Q2 2023 JACKSON HOLE MARKET REPORT

THE COMPASS REPORT

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Q2 2023 JACKSON HOLE REAL ESTATE MARKET

Q2 Market Report

The Jackson Hole Market

Welcome to the Compass Jackson Hole real estate market report, where we provide insights into the current state of the market in this vibrant region. Jackson Hole offers a diverse range of properties, each with its own unique trends and dynamics. The post pandemic era is unfolding, and while we are seeing some substantial decreases across the overall market, Jackson Hole is still experiencing record highs.

There were 59 transactions in the single family home segment, representing a 37% decrease compared to the previous period. The total dollar volume for these transactions amounted to $337.6 million, down 17%. However, despite the decrease in transactions, inventory levels saw a significant increase of 33%, providing more options for buyers. The median price for homes sold in Jackson Hole was $3.3 million, showing a slight 1% decrease.

In the condo and townhome market, there were 46 transactions, indicating a 23% decrease compared to the previous year. The total dollar volume for these transactions amounted to $104.9 million, reflecting a 26% decrease. However, there was an increase in the number of active listings by 37%, potentially creating more choices for buyers. The median sale price for condos and townhomes in Jackson Hole increased by 7% to reach $1.7 million.

The vacant land market in Jackson Hole experienced a substantial increase in transaction volume, with 27 transactions, representing a 35% increase compared year over year. The total dollar volume for vacant land transactions amounted to $200.7 million, reflecting a healthy 259% increase. The median sale price for vacant land also saw a notable increase of 13%, reaching $2.4 million.

In the luxury real estate market, the total dollar volume for properties priced at $5 million and above reached $342.5 million, showing a robust 15% increase. The median sale price for luxury properties experienced a significant 17% increase, reaching $7.5 million. The market also witnessed a 10% increase in active listings, suggesting a growing inventory of highend properties.

The Jackson Hole real estate market has seen a decrease in overall transactions, down 32%, and a decline in total dollar volume, down 39% to a total of $674 million. However, specific property types have shown unique trends and opportunities for buyers, with increased inventory, shifts in median prices, and potential longer days on the market. There was a jump in sales volume from April to May in 2023. These statistics reflect the evolving dynamics of the Jackson Hole real estate market and provide valuable insights for both buyers and sellers.

COMPASS X JACKSON HOLE JACKSON H "44 W

Cover | Sold | List Price: $3.725M | South of Town

Compass Real Estate is part of more transactions than any other brokerage in Jackson.

With many 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.

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43°

Total Dollar Volume 39% Decrease YTD $674M Avg SFH Sales Price 32% Increase YTD $5.7M Total Transactions 32% Decrease YTD 144 Median SFH Sales Price 1% Decrease YTD $3.3M Active Listings 60% Increase YTD 280

HOLE

2 8 64'

Sales Distribution by Segment

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Sales Volume Year-to-Date

Other 4 Jan. Feb. Mar. April May June July Aug. Sept Oct. Nov. Dec. 2023 Data 2022 Data $50M $100M $150M $200M $250M $300M $0

Transaction Distribution by Location

Q2 COMPASS.COM 5 9 7 6 2 53 9 27 11 16 4

Teton Village: 9 Racquet Club/Teton Pines: 6 East Gros Ventre Butte: 2 North Gros Ventre Junction: 7 Town of Jackson: 53 West Snake North of Wilson: 4 West Snake South of Wilson: 16 Skyline Ranch to Sagebrush Drive: 9 South of Snake River Bridge to County Line: 11 South of Jackson to Snake River Bridge: 27

Single Family Homes

The single family home market in Jackson Hole experienced some notable changes in the first half of 2023. There were a total of 59 transactions, representing a 37% decrease compared year over year. The total dollar volume amounted to $337.6 million, down 17% from the previous year. The median price for homes sold in Jackson Hole was $3.3 million, showing a slight 1% decrease.

However, inventory levels saw a significant increase, rising by 33%. Additionally, the average number of days on the market increased by 22%, reaching 173 days. These statistics indicate a market that has become more competitive for sellers and potentially more favorable for buyers, with increased inventory and a slightly reduced median price $3.3M, when compared to 2022.

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Sold | List Price: $1.85M | Moran

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

Q2 / 2023 COMPASS.COM 7 17% 37% 3% 22% 32% 1% 22% 24% 33% % Change 59 $337.6M $1M $30.5M $5.7M $3.3M 173 21 113

Median Sale Price

Q2 2015 - Q2 2023

Condo / Townhomes

The condo and townhome market in Jackson Hole saw a significant decline in activity in the first half of 2023. There were a total of 46 transactions, representing a 23% decrease compared to 2022. The total dollar volume for these transactions amounted to $104.9 million, reflecting a 26% decrease. However, the median sale price for condos and townhomes in Jackson Hole showed a positive trend, increasing by 7% to reach $1.7 million. Despite this increase in median price, the market saw an increase in the number of active listings, rising by 37%.

Additionally, there was an 193% increase in the average number of days these properties spent on the market, which helped drive a 37% increase of inventory. These statistics suggest a market with more inventory and increased days on the market, potentially providing opportunities for buyers to find a condo or townhome in Jackson Hole at a relatively stable median price.

COMPASS X JACKSON HOLE

Sold | List Price: $1.69M | Town of Jackson

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

Median Sale Price

Q2 2015 - Q2 2023

Q2 / 2023 COMPASS.COM 9 26% 23% 4% 62% 6% 7% 193% 53% 37% % Change 46 $104.9M $570K $6.1M $2.2M $1.7M 220 8 52

Vacant Land

The vacant land market in Jackson Hole has witnessed significant activity and growth in the first half of 2023. There was a total of 27 transactions, indicating a substantial 35% increase compared to 2022. The total dollar volume for vacant land transactions amounted to $200.7 million, reflecting a healthy 259% increase. The median sale price for vacant land also saw a notable increase of 13%, reaching $2.4 million.

Furthermore, the market experienced a surge in active listings, with 73 available properties, representing an impressive 83% increase. However, it is worth mentioning that the average number of days on the market for vacant land increased by 19%, suggesting a slightly longer time frame for these properties to sell. Indicating a thriving vacant land market in Jackson Hole, with increased transaction volume, higher median prices, and a substantial rise in active listings.

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Sold | List Price: $1.65M | Wilson

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

247 4 73

Median Sale Price

Q2 2015 - Q2 2023

Q2 / 2023 COMPASS.COM 11 259% 35% 2% 128% 166% 13% 19% 43%

%

$200.7M $600K $23M $7.4M $2.4M

83%

Change 27

The luxury real estate market in Jackson Hole has demonstrated notable shifts in the first half of 2023. The total dollar volume for luxury properties priced at $5 million and above amounted to $342.5 million, showing a healthy 15% increase compared to 2022. Despite this positive growth in dollar volume, the number of transactions decreased by 19%. However, the median sale price for luxury properties experienced a significant 17% increase, reaching $7.5 million.

This suggests a market that values high-end properties and is willing to pay a premium for luxury living in Jackson Hole. There has been an increase in the number of days on the market, indicating a potentially longer time frame for sales to occur. The market also witnessed a 10% increase in active listings, with a total of 56 luxury properties available for sale. These statistics suggest a vibrant luxury real estate market in Jackson Hole, with increased dollar volume, higher median sale prices, and a growing inventory of high-end properties.

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HOLE Luxury

JACKSON

Sold | List Price: $8.75M | Wilson

Market Stats

Number of Transactions

Total Dollar Volume

Maximum Price Sold

Average Sale Price

Median Sale Price

Average Days on Market

Pending Transactions

29 $342.5M $30.5M $12.3M $7.5M 245 5 56

Q2 / 2023 COMPASS.COM 13 15% 19% 22% 48% 17% 50% 38% 10%

% Change

Q2 2015 - Q2 2023 Updated luxury threshold to $5M from $3M in Q1 2020

Inventory Median Sale Price

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Talk To An Expert

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 legacy of excellence that honors and celebrates our people and the exceptional place we call home.

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