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.