Jackson Hole Real Estate Report, Quarter 2, 2024 by Jackson Hole Report

DATA-DRIVEN REAL ESTATE REPORT FOR QUARTER 2 2024 Q2 2024

Introduction

While the overall number of sales is down 6%, condo/ townhome and single-family home inventory are on the rise. Overall inventory is up 5%, with single-family home inventory up 15% and townhome/condo inventory up 14%. In contrast, residential vacant lot inventory is down 25%. Normally, rising inventory puts pressure on Sellers to lower their prices, and we are seeing this in 2024. Out of the 234 currently listed overall properties, 49 (21%) have reduced their price in 2024. Out of the 234 properties listed, 90 (38%) have been on the market for more than one year.

While 21% of the current listings on the market have reduced their list prices this year, Buyers are still willing to pay more in some areas of the market than last year due to the lack of inventory. This is especially true in the under $2 million price range for homes and the under $1 million range for condo/townhomes. Currently, there are only ten condo/townhomes under $1 million and only six single-family homes for under $2 million on the market. If priced according to the market, these two categories and respective price ranges are receiving offers within 10 or fewer days after hitting the open market.

It’s important to point out that the 145 overall sales to date is the second lowest number of sales in 30 years. Besides the lack of inventory, high mortgage interest rates are still affecting potential Buyers. Locally, the lack of affordable homes and condo/townhomes under $1 million has cut the number of Buyers by more than 80%. For example, just three years ago, the first six months of 2021 registered 112 sales under $1 million. By contrast, in 2024 we had a total of 19 sales under $1 million in the first six months (all condo/townhomes). Step back to 2013, and there were 220 sales under $1 million in the first six months. NOTE: With high mortgage rates, 77% of all sales in 2024 have been cash. Interest rates continue to put a damper on remodeling projects as Buyers are using their extra cash to purchase.

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Available inventory at the end of June 2020 registered 323 overall listings, and today, we only have 234.

NOTE: Just three months ago, at the end of Q1 2023, there were only 150 active listings overall. That’s a 56% increase in just three months. While the increase in listings is expected this time of year, it’s still only 55% of the fifteen-year average for the end of June. Regardless, it’s good news for Buyers when inventory is on the rise.

Looking ahead, we expect to see continued appreciation in the lower price ranges and a leveling off in the mid- to upper price ranges. While inventory levels are still at historic lows, without more Buyers in the market, some Sellers will have to lower their expectations if they want to close in 2024.

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DATA-DRIVEN REPORT FOR THE FIRST SIX MONTHS OF 2024

The Jackson Hole Report is the oldest, most accurate, and comprehensive real estate market report in Teton County, Wyoming. We derive our statistics from a privately maintained database that tracks every single sale, not just the transactions reported through MLS. NOTE: Only 70% of sale prices valley-wide in 2024 were reported to MLS.

Overall Market

When compared to the first six months of 2023, the overall market continues to decrease with 6% fewer sales. In contrast, the average sale price is up 6% to $4.56 million (record breaking). Single-family homes was the only segment to experience decreased sales—down 15% when compared to Q2 2023. While inventory levels are still at historic lows, the lack of inventory under $2 million will continue to slow the number of sales in the second half of 2024. NOTE: The 145 overall sales to date is the second lowest number of sales in 30 years.

Geographically, the Town of Jackson experienced the most activity (47 sales), accounting for 32% of all sales in the valley and 14% of the total dollar volume ($94 million). NOTE: Most of the Westbank and North of Jackson experienced an increase in number of sales, while the Town of Jackson and South to the County Line experienced a decrease. North of Jackson, while only experiencing 12 sales, came in number one in dollar volume with $153 million in sales (up 211%). A large percentage of that volume came from the sale of the Grand View River Ranch that was listed for $58 million.

The Luxury Market—condo/townhomes and vacant residential lot sales priced at $5+ million and home sales priced at $10+ million—registered 14 sales (down 30%). The hottest segment overall was between $10 and $20 million in which seven sales closed. Single-family homes claimed 27% of Luxury sales (eight transactions) with 50% of those on the Westbank. Luxury listings under contract are up 400% with four sales pending. NOTE: There are 48 properties on the market in the $5+ million price range—no change from Q2 2023. The most expensive overall listing is a home located North of Jackson priced at $34.9 million. The main house, built in 1999, has 8,060 sq. ft. with five bedrooms and seven baths. The log home sits on 42.6 acres bordering the Snake River and has a 900 sq. ft. guest house. To learn more about the Jackson Hole Luxury Market, please visit JacksonHoleLuxuryReport.com.

Overall properties under contract has declined with 36 properties currently in negotiations (down 14%). While the dollar volume followed suit (down 10%), the average list price was up 11% to $3.9 million. The single-family home and vacant lot segments experienced a decrease in the number of properties under contract, but the condo/townhomes segment increased 40%. The decrease in this segment is directly related to the lack of inventory under $750,000 with only four townhome/condos currently listed in that range.

Overall inventory of active listings increased just 5% when compared to Q2 2023, marking the fourth lowest number of overall active listings in over 50 years at mid-year. Singlefamily homes increased 15%, and condo/townhomes went up 14%, but vacant residential lots decreased 25%. Homes for sale under $1 million are non-existent. The least expensive home is currently priced at $1.295 million. NOTE: On July 1, 2011, there were 104 homes listed for under $1 million with an average list price of $2.795 million versus today’s average list price of $6.71 million.

OVERALL FACTS - Q2

• There are currently 12,359 free-market deeds (not deedrestricted or timeshare) in Jackson Hole. They break down as follows: Westbank (3,716); Town of Jackson (4,132); North of the Gros Ventre River (1,447); and South of the Gros Ventre River to the County Line (3,064).

• There are currently 1,058 deeds that qualify as Luxury properties in Jackson. All vacant residential lots (314) and condo/townhomes (170) priced at $5+ million qualify as Luxury, as well as the 515 single-family homes priced at more than $10 million. The other 59 deeds that quality as Luxury are local ranches and large, undeveloped tracts.

• Due to the Great Recession, overall inventory peaked in 2010 at 842 available properties. We have experienced a continued decline in inventory since then with overall available properties showing 234 listings. In 2020, prior to COVID, overall active listings hovered around 375.

Were you shocked when you received your 2024 property tax estimate? If you would like an assessment of the current value of your Jackson Hole property, please contact us for a free comparative market analysis by calling 307-690-4004 or emailing david@jacksonholereport.com

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

Jackson Hole Report Podcast

Tune into our podcast at JHReport.com for a complete understanding of the new rules and regulations regarding “Realtors” plus an up-to-date and more in-depth conversation about the current real estate market. Be sure to listen to our various podcast episodes which cover an array of subjects including Buyer and Seller tips, home inspections, visiting with a local mortgage broker, etc.

500 E SOLITUDE DRIVE LIST PRICE: $9,250,000

Tucked in the shadow of the majestic Tetons, this stunning home is situated on an expansive 5-acre parcel that is adjacent to Grand Teton National Park. The property boasts cathedral ceilings and immense windows that frame breathtaking views of the Tetons, creating a serene and picturesque living experience. Located within the exclusive Solitude subdivision, and amidst an ancient wildlife corridor, this property allows you to witness the beauty of nature right from your doorstep. The home features an enormous art studio and shop, offering a large and versatile space that can be converted to suit a variety of homeowner needs. Solitude Subdivision provides dedicated, private access walking trails to the Snake River, enhancing your outdoor living experience.

Designed with entertaining in mind, the home offers exceptional indoor and outdoor spaces perfect for hosting gatherings and enjoying the tranquil surroundings. This unique property combines luxury, natural beauty, and versatility, making it a rare gem in the heart of the Tetons.

Listed by Andrew Ellett | Engel & Volkers (307) 690-6155 andrew.ellett@evrealestate.com

Single-Family Homes

Demand for single-family homes decreased 15% with 64 sales so far in 2024. Following suit, the dollar volume and median sale price are both down 15% and 10%, respectively. The average sale price was $5.57 million, down only 1% when compared to 2023. The decrease in overall home sales can be directly linked to the lack of affordable inventory as the least expensive home currently on the market is $1.295 million, and only six are available for under $2 million.

NOTE: In the first six months of 2024, 21 homes (33%) sold for over $5 million. Also noteworthy: only one home sold in this timeframe for under $1 million, and it closed at $990,000. Compare that to 2018 when 42 homes sold for under $1 million in the first six months.

The number of single-family homes under contract decreased 22%. In contrast, the dollar volume, average and median list prices for homes under contract are up 12%, 43% and 35%, respectively, when compared to Q2 2023. With the dearth of available inventory under $2 million, the $2 to $4 million segment is now the most active in the valley; 39% of the homes currently under contract fall into this segment.

SINGLE-FAMILY HOME FACTS - Q2

• Currently, there are 6,138 free-market, single-family homes (not deed-restricted or timeshare) in Jackson Hole. They break down as follows: Westbank (1,774); Town of Jackson (1,430); North of the Gros Ventre River (970); and South of the Gros Ventre River to the County Line (2,002).

• There are 515 Luxury, single-family homes worth at least $10 million throughout the valley, of which 44% of these are located on the Westbank.

• There are 186 homes in the valley situated on 35+ acres.

The number of sales in the Luxury, single-family home market ($10+ million) decreased 36%. Of the eight sales, six were priced at over $15 million with three of those closing for over $20 million.

NOTE: The number of active Luxury home listings decreased 18%.

The inventory of listed homes increased 15% to 107 listings, with none listed for less than $1.295 million. In contrast, the average and median list prices are both down 10%. This is due in part to current Luxury listings (priced at over $10 million) decreasing 10% when compared to Q2 2023.

Current available inventory breaks down as follows: six homes between $1 and $2 million (up 20%); 24 homes between $2 and $3 million (up 50%); 34 homes between $3 and $5 million (up 31%); 24 between $5 and $10 million (no change); and 19 over $10 million (down 10%).

LISTING ID 24-1456

LISTING ID 24-1220

Currently, the least expensive single-family home, located South of Jackson, is listed for $1.195 million. The .17-acre parcel features a 1,388 sq. ft., two-bedroom, one and a half bath home built in 1980.

The most expensive single-family home, located North of Jackson, is listed for $34.9 million. The main home, built in 1999, has 8,060 sq. ft. with five bedrooms and seven baths. The log home sits on 42.6 acres bordering the Snake River and has a 900 sq. ft. guest house.

TUCKER RANCH LOT 19

Nestled in a stand of mature cottonwood trees, this custom built Tucker Ranch home is the most expensive single-family home under contract. It provides the perfect combination of privacy and expansive views of the Teton Range. Set on 4.45 acres, the site welcomes abundant wildlife to the private pond that graces the property. The barn-board clad home exudes character and embraces Jackson Hole’s western heritage. The floor plan boasts 5,056 sq ft of living space, primarily on the ground floor.

LISTED

NATHAN EMERSON | ENGEL & VOLKERS

LIST PRICE: $14.5M

3940

Completely remodeled in 2024, this stunning 2-bedroom, 2-bath Spruces unit is ready for its new owner! Nestled in the Aspens, it offers flexibility as a full-time residence or a vacation rental. Located on the top floor and an end unit for extra privacy and light. Conveniently situated near the subdivision entrance, it’s within walking distance to Aspens Market, bus stops, bike paths, Persephone Bakery, and various local shops. Enjoy the ease of a short drive to Teton Village or into town.

Virtually Staged MLS#24-1262 LIST PRICE: $1.329M

Listed by David & Devon Viehman (307) 690-4004

david@jacksonholereport.com

Condos/Townhomes

Condo/townhome sales remain unchanged in the first six months of 2024 with 48 sales. In contrast, the average and median sale prices decreased 17% and 35%, respectively, when compared to 2023. NOTE: The average and median sale prices both went down due to an increase in sales under $1 million (up 36%) and a decrease in sales over $3 million (down 43%).

CONDO/TOWNHOME FACTS - Q2

• There are currently 3,288 condo/townhomes in Jackson Hole. They break down as follows: Westbank (1,163, with 681 in Teton Village); Town of Jackson (1,748); North of the Gros Ventre River (92); and South of the Gros Ventre River to the County Line (285).

• There are 170 Luxury condos/townhomes worth at least $5 million throughout the valley. Most are within

Jackson Hole Report Podcast

Tune into our podcast at JHReport.com for a complete understanding of the new rules and regulations regarding “Realtors” plus an up-todate and more in-depth conversation about the current real estate market.

The hot spot was the Town of Jackson with 22 sales, or 46% of the sales valley-wide.

Available inventory of condos/ townhomes has seen a slight increase of 14% (64 listings). NOTE: In 2009 the market peaked with 214 available listings, and from 2015 to 2020 the average number of listings mid-year was 75. Following suit, the average and median list prices are down 10% and 15%, respectively. Based on midyear results, current inventory offers only eight months of condo/townhome stock. NOTE: Of the current available inventory, 16% is listed for less than $1 million, with the least expensive at $615,000—a 608 sq. ft. one bedroom in the Town of Jackson.

The number of condos/townhomes under contract has increased 40% with 14 properties currently in negotiations. Following suit, the average and median list prices increased 2% and 17%, respectively, and the dollar volume increased 39%. The increase in the average and median list prices reflects an increase in listings under contract for more than $1 million (up 67%).

Single-Family Vacant Land

Single-family vacant lot sales increased in the first six months of 2024 with 25 sales (up 25%). In contrast, the dollar volume decreased 40% and the average and median sale prices decreased 50% and 17%, respectively, when compared to mid-year 2023. NOTE: The Luxury market ($5+ million) had one sale over $5 million (down 80%).

VACANT LAND FACTS - Q2

• Q2 2024 registered the third lowest number of available single-family lots in 37 years.

• Currently, there are 1,077 platted and vacant residential single-family lots under 35 acres in Jackson Hole. Of those, only 364 (34%) are located on the Westbank.

• Currently, there are 232 platted and vacant residential single-family lots over 35 acres in Jackson Hole that are not under any type of a conservation easement.

Single-family vacant lots under contract: Three properties are currently in negotiations (down 57%), with the least expensive being $1.1 million. One is listed for $10.495 million.

Available inventory of listed lots decreased by 25%, and dollar volume was down 49% from Q2 2023. Following suit, the median list price decreased 33% ($2.25 million) when compared to 2023. The decrease in the median list price reflects the lack of inventory over $3 million—down 40%. NOTE: We do not expect much appreciation in 2024 as the market seems to be leveling off. Based on mid-year results, there are currently 12 months of available inventory.

Current available inventory breaks down as follows: Zero lots under $1 million; 20 lots between $1 and $2 million; seven lots between $2 and $3 million; seven lots between $3 and $5 million; 12 lots between $5 and $10 million; and four lots over $10 million.

Call Us Today

if you are considering purchasing real estate this year in Jackson Hole. We are the Realtors you want on your team. But, don’t take our word for it. Read what two of our recent Buyers had to say about their experience:

David and Devon,

I would like to thank you again for your great help.

You have done a great job for our family with our real estate deals in Jackson Hole. It is refreshing to deal with a hard working honest and very resourceful real estate professional.

I would gladly recommend you to anyone.

“Be-Ski-n-ya” & Shred-n-ya”

HENRY C. PARKER (HANK)

When we decided to sell our vacation home in Jackson Hole, we searched for a real estate company that had deep roots and a thorough understanding of the unique nuances of the Jackson Hole real estate market. We were concerned about our home becoming lost as just another listing of one of the large mega real estate companies. We selected David and Devon Viehman because of their depth of experience and the sharp, intelligent way that they analyze and market the strengths of each home to the continually changing Jackson Hole real estate market. David and his team worked closely with us on the marketing and sale of our home and continually kept us appraised of all showings and interest. We greatly appreciate the focused and individual approach they give to each property.

SHELLIE & MICHAEL LACKMAN

Jackson Hole Report Podcast

Jackson Hole Luxury Report

Twelve years ago we launched the Jackson Hole Luxury Report, a limited-edition newsletter focused exclusively on high-end properties, which, as of 2023, we define as having a market value of $5+ million for condo/townhomes and single-family lots and $10+ million for single-family homes.

The purpose of this limited-edition report is to provide high-end buyers and sellers with a clear understanding of the luxury landscape in which they find themselves.

To sign up for the report go to jacksonholereport.com or shot us an email – david@jacksonholereport.com.

IT’S OFFICIAL!

Our signature film of 165 Huckleberry won the Best sales and marketing campaign for a luxury property 2019. The Inman Golden I Club is nothing less than the highest honor in luxury real estate. Since it’s launch in August, the film has had over 45,000 views. Contact us to see if your property qualifies for this marketing initiative. It isn’t always just about the price point as many unique properties in the area are also a good fit. View the video and property at 165Huckleberry.com.

Devon Viehman is an E&V Private Office Advisor

Private Office Advisors are among the most competent and connected real estate professionals in the world. Beyond achieving the highest levels of client satisfaction, trust, and success, these market leaders are respected by colleagues and competitors alike. They are passionate about Engel & Völkers and true standard bearers for our global brand.

As an international service company specializing in the brokerage of residential property, commercial real estate, yachts and private jets, Engel & Völkers stands for a comprehensive range of services and consultancy excellence.

Responding to client and customer needs and inspired by private banking services, Christian Völkers established Private Office in 2007. As the group expanded to cover more states, provinces and countries over the years, its mission remained the same. Engel and Völkers Private Office serves the singular requirements of our clients with high-value and often multi-market real estate portfolios, a group that includes leaders in business, politics and culture. Private Office Advisors provide the level of expertise and discretion that this client base demands to sellers and buyers at all price points. Their goal is to earn trust and build relationships that continue well beyond a single transaction.

COMMUNITY HOUSING FUND

CREATING AFFORDABLE HOUSING

OPPORTUNITIES FOR TETON COUNTY’S ESSENTIAL EMPLOYEES.

The Teton Board of REALTORS® Community Housing Fund allows every agent and seller to designate proceeds or a portion of their commission to fund affordable housing in Teton County at every transaction.

With concern about the rapidly changing character of Jackson Hole and the ability for essential employees to afford stable, secure housing, Devon Viehman partnered with the Teton Board of REALTORS® to create The Community Housing Fund. The TBOR Community Housing Fund allows every agent and seller to designate proceeds or a portion of their commission to fund affordable housing in Teton County at every transaction.

Learn more at communityhousingfund.com.

$728,259 RAISED TO DATE

JACKSON HOLE COMMUNITY HOUSING TRUST

TCSD HOUSING PROJECT

TETON COUNTY IDAHO JOINT HOUSING AUTHORITY

Our deep knowledge of the valley combined with Engel & Volkers Jackson Hole makes us your Local Real Estate Experts.

Whether you are pricing your property to sell in this competitive market or weighing the right time to buy, rest assured that when you are our client, you have the upper hand through access to current market statistics and our impeccable level of service and personal attention. For a free comparative market analysis, please contact us by calling (307) 6904004 or emailing david@jacksonholereport.com

The JACKSON HOLE REPORT is published semi-annually, with additional email updates for the first and third quarters. While other Realtors attempt to report on our local market with MLS statistics only (MLS historically tracks 65-70% of the market), we track every single transaction in Teton County. This data-driven report is the oldest, most accurate and trusted real estate news source in Teton County, Wyoming. We are your “True North” of valley real estate reporting. If you would like to sign up for quarterly email updates or need more detailed information about our local real estate market, please call (307) 690-4004 or email david@jacksonholereport.com

We hope this report has given you a snapshot of market trends. As always, we would be glad to discuss them further with you. Please contact us if you plan to list your property in 2024, would like a more detailed analysis of specific areas or back issues of the JACKSON HOLE REPORT, or if you are seeking a professional Realtor to represent you in your next real estate transaction. We look forward to working with you.

Sincerely,

David E. Viehman, Associate Broker

Devon Viehman, Associate Broker “President, Wyoming Association of Realtors” “Wyoming Realtor of the Year 2013” Luke Smith, Associate Broker

The Jackson Hole Report Engel & Volkers Jackson Hole

Direct: 307.690.4004 david@jacksonholereport.com www.JacksonHoleReport.com

*While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call Devon and David today. “We are the Experts”.

*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

*All statistics quoted in this newsletter are based on sales in 2024 compared to sales in 2023.

*Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.

*Average sale price is the total combined dollar volume divided by the number of sales.

*In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, and ranch), not including Alta.

*The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value.

© Copyright 1995 - 2024 by David E. Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.

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