Vacant Land

Single-family vacant lot sales decreased in the first six months of 2023 with 21 sales (down 30%). Following suit, the dollar volume was down 17% when compared to mid-year 2022. In contrast, the average and median sale prices were up 68% and 39%, respectively—both record breaking NOTE: The Luxury Market ($5+ million) had five sales over $5 million (down 17%), and three over $10 million.

Single-family vacant lots under contract: Seven properties are currently in negotiations (down 36%), with the least expensive being $650,000. One is listed for over $5 million.

Available inventory of listed lots increased by 67%, and dollar volume was up 49% from Q2 2022. Following suit, the median list price increased 19% ($3.35 million - record breaking) when compared to 2022. The increase in the median list price reflects the lack of inventory under $1 million (only 4). NOTE: Demand is slowing, so we do not expect appreciation to continue in 2023. Based on mid-year results, there are currently 19 months of available inventory. Current available inventory breaks down as follows: Four lots under $1 million; 11 lots between $1 and $2 million; 12 lots between $2 and $3 million; 14 lots between $3 and $5 million; 13 lots between $5 and $10 million; and nine lots over $10 million.

Vacant Land Factoids

• Q2 2023 registered the third lowest number of available single-family lots in 36 years.

• Currently, there are 1,103 platted and vacant residential single-family lots under 35 acres in Jackson Hole. Of those, only 379 (34%) are located on the Westbank.

• Currently, there are 246 platted and vacant residential single-family lots over 35 acres in Jackson Hole that are not under any type of a conservation easement.

Hire us as your Advocate. If you are looking for vacant land 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.

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Tune into our Podcast at jhreport.com for a current and more in-depth conversation about the real estate market. Be sure and listen to our various other podcasts that cover an array of subjects including Buyer and Seller tips, home inspections, visiting with a local mortgage broker, etc.

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