Q3 2022 Jackson Hole Market Report

Jackson Hole Real Estate Market Report

Get to Know Compass Real EstateJackson 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 Q3 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 Quarter Three 2022 Market Report

DOMINATING OVER 25% OF THE MARKET, COMPASS REAL ESTATE IS THE NUMBER ONE BROKERAGE IN TOTAL DOLLAR VOLUME AND TRANSACTION VOLUME IN THE REGION. With 38% of 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: SOLD

LIST PRICE: $10,500,000

NORTH OF TOWN

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

The local real estate market is continuing to shift as we end quarter three, in the past 2 years the lack of inventory has drastically impacted total dollar volume, average sales price and days on market. Through Q3 of 2021 total dollar volume sky rocketed to a record breaking level of $1.9B. The demand for Teton County real estate was fueled by the pandemic driven desire for rural living and increased interest in the western mountain region. Multiple offers and over-asking price sales became commonplace and many listings were on the market for only a matter of days before they were snapped up by desperate buyers.

This year through Q3 of 2022, the market is readjusting. When looking at the market as a whole, total dollar volume decreased 32% to $1.34B. If we look back at 2019, before the pandemic the numbers tell a different story, total dollar volume is up 59% Q3 2022 vs Q3 2019. In fact the market is up exponentially across the board looking back at 2019, when the market was not fueled by a frantic exodus from all major cities.

Average sales price and median sales price is still on the rise, up 41% and 32% respectively, when compared to Q3 2021. Overall transactions dropped by half to 312 total transactions through Q3 2022.

With the overheated appreciation of real estate in Teton County slowing along with rising interest rates, inventory is on the rise for the second quarter in a row. At the time of this report, listings are up 44% compared to this time in 2021. At this point the average days on market has decreased, meaning transactions are still happening at an accelerated rate.

Overall, this rebalance of the real estate market is normal and necessary. Interest rates are still low compared to historical averages and with the trend of increasing inventory, sales prices may not accelerate at the extraordinary rate they have in the past 2 years.

Today, while pricing is at an all time high, the increase in inventory has provided more choices to buyers.

Dollar volume in Q3 2022 saw a slight decrease of 9% from Q3 2021 and is still up 59% from Q3 2019. At the time of this report, including commercial transactions, Teton County real estate is experiencing its third best year in history from a dollar volume standpoint.

Sales Volume By Year

2005

Sales Volume Year-to-Date

Jan. Feb.

Data

Data

Sales Distribution by Segment

Transaction Distribution by Location

Teton Village:

Racquet Club/Teton Pines:

Snake North of Wilson:

West Snake South of Wilson:

Skyline Ranch to Sagebrush Drive:

Gros Ventre Butte:

North Gros Ventre Junction:

Town of Jackson:

of Jackson to

River Bridge:

of Snake River Bridge

Condo & Townhome

PRICE:

OF JACKSON

Similar to the single-family home segment, condominium and townhome transactions decreased Q3 2022 vs Q3 2021 by 70%. Most likely due to extremely low inventory, down 59% when compared to Q3 2021.

Due to the increasing price of single-family homes, more people are looking into condos and townhomes and they are trading rapidly, days on market saw a 31% decrease vs Q3 2021. The high demand in this segment has driven up average sales price as well as median sales price, 87% and 63% respectively.

Number of Transactions 61

Dollar Volume $143,721,377

Sold $595,000

Price Sold $16,000,000

Average Sale Price $2,356,088

Price $1,587,500

on the Market

Pending Transactions