Q1 2023 Jackson Hole Real Estate Market Report

Jackson Hole Real Estate Market Report

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Jackson Hole

Compass is the fastest growing and most technologically advanced real estate organization in the world. We are the benchmark for innovation, marketing prowess and programming. This translates to better exposure for our clients and more successful deals.

The real estate business has been rapidly evolving over the last few years. As a market

leader in Jackson Hole, we strive to stay ahead of the competition by adopting and implementing forward thinking change. Compass is home to more than 29,000 of the top agents in 150+ cities across the country; our network connects us directly with similar luxury brokerages and agents in many of the markets that are most important to us.

This season in Jackson Hole, our local team is even more equipped with the tools, information and insider insight that supports you in the process of buying or selling property.

Please enjoy our Year-Over-Year Market Report. And, as always, we are here as your trusted advisor, armed with the tools needed to make your real estate experience a pleasant and successful process.

Welcome to our 2023 Quarter One Market Report

With many real estate sales occurring outside of the MLS (Multiple-List-Service), it is important to manually track ALL Teton County real estate sales. Typically, it is the higher-end sales that go unreported, vastly skewing the accuracy of MLS data alone. Our market report accounts for all sales, providing a comprehensive overview and deeper insight into the market.

As the #1 Brokerage in the region in transactions, we monitor real estate data

daily, closely watching trends that shape our real estate market. Our goal is to empower our clients with the most up-to-date information so we can assist in the navigation of their next real estate opportunity.

COVER: ACTIVE

LIST PRICE: $23,000,000

TETON VILLAGE

Experience the Compass Real Estate difference by working with Jackson Hole’s leading real estate experts. We are a team of trusted advisors working collaboratively to leverage our collective knowledge and expertise to deliver fundamentally different service. For us, nothing matters more than creating a legacy of excellence that honors and celebrates our people and the exceptional place we call home.

To start your search of all active Teton County listings, scan the QR code.

The Jackson Hole Market

In Quarter One of 2023, we continued to see a shift in the Jackson Hole real estate market. After a year of interest rate increases and economic uncertainty, the market continued to adjust from the pandemic highs of the previous years.

As a result, sale transactions were down 40% and dollar volume was down 59% compared to Q1 2022. After experiencing little inventory in Q1 2022, available listings increased 147% in Q2 2023, however overall inventory is still low compared to pre-pandemic levels. The total dollar volume for Q1 2023, including off market sales and commercial sales, was $247M, a 59% decrease compared to Q1 2022.

The condo segment experienced a 33% decrease in transactions, with only 18 sales in Q1 2023. Despite the decrease in sales, the average sales price increased by 9%. Condos were sitting on the market for significantly longer, with Days on Market increasing by 205%. The land segment saw a 116% increase in active listings in Q1 2023, for a total of 41 properties. The number of transactions in the land segment stayed the same as Q1 2022, but the average sale price increased 97%, coming in at $6.35M.

The average sales price of single family homes continues to rise, increasing 3% from Q1 2022, bringing the average single family home price to $4.5M. Due to a continual rise in prices for single family homes, the threshold for the “luxury” category was increased in 2022 to $5M. In this Luxury segment, the average sale price was $11.2M, a 40% increase from Q1 2022.

On the opposite end of the price scale, in Q1 2023 there were no sales under the $500K threshold, compared to 4 in Q1 2022. In fact, there were only 10 transactions under the $1M threshold in the first quarter of this year. The market as a whole experienced a 92% increase in average days on market, as buyers’ eagerness to buy slowed due to fears about the economy and rising interest rates.

In this market, working with the #1 brokerage in the nation* in real estate transactions is more important than ever. Our team monitors real estate daily, pulls market trends weekly and tracks off market transactions keeping our seller and buyer clients up to date with quickly changing info.

Sales Distribution by Segment

$48,000,000

LOWEST SALE $650,000

Transaction Distribution by Location

Teton Village: 3

Racquet Club/Teton Pines: 1

West Snake North of Wilson: 1

West Snake South of Wilson: 7

Skyline Ranch to Sagebrush Drive: 3

East Gros Ventre Butte: 1

North Gros Ventre Junction: 2

Town of Jackson: 24

South of Jackson to Snake River Bridge: 14

South of Snake River Bridge to County Line: 3

COMPASS X JACKSON HOLE

Single Family

SOLD LIST PRICE: $2,150,000

SOUTH OF SNAKE RIVER BRIDGE

The single family home segment saw a significant drop in transactions in Q1 of 2023, down 38% when compared to Q1 2022. The Town of Jackson and South of Jackson accounted for 60% of all single family home transactions. Median sales price dipped in Q1, down 34% to $2.4M.

There were no single family homes sold under $1M, with the majority of prices landing in the $2M - $5M range. Inventory is still on the rise as we head into Q2 2023, with properties staying on the market longer as average days on market increased by 49%, compared to Q1 2022.

Number of Transactions 28

Total Dollar Volume $133,786,686

Minimum Price Sold $1,017,500

Maximum Price Sold $19,500,000

Average Sale Price $4,561,628

Median Sale Price $2,472,500

Average Days on the Market 192

Number Pending Transactions 39 Inventory 28

Condo & Townhome

SOLD LIST PRICE: $2,350,000

TETON VILLAGE RESORT

As with all other segments, the condominium and townhome market also saw a decrease in transactions - down 33% with 18 sales in Q1 2023. The median sales price of $1.4M held relatively steady, with a modest 1% decrease. Teton Village saw the sharpest increase in median sales price, topping $6M, and the Town of Jackson held the lowest median sales price at $990K.

Due to a decrease in transactions, the total dollar volume dropped 28% to $41M in Q1 2023 vs Q1 2022. Inventory is on the rise as we head into spring, giving buyers more purchasing options.

Number of Transactions 18

Total Dollar Volume $41,224,235

Minimum Price Sold $645,000

Maximum Price Sold $6,050,000

Average Sale Price $2,290,235

Median Sale Price $1,399,000

Average Days on the Market 247

Number Pending Transactions 7 Inventory 28

Vacant Land

SOLD LIST PRICE: $1,625,000

W SNAKE S OF WILSON

Land in Teton County is always in limited supply, as 97% of it is publicly owned or protected by conservation. The total number of land sales remained flat in Q1 of 2023, while the median sales price dropped 42%. The average sale price and total dollar volume are up, due to one sale in particular that topped $40M.

In Q1 2023 inventory has increased by 116% vs Q1 2022. Days on market has increased a significant amount when compared to Q1 2022, but cash still seems to be the preferred transaction type.

Number of Transactions 9

Total Dollar Volume $57,175,000

Minimum Price Sold $650,000

Maximum Price Sold $43,000,000

Average Sale Price $6,352,778

Median Sale Price $1,625,000

Average Days on the Market 270

Luxury

SOLD LIST PRICE: $16,750,000 TOWN OF JACKSON

Luxury sales were down 32%, with only 13 transactions in Q1 2023. The median sales price was down 9% just above $6M, while overall dollar volume was down 4% to $146M. Inventory has increased in listings over $5M, at the time of this report there are 32 active listings a 52% increase when compared to Q1 of 2022.

Most purchasers (62%) are choosing to use cash to complete their transactions, a 47% increase compared to Q1 of 2022.

Number of Transactions 13

Total Dollar Volume $146,379,342

Maximum Price Sold $48,000,000

Average Sale Price $11,259,949

Median Sale Price $6,050,000

Average Days on the Market 251

Number Pending Transactions 8 Inventory 32

COMPASS X JACKSON HOLE

307.733.6060

COMPASS.COM

LUXURYATCOMPASS.COM

COMPASSRANCHANDLAND.COM

80 West Broadway Jackson, WY 83001

3200 McCollister Drive Teton Village, WY 83025

Snake River Sporting Club Jackson, WY 83001

46 Iron Horse Drive Alpine, WY 83128

307.654.7575

235 S Main Street

Thayne, WY 83127

307.883.7575

8 North Main St. Victor, ID 83455

65 S Main Street Driggs, ID 83422

208.354.7325