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EXPLORETHEJACKSONHOLEMARKET
Welcometoourmid-year2024JacksonHoleMarketReport!Ourlocalteamhaspulledand analyzed the following data, providing insight not only on the past year but historical data that helps identify local trends in the market. For a deeper insight into these numbers, our localteamhereatKellerWilliamsJacksonHoleisalwaysavailabletodiscuss.
MARKET OVERVIEW
Q22024
Jackson Hole’s real estate market continues to navigate challenges such as low inventory, higher interest rates, and record-breaking prices. Despite these obstacles, demand for Jackson Hole real estate remains robust, though different market segments have reacted inconsistentlytothesenuanceddynamics.
The number of transactions has steadily decreased for more than two years with a 7% drop from mid-year last year Yet, persistently low inventory levels have kept prices stable since the 2021 peak While the average sale price has remained flat, the median price has decreased by 7% compared to a year ago This decline is largely due to a higher number of lower-priced properties sold in 2024, with sales of properties priced between $500,000 and $1 million increasing by over 40% compared to last year Many of these properties include workforce-restrictedhousingandsmall,entry-levelcondos
The spring and summer seasons did not bring the inventory respite many had hoped for, with overall inventory rising by a modest 7%, varying by segment Demand remains high for appropriately priced, move-in-ready properties, as evidenced by a 16% increase in pendinglistingsanda16%dropintheaveragedaysonthemarket
Looking ahead into 2024, we do not anticipate any major changes in Jackson Hole’s real estate market While some price fluctuations are normal, Jackson Hole remains a highly sought-after destination Without a significant increase in inventory, prices are likely to remain stable If interest rates decrease, as some experts predict, competition among buyers for the limited available properties will likelyintensify,consequentlydrivingpricesupagain
Thisyear’srealestatemarket isn’tshowinganysurprises. Despitesomechallengesand fewerdeals,persistentlylow inventoryisholdingprices steady Demandformove-in readyproperties,especially new(ornewer)construction remainshigh Idon’t anticipatemuchchangein pricingwithoutoneoftwo thingshappening–interest ratescomedownsignificantly orinventoryincreases significantly.
RebekkahKelley, AssociateBroker
S I N G L E F A M I L Y H O M E S
Themarketforsingle-familyhomesthroughmid-2024experiencedanotherdeclineinthenumber of transactions, down about 12% from the same period last year Like the overall market, singlefamily home transactions have decreased for over two years since their peak in 2021. The average and median sale prices also fell, down 15% and 14%, respectively. At first glance, these figuresmightsuggestthatJackson’shomepricesaredroppingfromtheirrecord-breakingpeaks. However, a closer analysis reveals that the declines in average and median prices are due to a higher proportion of sales in the lower price ranges compared to a higher proportion of pricier sales in 2023. There is no clear evidence that prices have decreased since the market began to slow. The persistent lack of inventory and steady demand have kept prices stable. The nearly 15%increaseininventoryatmid-yearhasnotbeensufficienttoimpactpricing.
Despite stable prices, sellers aiming to surpass the growth seen from 2020-2022 have faced challenges Homes sold through mid-year sold on average 95% below their original listing price As summer progresses, active sellers are adjusting, with current homes for sale reducing their prices by an average of nearly 11% since listing Once a home reaches an appealing price point, buyersarereadytopurchase,asevidencedbya24%increaseinpendinglistingscomparedtoa yearago
The condo and townhome market through mid-2024 saw another decrease in the number of transactions,downabout16%fromthesameperiodlastyear Similartotheoverallmarkettrend, condoandtownhometransactionshavebeendecliningforovertwoyearssincepeakingin2021. The average and median sale prices dropped by 36% and 34%, respectively. Initially, these figures might indicate that Jackson’s condo and townhome prices are falling from their record highs. However, upon closer examination, it becomes clear that the declines in average and medianpricesareduetoahigherproportionofsalesinthelowerpricerangesin2024compared to a higher proportion of pricier sales in 2023. With the completion of the West Kelly Condominium Addition, a workforce-restricted development, many sales this year have included workforce-restrictedhousingandsmall,entry-levelcondos.
There is no conclusive evidence that prices have actually decreased since the market began to slow The persistent lack of inventory and steady demand have kept prices intact The 16% increase in inventory at mid-year has not been enough to affect pricing Despite stable prices, sellers attempting to exceed the growth seen from 2020-2022 have faced challenges, leading to properties lingering on the market As summer progresses, active sellers are adjusting, with current condos and townhomes for sale reducing their prices by an average of nearly 8% since listing Onceapropertyreachesanattractivepricepoint,buyersarereadytopurchase,asshown bya120%increaseinpendinglistingscomparedtoayearago 175SGlenwoodStreet#203,ListPrice:$3,850,000
This segment of the market remains steady and competitive, with buyers consistently purchasingvacationrentals,luxurypropertiesandfull-timeresidences.Withongoinglimited inventory in all categories, sellers continue to bet on the opportunity to price higher than what the market might bear. However, that strategy has resulted in extended days on the market and subsequent price adjustments. Buyers have more opportunities to wait for value despite the fact they can easily miss out on properties that are priced competitively if they don’treactquickly.|JeffWard,AssociateBroker
C O N D O + T O W N H O M E S
L A N D + R A N C H E S
ThemarketforvacantlandinJacksonHoleismoreintricatethantheresidentialmarket Sky-high constructioncostsandlimitedaccesstomaterialsandlaborhaveledmanytochoosecompleted homes over building their dream homes. Over the past 2 ½ years, the number of land sales has ebbed and flowed, and those building challenges have subsided to some degree. As a result, land sales have shown more resilience compared to other segments, with four more transactions this year than last. The average sale price has decreased by over 25%, while the median sale priceincreasedbynearly45%.
It is important to note that because the land market is relatively small, percentage changes can appear more dramatic and may not accurately reflect true trends. Similar to other market segments, there is no clear evidence to suggest that land prices have significantly increased or decreased Land sales through mid-year have been fairly evenly distributed throughout the valley, withtheTownofJacksonrecordingthemostsales Unlikeothersegments,thelandmarketdoes not suffer from a lack of inventory and appears more balanced At mid-year, there were 54 parcels for sale, a 21% decrease from last year There are three parcels pending sale, one less thanlastyear Lookingahead,themarketforvacantlandinJacksonHoleisexpectedtomaintain its resilience, especially if building challenges continue to ease and inventory levels remain balanced
The market for land in Teton County continues to have a lot of wind in its sail and continues to prove its value from quarter to quarter Working with an expert in recent trends, land regulations and zoning laws will ensure a successful transaction for those looking to invest or sell.|DianaDragancea,AssociateBroker
4350WBroncoRoad,ListPrice:$6,290,000
Luxury property sales in Jackson Hole have shown remarkable resilience despite the market slowdown that began in 2022 This report defines luxury properties as those selling for over $5 million. The luxury real estate market experienced about five fewer sales compared to the same period last year. In 2024, several iconic properties were sold, including the Grand View River Ranch,listedat$58million,anda37-acrepropertyalongtheSnakeRiverwithanearly8,000sq. ft. home, listed at $40 million. These and a few other sales over $20 million contributed to a 16% increaseinthemediansalepriceanda17%increaseintheaveragesaleprice.
The inventory for ultra-luxury properties is more balanced compared to other segments of Jackson Hole’s market. At mid-year, 74 properties were listed for over $5 million, a 6% increase from last year Demand for unique and luxurious properties in prime locations remains strong, as evidenced by a 125% increase in pending sales at mid-year However, it is important to note that luxury properties are not immune to aspirational pricing, which often leads to price corrections The properties sold this year eventually sold at an average of 88% of their original listing price Additionally, the average time to sell a luxury property is the highest among all segments, averaging207days Overall,despitesomemarketfluctuations,theenduringdemandforJackson Hole's luxury properties underscores the area's appeal and resilience, ensuring it remains a sought-afterdestinationforhigh-endrealestateinvestments
U X U R Y L I S T I N G S
The resilience of the luxury market in Jackson Hole is largely attributed to its stunning natural beauty and the surrounding wild lands With private lands comprising only about 3% of the valley,thisperpetualscarcitycreatesauniqueandenduringappeal
