Q2 Market Report

The Jackson Hole Market

Welcome to the 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%, potentially 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 to the previous period. The total dollar volume for vacant land transactions amounted to $200.7 million, reflecting a healthy 25% 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 $355.5 million, showing a robust 19% 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.

Overall, 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 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.