Single-Family Homes

Demand for single-family homes decreased 22% with 75 sales so far in 2023. In contrast, the average and median sale prices are up 20% and 12%, respectively. Both setting records for mid-year, the average sale price was $5.62 million, and the median sale price was $3.345 million. 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 $1.13 million. NOTE: In the first six months of 2023, 24 homes (32%) sold for over $5 million. Also noteworthy is NO homes sold in this timeframe for under $1 million. Compare that to 2018 when 42 homes sold for under $1 million in the first six months.

Least & Most Expensive

Currently, the least expensive single-family home, located South of Jackson, is listed for $1.13 million. The .8-acre parcel features a 1,048 sq. ft., twobedroom, one-bath home built in 2000.

The most expensive home, located north of Wilson, is listed for $40 million. The main home, built in 1996, has 9,696 sq. ft. with four bedrooms and seven baths. The log home sits on 4.53 acres with Lake Creek running through it, and has a geothermal heating and cooling system.

The number of single-family homes under contract is up 35%, and the dollar volume is up 18% to $77 million. In contrast, the average and median list prices decreased 13% and 11%, respectively, when compared to Q2 2022. 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.

The number of sales in the luxury, singlefamily home market ($5+ million) was down 25%. Of the 24 sales, 11 were priced at over $10 million with three of those closing for over $20 million. NOTE: The number of luxury listings is up 37%.

The inventory of listed homes increased 13% to 93 listings with none listed for less than $1.13 million. Following suit, the average and median list prices are again breaking records, up 23% and 11%, respectively. This is due in part to 52% of the current listings being considered Luxury (priced at over $5 million); a 37% increase when compared to Q2 2022.

Current available inventory breaks down as follows: five homes between $1 and $2 million (down 37%); 16 homes between $2 and $3 million (up 23%); 26 homes between $3 and $5 million (no change); 25 between $5 and $10 million (no change); and 21 over $10 million (up 91%).

SINGLE-FAMILY HOME FACTOIDS

• Currently, there are 6,087 free-market, single-family homes (not deed-restricted or timeshare) in Jackson Hole. They break down as follows: Westbank (1,757); Town of Jackson (1,418); North of the Gros Ventre River (711); and South of the Gros Ventre River to the County Line (2,201).

• There are 1,639 luxury, single-family homes worth at least $5 million throughout the valley. Exactly half of these homes are located on the Westbank.

• There are 178 homes in the valley situated on 35+ acres.

Hire us as your Advocate. If you are looking for a home in today’s tight inventory market you need to hire us as your advocate. We will find what you are looking for, and then educate and prepare you to win at today’s real estate bidding wars.

Condos/ Townhomes

Condo/townhome sales decreased in the first six months of 2023 with 49 sales (down 26%). In contrast, the average and median sale prices increased 2% and 7%, respectively, when compared to 2022. NOTE: The average and median sale prices are both record-breaking for mid-year sales.

The number of sales under $1 million is up 27% (14), whereas the number of sales over $3 million is down 18% (14). The hot spot was the Town of Jackson with 31 sales, or 63% of the sales valley-wide.

Were you shocked when you received your 2023 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@jhreport.com.

The number of condos/townhomes under contract has decreased 52% with 10 properties currently in negotiations. Following suit, the average and median list prices were down 36% and 55%, respectively, and the dollar volume decreased 69%. The decrease in the average and median list prices reflects an increase in listings under contract for less than $1 million (up 300%).

Condo Factoids

• Currently, there are 3,270 freemarket condos/townhomes (not deedrestricted or timeshare) in Jackson Hole. They break down as follows: Westbank (1,147, with 683 in Teton Village); Town of Jackson (1,745); North of the Gros Ventre River (92); and South of the Gros Ventre River to the County Line (283).

• There are 157 luxury condos/ townhomes worth at least $5 million throughout the valley. All are within Teton Village, except for fifteen in the Town of Jackson.

Available inventory of condos/townhomes has seen a generous increase of 44% (56 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. In contrast, the average and median list prices were down 18% and 30%, respectively. Based on mid-year results, current inventory offers only seven months of condo/townhome stock. NOTE: Of the current available inventory, 36% is listed for less than $1 million, with the least expensive at $650,000—a 624 sq. ft. one bedroom in the Town of Jackson.

Hire us as your Advocate. If you are looking for a condo or townhome in today’s tight inventory market you need to hire us as your advocate. We will find what you are looking for, and then educate and prepare you to win at today’s real estate bidding wars.