Overall Market

When compared to the first six months of 2022, the overall market continues to decrease with 32% fewer sales and 34% lower dollar volume. In contrast, the median sale price is up 6% (record breaking). The segment where the number of sales decreased the most was residential vacant lots, down 30% when compared to Q2 2022. While inventory levels are still at historic lows, the lack of inventory under $1 million will continue to slow the number of sales in the second half of 2023. NOTE: The 154 overall sales to date is the third lowest number of sales in 30 years.

Geographically, the Town of Jackson experienced the most activity (54 sales), accounting for 35% of all sales in the valley and 20% of the total dollar volume ($132 million). NOTE: The only area of the valley to experience an increase in number of sales and dollar volume was South of Wilson where sales were up 60% and dollar volume was up 99% when compared to the first six months of 2022. The increase in dollar volume was a direct result of three sales over $20 million.

Overall Factoids

• There are currently 12,356 free-market deeds (not deed-restricted or timeshare) in Jackson Hole. They break down as follows: Westbank (3,717); Town of Jackson (4,130); North of the Gros Ventre River (1,443); and South of the Gros Ventre River to the County Line (3,066).

• Reflecting a 30% increase since pre-COVID, there are 2,381 deeds worth at least $5 million (luxury properties) throughout the valley, and the Westbank is home to almost half with 1,183 deeds.

• 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 224 listings. In 2020, prior to COVID, overall active listings hovered around 375.

The overall number of properties under contract has declined with 42 properties currently in negotiations (down 28%). Following suit, the average list price is down 17% to $3.5 million. All segments experienced a decrease in the number of properties under contract with the most being the condo/townhomes segment which was down 52%. 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 34% when compared to Q2 2022, marking the third lowest number of overall active listings in over 50 years at mid-year. Single-family homes increased 13%, condo/ townhomes went up 44%, and vacant residential lots went up the most at 76%. Homes for sale under $1 million are nonexistent. The least expensive home is currently priced at $1.13 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 $5.26 million.

The Luxury Market—properties priced at $5 million and above—registered 33 sales (down 44%). The hottest segment overall was between $5 and $10 million where 19 sales closed. Single-family homes claimed 73% of luxury sales (24 transactions) with 33% of those on the Westbank. Luxury listings under contract are down 30% with only seven sales pending. NOTE: There are 74 properties on the market in the $5+ million price range, up 48% from Q2 2022. The most expensive overall listing is a 9,696 sq. ft. log home on a 4.53-acre parcel across from Teton Village. With Lake Creek running through the property and 360-degree views, it’s listed for $40 million. To learn more about the Jackson Hole Luxury Market, please visit JacksonHoleLuxuryReport.com.

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