Single Family Luxury Homes

$5+ MILLION

LUXURY HOMES accounted for 56% of all Luxury sales to date in 2022. All told, the number of home sales is down 34%, and the dollar volume decreased by 34% for a total of $290 million. Following suit, the average sale price decreased by 4% to $8.8 million and the median sale price decreased 19% to $6.5 million.

To date, there have been 33 home sales over $5 million (down 34%), of which 79% sold for between $5 and 10 million. NOTE: Three sold for over $15 million.

Unlike the Luxury market in 2020—where homes over $5 million were saddled with 12+ months of inventory, the last two years wiped out half of the existing inventory. Based on the number of sales to date in 2022, there are currently less than six months of inventory.

Of the existing inventory, 20% has been on the market for more than a year. Some homes continue to be overpriced for the current market, while others do not match the value of the land they occupy.

This situation is constraining Buyers. For instance, in the $10+ million segment, Buyers may choose from 11 homes valley wide. Of those 11, eight are 10+ years old, six include less than 10 acres, and only two have water features. Further complicating the process, many Luxury homes only appeal to a specific Buyer—a precise pairing that requires substantial marketing.

HOT SPOTS

The Westbank and North of the Gros Ventre River logged the most single-family, Luxury home sales to date in 2022, with 10 and 8, respectively. Only one of the sales sat atop parcels with 35+ acres, and only eight of the sales had some kind of water feature.

LUXURY HOMES

UNDER CONTRACT

There are five Luxury homes currently under contract (down 45%). All five are listed between $5 and $10 million.

Number of sales is

down 34%

Dollar volume

decreased by 34%

Average sale price ($8.8M)

decreased by 4%

Median sale price ($6.5M)

decreased by 19%

MOST EXPENSIVE

SINGLE-FAMILY LUXURY HOME SALE IN 2021

Queens Lane, North of Town

LIST PRICE: $25M

This enchanting property will captivate your soul and senses. Surround yourself with the beauty of 39.66 acres in a private park-like setting, the sound of babbling creeks and the sanctuary of watching the otters and ducks in your own private ponds. Mountain views and wildlife strolling through this tranquil landscape. This home was totally remodeled and tastefully incorporates the blending of new living spaces. A well-designed floor plan creates an inviting and comfortable gathering place. Offered with the finest furnishings for a welcoming haven for family and friends.

If you are a property owner in Jackson Hole and would like a free comparative market analysis, please contact David Viehman at 307-690-4004 or david@jacksonholereport.com. Our in-depth local knowledge gleaned from producing the Jackson Hole Luxury Report has made us Your Local Luxury Experts.

THE CURRENT LANDSCAPE

Available inventory is up 9% when compared to mid-year 2021 with only 35 Luxury homes for sale. With an average listing price of $9.7 million (down 26%), and a median listing price of $7.25 million (down 5%), the available inventory breaks down into the following: 24 between $5 and $10 million (69%); five between $10 and $15 million; five between $15 and $25 million, and one over $25 million (see most expensive home listing). NOTE: Of the 35 homes listed, only three sit on 35+ acres. Also noteworthy: 69% of the Luxury homes currently on the market are more than 15 years old.

MOST EXPENSIVE HOME LISTING

AT THIS TIME

Eagle Southfork

LIST PRICE: $48M

Situated in an incomparable location just south of Wilson, this sweeping 110-acre ranch boasts private access to both the Snake River and Fish Creek. A quintessential equestrian property which includes a 7-stall barn with tack room, guest apartment, and caretaker quarters. This expansive ranch also consists of lush, rolling meadows, paddocks, towering mature cottonwoods, and robust native riparian vegetation. Enjoy both privacy and seclusion within minutes of the amenities of Jackson. Two riparian parcels (35+ acres each) are currently undeveloped and allow for a primary and guest house on each. The existing home features an exceptional deck overlooking a private island in Fish Creek, accessible by wooden foot bridge for an ideal evening spent by the creek side. This is a legacy property for generations to come.

Listed by Mercedes Huff, Sotheby’s Jackson Hole