Jackson Hole Real Estate Market Report | Year End 2023

TETON COUNTY, WYOM I NG

Market Report Year End

2023

Featured Property: #XTW9T8

Teton County, Wyoming — Year End 2023 Sales Volume Vs. Units Sold 20 0 5 -2023

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 5 20 0 6 20 07 2008 2009 2010

2011

2012

2013

While the total transactions in Teton County fell 3.3 percent in

2015

2016

2017

2018

2019 2020 2021 202 2 2023

described in the same way.

2023 compared to last year, the complementing dollar managed

Limited real estate inventory and an uncertain economic

to break the symbolic $1 Billion mark just in time for the new

climate abroad ended 2023 with a December that saw only 15

year. Home sales dominated the year-end stats, generating

sales and $43.6M in dollar volume. Falling interest rates hold

nearly $750M on just 137 transactions (for an average home

promise for would-be buyers, but patient sellers and limited

sale price of $5.44M).

“for sale” signs around the valley have kept individual property

The 264 sales in Jackson Hole last year represented the

prices close to Covid highs from 2021.

fewest number of annual transactions since the beginning of

With more than 80 percent of all sales last year involving a

the Global Financial Crisis in 2009 (when the market posted

residential property and with only 71 homes currently for sale

only 185 closings). In 2009, total real estate sales also only

across the valley, the 2024 market climate seems poised to see

barely eclipsed $225M.

another 12 months of limited sales with a concentration in the

And in 2009, the valley also had snow.

upper end of the residential market.

A lackluster start to the ski season has kept town quieter than normal so far in 2024. The current real estate market could be

Sales Volume By Area

2022

2022 VS. 2023

2023

2022 VS. 2023 2023

UNITS SOLD 58

$600M

$3 5 0 M

$ 550 M

$3 25 M 45

$3 0 0 M

47

$ 50 0 M

116 10 9

$275 M

54

$ 4 50 M $400M

$2 5 0 M $2 2 5 M

56

43

$20 0 M

$ 350 M $ 30 0 M

41

$175 M

48

$15 0 M $12 5 M $75M

International Realty!

2022

$ 375M

$10 0 M

Best wishes in 2024 from all of us at Jackson Hole Sotheby’s

Sales Volume By Price Category U NITS SOLD

$4 0 0 M

Cover Property: #6XBPQL

2014

$ 2 50 M

104

$ 20 0 M

56

58

88

$ 1 50 M

20

$ 10 0 M

11

$ 50 M

$5 0 M T E TO N V I LLAG E

WEST OF SNAKE RIVER

NORTH O F TOWN

TOWN OF JAC KSON

SOUT H O F TOW N

46 13

40

20

< $ 850K

$ 850K$ 1 . 5M

$ 1 . 5$3M

$3M-5M

>$5M

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

Condominiums/Townhomes

Featured Property: #TF9Z3K

The condo and townhome segment of the Jackson Hole market was highlighted in 2023 by two new developments in

Sales Volume By Area

the Town of Jackson: The Glenwood and Arts District West.

2022

Located one block northwest of The Wort Hotel, phase one of The Glenwood was completed in late 2022. The majority of

$ 1 20 M

the 21 units saw new owners move in during 2023. Phase two

$ 1 10 M

is currently under construction and features an additional 7 units zoned for short-term rentals.

Arts District West was also completed in 2023 and added 10 residential units to the Town of Jackson’s higher-end,

* excludes fraction a l u n i ts

2022 VS. 2023 2023

UNITS SOLD 61

55

$ 10 0 M $90M $80M

short-term-zoned housing stock.

Of the 85 condo and/or townhome sales that closed in

$70 M

2023 across the valley, 61 (or more than 70 percent) occurred

$60M

in the Town of Jackson. The total dollar volume generated in this segment of the market last year was $168.8M, with nearly 30 percent of that (or just less than $50M) coming from sales in either The Glenwood or Arts District West.

While the average sale price held relatively stable at just under $2M, the median sale in 2023 was just over $1.5M (for a 2-bedroom, 2-bath condo in the Aspens). Creating

$ 50 M

14

$40M $ 30 M

7

14

$ 20 M 6

8 4

$ 10 M

1

some statistical harmony year over year, the median condo/ townhome sale price in 2022 was also a 2-bedroom, 2-bath

CU R R E N T A R E A STATS

At A Glance

Aspens condo.

TETON VILLAG E

WEST OF NORTH SNAKE RIVER OF TOWN

TOWN OF JACKSON

3

SOU T H O F TOW N

Number of Condominiums Sold 2023

% Change in Average Sales Price from 2022

2023 Average Condominiums Sale Price

Average Days on Market

85

-0.5%

$1,985,803

154

Single Family Homes

Featured Property: #3H3D4L

Sales Volume By Area

In 2023, 84.1 percent of all transactions (or 222 sales of a total of 264) involved an existing residence and accounted for

2022 VS. 2023 202 2

2023

more than $900M of Teton County’s total of $1.031B. That

U N ITS SO LD

$ 260 M

number is down slightly from 2022, when residential sales represented 84.6 percent of the total 273 transactions.

33

Nearly 75% of the valley’s dollar volume was generated by

31

$ 24 0 M

137 home sales. For the upper end of this market segment (that

$ 2 20 M

is, above $5M), 48 home sales generated more than $500M

$ 20 0 M 42 $ 18 0 M

annual overall market volume.

49 36

$ 14 0 M

40

The average home sale price in Jackson Hole jumped $1M in the last 12 months, increasing from $4.44M in 2022 to

$ 120 M $ 10 0 M

$5.44M in 2023. The median sale price also saw an increase

17

year over year, moving from $3.35M in 2022 (for a 4-bedroom,

$80M

3,300 sq.ft. home in Melody Ranch) to $3.475M in 2023 (for a

$60 M

3-bedroom, 2,700 sq.ft. home on 5 acres in South Park).

4

At the beginning of 2024, 71 homes were listed for sale

4

$4 0 M

across Teton County. Despite the general “Buyer’s Market”

$20 M

climate, homes for sale at the moment represent a 13.4 percent

CU R R EN T A RE A STATS

T E TO N V I L L AG E

At A Glance

only 18 percent of all Jackson Hole sales in 2023, but the complementing dollar volume exceeded 50 percent of the

24

$ 160 M

in sales volume. The high-end home bracket accounted for

WEST O F N O RT H SN AK E RIVER O F TOW N

TOW N O F JACKSO N

SOUTH OF TOWN

decrease in active inventory compared to one year ago (when 82 homes were listed for sale).

Number of Single Family Homes Sold 2023

% Change in Average Sales Price from 2022

2023 Average Single Family Home Sale Price

Average Days on Market

137

22.5%

$5,440,482

143

Land & Ranches

Featured Property: #KS3H9N

Signaling a slight indication that rising building costs might be in the rearview mirror, vacant land sales in Teton

Sales Volume By Area 2022 VS. 2023

County increased 10.3% in 2023, posting 32 sales this year volume generated last year, however, represented a 20.4 percent decrease from 2022 for the vacant land segment of the market.

Fifty-two parcels are currently listed for sale across the valley ranging from $40M for the iconic, 257-acre Mead Ranch just outside of the Town of Jackson to $1.295M for a 0.7-acre parcel at Jackson Hole Golf & Tennis Club.

2023

2022

compared to 29 transactions in 2022. The $89.6M in dollar

UNITS SOLD

$ 1 10 M $ 10 0 M $90M $80M $70 M

The median transaction in 2023 also involved a parcel from Jackson Hole Golf & Tennis Club(a 1-acre parcel listed for $1.825M that sold in November). The average price for the 32 closings from 2023 was $2.8M (down from $3.9M – or 27.9 percent – in 2022).

With the future of Northern South Park development still in debate and with no other single-lot, large-scale developments on the horizon in Teton County, it seems this segment of the market will continue to play a minor

$60M

10

$ 50 M 5

$40M

13 10

$ 30 M $ 20 M 6

2 $ 10 M

role in the statistical story of the Jackson Hole real estate.

But with more than 98 percent of the valley’s real estate protected from development in perpetuity, the scarcity of

8

6 1

0

TETON VILLAG E

WEST OF NORTH SNAKE RIVER OF TOWN

TOWN OF JACKSON

SOU T H O F TOW N

CUR R E N T A R E A STATS

At A Glance

raw land in Teton County will invariably keep demand high.

Number of Land & Ranch Sites Sold 2023

% Change in Average Sales Price from 2022

2023 Average Land & Ranch Sites Sale Price

Average Days on Market

32

-27.9%

$2,800,022

212

Featured Property: #3E8W4W

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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.