Q1 2024 Jackson Hole Market Report

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Q1 Market Report

The Jackson Hole Market

The first quarter of 2024 the overall market brought intriguing developments in Jackson Hole’s real estate market, offering a nuanced perspective across various segments. The overall market saw 58 total transactions, a decrease of one when compared to Q1 of 2023. These transactions totaled $369.9 million, a 49% increase. At the time of this report, there are 188 active listings and 33 pending listings.

In the single-family home segment, regardless of a 14% decrease in transactions compared to Q1 2023, the total dollar volume rose by 3% to $137.3 million. This shift suggests a preference for higher-value properties, illustrated by a notable 52% increase in the median sale price to $3.8 million. While inventory increased by 40%, pending listings dropped by 69%, indicating stable inventory and a possible market slowdown. Notably, 71% of transactions were cash sales, underlining the current investment environment and trend toward higher-end sales.

The condominium and townhome segment saw a 22% increase in transactions, with a total dollar volume of $39.8 million, albeit down by 4%. The median sale price decreased by 20% to $1.1 million. Despite a 46% increase in inventory and a 43% rise in pending listings, cash sales accounted for 41% of transactions. With 59% of transactions financed, this segment is feeling the effects of rising interest rates.

The land market experienced modest growth, with 10 transactions marking an increase of one. In addition, total dollar volume increased by 27% to $72 million, with a median sale

price of $4.04 million, up 14%. With only a 2% increase in inventory and pending listings surging by 167%, we’re reminded of how a few vacant land transactions affect the Jackson Hole market. Cash sales represented 54% of transactions, suggesting robust investor confidence.

While luxury transactions decreased by 8%, the total dollar volume surged by 43% to $208.8 million, driven by higher-value transactions. The median sale price rose by 34% to $8.1 million, reflecting a preference for premium properties. In the face of a 47% increase in inventory, pending listings declined by 25%, signaling a potential moderation in market pace. Cash sales accounted for 75% of transactions, attributing strong liquidity in the luxury segment.

The recent sales of two iconic dude ranches, Lost Creek Ranch and Grand View Ranch, by legacy Jackson families, are reshaping the real estate landscape in Jackson Hole, Wyoming. These sales, coupled with significant increases in average sale prices across vacant land (161%), single-family homes (25%), and luxury properties (55%), suggest a growing demand for high-end, unique Western properties in the area. The transactions of these ranches could set new benchmarks for property values in Jackson Hole, potentially leading to further appreciation as buyers and sellers take note of these landmark sales.

These trends portray a dynamic real estate landscape in Jackson Hole, characterized by shifting preferences and investor behaviors across different property types.

Compass Real Estate is the #1 Brokerage in Dollar Volume.

*Q1 2024, TBOR MLS Data, Areas 1-10

With many sales occurring outside of the MLS (Multiple-List Service), it is important to manually track ALL Teton County real estate sales. Typically, higher-end sales 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.

Sales Distribution

Segment

Transaction Distribution by Location

Teton Village: 6

Racquet Club/Teton Pines: 5

West Snake North of Wilson: 5

West Snake South of Wilson: 3

Skyline Ranch to Sagebrush Drive: 6

East Gros Ventre Butte: 2

North Gros Ventre Junction: 7

Town of Jackson: 14

South of Jackson to Snake River Bridge: 8

South of Snake River Bridge to County Line: 2

Single Family Homes

The single-family home market in Jackson Hole, Wyoming has shown some interesting trends. While there were 24 transactions, marking a 14% decrease when compared to Q1 of 2023, the total dollar volume actually increased by 3% to $137.3 million. Even though there were fewer transactions, the value of those transactions was higher.

The median sale price saw a significant increase of 52% to $3.8 million, indicating a shift towards higher-priced properties. Inventory has gone up by 40%, providing buyers with more options. Pending listings are down by 69%, hinting at a possible slowdown in the market’s momentum. Cash sales accounted for 71% of transactions in Q1, showing a strong presence of cash buyers.

Sold | List Price: $3,450,000 | Snake River Sporting Club | Represented by: Meghan Lori Leidy at Compass

Market Stats

Number of Transactions

Total Dollar Volume

Minimum Price Sold

Maximum Price Sold

Average Sale Price

Median Sale Price

Average Days on Market

Pending Transactions

Inventory

167 12 59

Median Sale Price

Q2 2015 - Q1 2024

Condo / Townhomes

The condominium and townhome market has shown some noteworthy dynamics. There were 22 transactions, reflecting a significant 22% increase compared to the previous period, indicating a rise in demand for these types of properties. However, the total dollar volume decreased by 4% to $39.8 million, suggesting that while more units were sold, they were at slightly lower price points. The median sale price experienced a notable decrease, down by 20% to $1.1 million, which could indicate a shift towards more affordable options in this segment of the market.

Inventory has increased by 46%, providing buyers with more choices, selection and pending listings have also gone up by 43%, indicating a healthy level of activity. Cash sales accounted for 41% of transactions, showing that cash buyers continue to play a significant role in this segment. However, with 59% of transactions financed, higher interest rates have negatively effected the condo and towhomes segment.

Sold | List Price: $1,350,000 | Teton Village | Represented by: Mountain Standard Realty Team at Compass

Market Stats

Number of Transactions

Total Dollar Volume

Minimum Price Sold

Maximum Price Sold

Average Sale Price

Median Sale Price

Average Days on Market

Pending Transactions

Inventory

166 10 41

Median Sale Price Q2 2015 - Q1 2024

Vacant Land

Compared to Q1 2023, the vacant land segment has experienced stable activity with 10 transactions. The total dollar volume increased by 27% to $72 million. Despite the increase in sales and prices, the current inventory has only seen a modest 2% increase. The median sale price increased by 149% to $4.04 million, signaling a strong demand for land in the area. Pending listings have also surged by 167%, indicating a robust market with high levels of interest.

Cash sales accounted for 54% of transactions, indicating a strong presence of cash buyers in this segment. The drastic increases of median sale price (149%) and pending listings (167%) can be attributed to the scarcity of available private land in Jackson Hole and with only a handful of transactions in the segment, it takes only a few transactions to skew the average and median sale price.

Sold | List Price: $2,995,000 | Fairway Estates | Represented by: Graham Faupel Mendenhall at Compass

Market Stats

Number of Transactions

Total Dollar Volume

Minimum Price Sold

Maximum Price Sold

Average Sale Price

Median Sale Price

Average Days on Market

Pending Transactions

Inventory

230 8 42

Median Sale Price Q2 2015 - Q1 2024

Luxury

The luxury real estate market, encompassing properties priced at $5 million and above, has displayed a mix of trends. There were 12 transactions, marking a slight 8% decrease compared to the previous period. However, the total dollar volume increased significantly by 43% to $208.8 million, indicating that while fewer transactions occurred, they were of higher value. The median sale price saw a substantial increase of 34% to $8.1 million, reflecting a trend towards higher-priced luxury properties.

Current inventory has risen by 47%, suggesting a growing availability of luxury homes for sale. Pending listings, however, have decreased by 25%, which may indicate a potential slowdown in the market’s pace. Cash sales accounted for 75% of transactions, indicating a strong presence of cash buyers in the luxury segment.

Sold | List Price: $9,495,000 | Teton Pines | Represented by: Breezy & Brooks Woodfin at Compass

Market Stats

Number of Transactions

Total Dollar Volume

Maximum Price Sold

Average Sale Price

Median Sale Price

Average Days on Market

Pending Transactions

Inventory

179 6 47

Median Sale Price

Q2 2015 - Q1 2024

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