Single-Family Homes

Single-family home sales, in the first three months, dropped 19% when compared to Q1 2022. Following suit, the dollar volume dropped 12%. NOTE: The average sale price for a single-family home hit $4.96 million—a new record. As of April 1st, there were only eight homes listed for under $2 million, and none for under $1 million. Properly priced listings under $2 million continue to generate multiple offers. The selling strategy is simple: To spark immediate interest, hire our team as your advocate to effectively price your property according to current market values. Then we will educate and prepare you on how to win in today’s real estate bidding wars.

Least & Most Expensive

The least expensive singlefamily home listing, at the time of publication, is a 2-bedroom, 1-bath, 1,048 sq. ft. home built in 2000 on a .08-acre lot South of Town listed for $1,130,000.

The most expensive singlefamily home listing stands at $27 million for a 90acre private estate South of Wilson on Fish Creek and the Snake River with an 11,000+ sq. ft. home (5 bedrooms, 6.5 baths), and a 1,000+ sq. ft. guest house.

The number of single-family homes under contract is down 36%. Following suit, the dollar volume is down 17%. In contrast, the average and median list prices are up 26% and 31%, respectively. These increases are the direct result of an increase in listings under contract for over $5 million. Note: The average list price for a home under contract is $6.02 million.

The upper end of the single-family home market is also seeing sales numbers drop. The number of sales over $5 million is down 50% (eight sales), and dollar volume is down 17%. In contrast, the $10+ million segment rose 33% (four sales) when compared to Q1 2022. Meanwhile, the number of homes listed for over $10 million is up by 275%. NOTE: While the eight home sales only accounted for 24% of the total number of sales in Q1 2023, those eight sales generated $106 million, or 63% of the total dollar volume.

Available inventory of homes for sale is up 111% to 59 listings, with the least expensive sitting at $1.13 million. NOTE: Only eight of the homes are currently listed for less than $2 million. This, of course, is not good news for many locals who were hoping to someday trade out of a condo or townhome into a reasonably affordable single-family home.

SINGLE-FAMILY HOME FACTOIDS

• Currently, there are 6,084 free-market, single-family homes in Jackson Hole. They break down as follows: Westbank (1,756); Town of Jackson (1,416); North of the Gros Ventre River (958); and South of Gros Ventre River to County Line (1,954)—all free-market (not deed restricted or timeshare).

• There are 1,265 single-family homes worth at least $5 million (luxury homes) throughout the valley. Currently, the Westbank is home to almost half (593) of these luxury homes.

• 178 homes in the valley are 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 have decreased 32% with 19 sales in Q1 2023. In contrast, the average and median sale prices increased 28% and 19%, respectively, when compared to Q1 2022. The increase in the average and median sale prices can be directly attributed to the 43% decrease in sales under $1.5 million. NOTE: The average and median sale prices of $2.5 million and $1.69 million, respectively, are new record highs.

The hot spot for condo/townhome sales was in the Town of Jackson, where 58% of all sales in the first quarter occurred.

The number of condo/townhomes under contract is down 39%. Following suit the average and median list prices are down 31% and 63%, respectively. The decrease in the average and median list prices reflects a large decrease in the number of condo/townhomes under contract for over $2 million (16 in 2022 vs. 5 in 2023). Of the 14 currently under contract, 9 are in the Town of Jackson. NOTE: Five of the current listings under contract are listed for under $1 million.

Condo Factoids

• Currently there are 3,255 freemarket condo/townhomes in Jackson Hole. They break down as follows: Westbank (1,147); Town of Jackson (1,732); North of the Gros Ventre River (98); and South of Gros Ventre River to County Line (278) —all free-market (not deed restricted or timeshare).

• There are 156 luxury condo/ townhomes worth at least $5 million throughout the valley. All are located in Teton Village with the exception of 14 in the Town of Jackson.

Available inventory of condo/townhomes increased 275 to 30 listings. Following suit, the dollar volume increased 305% to $77 million. Bucking the trend, the median list price decreased 40% to $1.795 million. The Town of Jackson holds 57% of the current available inventory with an average list price of $2.71 million. Based on year-end 2022 results, there is currently less than three months of available condo/townhome inventory. NOTE: The least expensive three-bedroom condo/townhome currently on the market is $1.395 million.

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.