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MARKET REPORT JACKSON HOLE
YEAR END 2023
MEET KELLER WILLIAMS JACKSON HOLE As the world's largest brokerage, Keller Williams dominates the landscape in real estate with its global reach. With a marketing platform that touches hundreds of thousands of potential clients each day, our clients can be assured that their listings are reaching qualified buyers around the globe. Yet, what matters most when selling and buying real estate is in-depth market knowledge, market history and trends that only informed, local real estate professionals can provide. Our Keller Williams office is the fastest growing brokerage in Jackson Hole. Why? We are locally owned with seasoned local leadership and a dedicated support team. Our agents all share a passion for empowering their clients with up-to-date information and guidance that allows them to make the best real estate decisions possible.
EXPLORE THE JACKSON HOLE MARKET Welcome to our Year End 2023 Jackson Hole Market Report! Our local team has pulled and 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 local team here at Keller Williams Jackson Hole is always available to discuss.
MARKET OVERVIEW 2023
YEAR OVER YEAR
In 2023, Jackson Hole's real estate market sought a new normal, marking a period of transition and adaptation. The year kicked off with interest rates reaching 20-year highs, recession predictions, and concerns about international unrest looming heavily on the minds of both buyers and sellers. These factors collectively contributed to a deceleration in the real estate market, even in Jackson Hole. Nevertheless, the scenario is far from bleak. In fact, Jackson Hole has, and presumably aways will, remain a location where demand far outpaces supply. Despite a 7% decrease in the number of transactions in the overall market, the average sale price witnessed a 10% increase. This surge in average price was influenced by a thriving luxury market, accounting for approximately 20% of the total transactions and around a dozen closings surpassing the $15 million mark. The median sale price saw a modest decline of about 9% from the previous year, indicating a shift towards more stable pricing. Inventory remains a persistent issue across most market segments, with a 5% drop in active listings compared to the end of 2022. The number of listings under contract at year-end remained essentially flat from a year ago. As Jackson Hole's real estate market strives to find equilibrium after years of rapid expansion, the time required to sell a property has increased by over 25%. Each segment of the market has reacted to the changing market pressures differently but overall, strong demand persists when price, condition, and location align appropriately.
Number of Sales 355
7%
I’M OPTIMISTIC ABOUT JACKSON’S REAL ESTATE MARKET. I BELIEVE THE TRANSITION AWAY FROM THE FRENZY OF THE COVID YEARS IS HEALTHY FOR THE MARKET. I’M WATCHING NEW LISTING LEVELS CLOSELY AS I BELIEVE THAT IS ONE OF THE FEW FACTORS THAT WILL HAVE AN IMPACT ON PRICING IN JACKSON HOLE. THE LACK OF INVENTORY IS DEFINITELY HELPING TO HOLD PRICES HIGH. I DON’T FORESEE ANY MAJOR CHANGES COMING IN 2024. REBEKKAH KELLEY, ASSOCIATE BROKER
Average Sale Price $3,933,094
Active Listings 168
10%*
5%
Total Dollar Volume $1,395,855,184
All data is for Teton County, Wy areas 1-10 and is sourced through Teton Board of Realtors MLS and internal proprietary data. All data is deemed reliable but is not guaranteed. Each office is independently owned and operated. *Excludes outlying off-market commercial transaction
6%
SINGLE FAMILY HOMES
290 N Bar Y Road, List Price: $4,900,000
The market in Jackson Hole maintains stability for single-family home sales, thanks to the ongoing interplay between supply and demand which has sustained competitiveness. 2023 saw a minor dip in transactions with about 6% fewer sales compared to 2022. Nonetheless, home prices remained resilient over the last year. The average sale price jumped up 23%, a figure surely skewed by a strong showing from the luxury home market including a home sale listed for $48M. Perhaps a more appropriate measure of home pricing is the median home price which increased just slightly up 3%. The area south of Wilson experienced a larger than average number of sales, up 133% from last year. As long as inventory is stifled in this market segment, one can expect pricing won’t fluctuate significantly. The number of homes for sale at year-end dropped nearly 20% compared to a year ago with only 65 homes for sale. Meanwhile, pending sales are up nearly 10% indicating sustained demand for homes that are priced appropriately, especially those needing little or no renovations.
Number of Sales 178
Avg. Sale Price 5,645,620
Active Listings 65
6%
23%
19%
WE CONTINUED TO SEE SOME APPRECIATION OF HOME VALUES IN 2023. SUPPLY REMAINS CONSTRAINED, WITH INVENTORY DOWN ALMOST 20% YEAR-OVER-YEAR, WHICH DROVE AVERAGE AND MEDIAN PRICES HIGHER. DAYS ON MARKET WOULD INDICATE THAT THE FRENZIED RUSH TO ACQUIRE A PROPERTY AT ANY PRICE HAS COOLED, AND BUYERS ARE SEARCHING FOR A WELL-PRICED HOME WHOSE LISTING PRICE ALIGNS WITH ITS MARKET VALUE. DEIRDRE GRIFFITH, ASSOCIATE BROKER
Among all market segments, condominiums and townhomes have experienced the most significant impact from rising interest rates and subsequent concerns about affordability. The stats reveal convincing evidence that this segment of the market is reacting to these market forces. Despite a healthy increase in available options for buyers, the number of transactions saw a nearly 10% decline compared to the previous year. Although there was a noteworthy 46% increase in active listings at year-end, the inventory remains historically low, with only 10 listings priced under $1 million. Due to this limited inventory, many sellers have stood firm on their prices. The average and median sale prices have shown little movement compared to the previous year. The market transition has set the stage for an ongoing negotiation between buyers and sellers, resulting in a lengthier selling process, almost 50% longer than the previous year. As this segment grapples with the dynamics of interest rates and affordability, finding a delicate equilibrium remains a key challenge and will determine the trajectory of this market segment in the coming year.
Number of Sales 107
Avg. Sale Price 2,052,222
Active Listings 51
9%
1%
46%
THE CONDO AND TOWNHOME MARKET WITNESSED A HIGH DEMAND FOR PURCHASES, TEMPERED BY THE IMPACT OF RISING INTEREST RATES, WHICH DETERRED MANY POTENTIAL BUYERS. HOWEVER, WITH THE ANTICIPATED DECREASE IN INTEREST RATES, THE MARKET IS POISED FOR A RESURGENCE IN BUYING ACTIVITY. DIANA DRAGANCEA, ASSOCIATE BROKER
CONDO + TOWNHOMES
552 Snow King #521, List Price: $3,250,000
LAND + RANCHES
975 W Saddle Butte Drive, List Price: $4,499,000
With over 97% of Teton County preserved from development in some form, there is a finite amount of undeveloped land, making vacant land in Jackson Hole increasingly scarce. Since land purchases have always been primarily cash transactions, the rising interest rate environment seen in the past year largely did not affect this segment of the market. The number of land sales held firm with a modest 3% increase over 2022. The booming years of the COVID-19 pandemic made building extraordinarily difficult due to labor shortages and supply chain disruptions. As those challenges have eased, individuals interested in building a home have more options for building professionals like architects and contractors, as well as availability of materials, however building costs per square feet remain very high. Although the average and median sale prices recorded a decrease of 28% and 20%, respectively, this is not indicative of an overall decline in property values. Instead, the shift can be attributed to the price range in which the majority of sales occurred. In 2023 nearly 84% of the land sales occurred under the $3 million mark with only 9% exceeding $5 million. Conversely in 2022, only 63% of sales were below $3 million and 30% of the sales were over $5 million. Another sign of stability in this segment is the approximately 13% decrease in the inventory of listings for sale, coupled with a doubling of the number of parcels under contract at year-end.
Number of Sales 42
Avg. Sale Price 2,988,375
Active Listings 40
3%
28%
13%
AS LESS AND LESS DESIRABLE LOTS ARE AVAILABLE THROUGHOUT THE VALLEY, I SEE THIS MARKET SEGMENT STEADILY APPRECIATING OVER THE NEXT FEW YEARS. MANY BUYERS CONTINUE TO SEEK OUT LAND IN TETON COUNTY AS A SECURE CHOICE TO HEDGE AGAINST INFLATION. KELSEY SPAULDING, ASSOCIATE BROKER
The luxury real estate market in Jackson Hole, defined for the purposes of this report as residential land and homes surpassing the $5 million threshold, performed especially well in 2023 when compared with other market segments. Despite the transaction count remaining flat year-over-year, around a dozen transactions breached the $15 million mark, showcasing the strength of this segment. Many of these properties encompass large acreage, river frontage, and expansive homes, features that command premium prices in the Jackson Hole area. A notable example is the sale of a 109-acre property with Snake River and Fish Creek frontage on the Westbank, listed at $48 million. The substantial number of transactions at such high price points had a significant impact on the average and median sale prices for this category, surging by 38% and 31%, respectively, compared to the previous year. Approximately 20% of properties sold in 2023 fell within this luxury category, a notable increase from the 14% recorded in 2022. Although the inventory of luxury properties at year-end slightly decreased by 10% compared to the previous year, with 54 properties available, the demand for high-quality, uniquely located homes remains as strong as ever. A remarkable 175% surge in the number of luxury properties under contract at year-end underscores the enduring strength of the market for these exclusive properties.
Number of Sales 73
Avg. Sale Price 10,790,506
Active Listings 54
No Change
38%
10%
THE LUXURY MARKET IS FILLING WITH DISCERNING BUYERS LOOKING FOR EXCEPTIONAL PROPERTIES. JACKSON CONTINUES TO PROVE THAT THE OUTDOOR RECREATION, SOPHISTICATED AMENITIES, AND EXCEPTIONAL RESTAURANT CHOICES ARE NOW SOUGHT AFTER BY A GROWING NUMBER OF BUYERS. THEY CAN BE MANY PLACES BUT ARE CHOOSING TO MAKE THEIR HOME HERE. A CUSTOMER SAID TO ME THIS SUMMER WITH PASSION, “THEY AREN’T MAKING ANY MORE JACKSON HOLE!”. SHE NAILED IT. BARB ANDREWS, ASSOCIATE BROKER
LUXURY LISTINGS
14750 S Wagon Road, List Price: $12,950,000
307.201.5231 @KELLERWILLIAMSJACKSONHOLE INFO@KWJACKSONHOLE.COM 270 W. PEARL #101 JACKSON, WY 83001 50 W. BROADWAY #101 JACKSON, WY 83001 1 S. MAIN STREET DRIGGS, ID 83422 190 MAIN STREET THAYNE , WY , 83127
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