85

41

39

$ 320 M 47

$18 0 M $160 M

34 31

$120 M

$280M $ 24 0 M

$14 0 M

$ 20 0 M

$10 0 M

33 17

45

81 74

$ 16 0 M

35

$ 1 20 M

$60 M $4 0 M

UNITS SO LD

32

$20 0 M

$8 0 M

YTD 2023

$400M

$24 0 M

Cover Property: #XKRJTD

2014

$80M

7

36

$40M

$20 M

12

TE TO N V ILLAG E

WEST OF SN AKE RIVER

NORTH OF TOWN

TOWN OF JAC KSON

SOUT H OF TOW N

30

14

< $ 850K

$ 850K$ 1 . 5M

$ 1 . 5$3M

$ 3 M -5 M

>$5M

*Based on the Teton Board of Realtors MLS, Areas 1-10, for 2023.

Condominiums/Townhomes

Featured Property: #XNG6XD

While year-over-year individual sales suggest property values are declining for condos and townhomes around the valley, both the average and median sale prices

Sales Volume By Area

increased during the first nine months of 2023 compared to the same period last year. A deeper dive into the data

*excludes fractional u n i ts

YTD 202 2 VS. 2023 YTD 202 2

YTD 2023

UNITS SOLD 48

$ 10 0 M

shows twelve sales in two new developments in the town of Jackson helped to bolster this segment of the market.

Even with a dozen closings so far in 2023 at The

$90M $80M

Glenwood and Arts District West, the overall condo and townhomes transactions were down 5.6% from the same period in 2023. The greater-than-average price point for

$70 M

41

$60M

these two developments helped to push the year-to-date dollar volume up 3 percent to more than $134M for all condo and townhome sales in Teton County.

$ 50 M

14

$40M

Comparing sales in different complexes around the valley speak to the current “buyer’s market” climate.

In May, 2022, a 1-bedroom Virginian Village sold for

$ 30 M $ 20 M

5

$655,000. This May, a similar Virginian Village sold for $570,000 (or a 12.9 percent drop). Similar comparisons at

10 5

$ 10 M

6 4 2

3

the Park Place Condos (down 12.8 percent), Love Ridge at Snow King (down 16.8 percent) and adjacent townhomes

TETON VILLAG E

on East Kelly (down 15.7 percent) also point to downward

WEST OF SNAKE RIVER

NORTH OF TOWN

TOWN OF JACKSON

SOU T H O F TOW N

CU R R E N T A R E A STATS

At A Glance

pressure on this segment of the market.

Number of Condominiums Sold Q3 2023

% Change in Average Sales Price from Q3 2022

Q3 2023 Average Condominiums Sale Price

Average Days on Market

67

9.1%

$2,007,661

163

Single Family Homes

Featured Property: #NS5ES5

Representing half of all sales in Teton County

Sales Volume By Area

through Q3 2023 (or 102 closings out of a total of 204

Y TD 2022 VS. 2023

transactions), home sales in Jackson Hole remain

YT D 202 2

Y T D 2023

robust compared to the same period in 2022.

U N ITS SO LD

While year-to-date transactions for homes are only

25

up 1 percent year over year, the complementing dollar

$ 18 0 M

volume grew 16.3% to nearly $530M (which represents 34

21

$ 160 M

68.6% of the total $771M sold dollar volume thus far in 2023). While only about one-third of all home sales

$ 14 0 M

in 2023 have been listed for more than $5M, the corresponding dollar volume generated from these

$ 120 M 17

35

sales totaled $336M (or nearly two-thirds of the year-

28

to-date home sales volume).

$ 10 0 M 14

$80M

25

These sales in the upper end of the home market segment help to explain the 15.1 percent growth in the average home sale price (which currently stands

$ 60 M

at nearly $5.2M). The median sale price for 2023 fell a $40M

scant 1.3 percent to $3.45M (for a 4-bedroom, 4-bath, 2

$ 20 M

4,100 sq.ft. home at the base of Snow King).

2

While the overall Teton County real estate market is still $230M shy of the symbolic $1B mark for 2023,

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 A K E RIVER

N O RT H O F TOW N

TOW N OF JACKSON

SOUTH OF TOWN

23 homes currently under contract promise to deliver nearly $150M in sales before the end of the year.

Number of Single Family Homes Sold Q3 2023

% Change in Average Sales Price from Q3 2022

Q3 2023 Average Single Family Home Sale Price

Average Days on Market

102

15.1%

$5,189,593

140

Land & Ranches

Featured Property: #4XKL2R

Sales Volume By Area

Representing the smallest property type in

YTD 202 2 VS. 2023

this report with only 26 transactions for the first

Y T D 202 2

Y T D 2023

nine months of this year, an argument can be

U N ITS SO LD

made that vacant land has fallen out of favor with buyers so far in 2023. $4 0 M

On first glance, the macro view of this market

5

segment appears positive where transactions and $3 5 M

dollar volume were actually up slightly year over

11 7

$3 0 M

year. A closer look at the data, however, shows

8

that three larger transactions ranging in price from $12M to $22M accounted for approximately

$2 5 M

half of the dollar volume in this market segment.

Aside from these three sales, the most expensive

$20 M

parcel of land to sell so far in 2023 was just over $3M.

$15 M

On its face, the average vacant land sale

6

price fell 10.6 percent to $3.1M, and the median $10 M

7

1

sale price dropped 23.3% to $1,725,000 (for a 1-acre parcel in Jackson Hole Golf & Tennis

$5 M

1

0

CUR R E N T A R E A STATS

TE TON VIL LAGE

At A Glance

Club). Removing the three exotic sales from the

3

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

data, however, further lowers the 2023 average

TOW N O F JAC KSO N

SOUT H O F TOW N

land sale price to $1.69M (or a 51.4% decline compared to the same period in 2022).

Number of Land & Ranch Sites Sold Q3 2022

% Change in Average Sales Price from Q3 2022

Q3 2023 Average Land & Ranch Sites Sale Price

Average Days on Market

26

-10.6%

$3,115,673

219

Featured Property: #996MB4

MAIN OFFICE

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110 EAST BROADWAY JACKSON, WYOMING 83001

3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025

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3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025

10 NORTH MAIN STREET DRIGGS, IDAHO 83422

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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.