TETON COUNTY, WYOM I NG
Market Report Second Quarter
2022
Teton County, Wyoming — Q2 2022 Sales Volume Vs. Units Sold 20 0 4 -202 1
SA L ES VO LU M E
U N I TS SO L D
U N ITS SO LD
$ 2 .0 0 B
800
$1.8 0 0 B
700
$ 1.6 0 0B
600
$ 1.4 0 0 B 500 $1. 20 0B 400
$ 1.0 0 B $8 0 0 M
300
$60 0 M 200 $400M 100
$ 20 0 M
20 0 4 20 0 5 2006 20 07 2008 2009
2010
2011
2012
To call the last couple years of the Jackson Hole real estate marketing “interesting” would be a gross understatement.
2013
2014
2015
2016
2018
2019
2020
202 1
period last year), and the number of sales is seeing a decline from the record-setting stats of 2020 and 2021.
Trepidation during the early days of Covid was quickly
But even with the dip in overall transactions, individual property
displaced by the frenetic pace that endured for the next two years
prices continue to set new high water marks. This is particularly
as droves of visitors and part-time residents sought refuge in
evident in the upper end of the Jackson Hole market (that is,
northwestern Wyoming. With historically low mortgage interest
listings priced in excess of $5M) where the 26 closings in 2022
rates and the uncertainty of a global pandemic, a higher-than-
generated more than $200M in sales volume (or 45.8% of the
normal percentage of visitors and locals purchased real estate in
YTD Teton County total).
and around Teton County.
The spring and early summer closure of the Jackson Hole
Today—as interest rates climb upward and as equity markets
Airport limited the number of visitors in the region and led many
correct—the summer Jackson Hole real estate market appears
intent sellers to delay officially listing their property until the
to have two major forces shaping the remainder of 2022: the
reopening (potentially influencing the 54% decrease in sales for
inventory of property available for sale is slowly creeping upward
May and June year-over-year). With non-stop flights from 18 cities
for the first time in two years (at the moment, the 92 homes for
back in service the Jackson Hole region stands poised for another
sale in Teton County represent a 20% increase over the same
busy summer season.
Sales Volume By Area
Y T D 2021
YTD 202 1 VS. 202 2
Y T D 2022
Sales Volume By Price Category U NITS SOLD
YTD 202 1 VS. 202 2 YTD 202 1
$3 20 M
$400M
$2 8 0 M
$ 36 0 M
40
$ 24 0 M
$160 M 27
35
51
78
41
$ 16 0 M 19
11
NORTH OF TOWN
TOWN OF JAC KSON
SOUT H OF TOW N
24 61
$80M $40M
WEST OF SN AKE RIVER
53
$ 1 20 M 23
TE TO N V ILLAG E
26
$ 20 0 M
44
21
$8 0 M $4 0 M
UNITS SO LD
$280M
112
$20 0 M
$120 M
YTD 202 2
$ 320 M
66
$24 0 M
Cover Property: #S7DEMG
2017
58 9
< $ 850K
19
$ 850K$ 1 . 5M
$ 1 . 5$3M
$ 3 M -5 M
>$5M
Land & Ranches
Featured Property: #GMG5QP
Sales Volume By Area YTD 202 1 VS. 202 2 Y T D 202 1
Y T D 2022
U N ITS SO LD
$ 10 0 M $90 M $8 0 M
26
$70 M $60 M $50M
8
$40M
14
$30M
7 $ 20 M
3
$10 M
0
0
CUR R E N T A R E A STATS
TE TON VIL LAGE
At A Glance
6
8
2
WEST OF N ORTH S N AK E R I V E R O F TOW N
TOW N O F JAC KSO N
SOUT H O F TOW N
With only 49 vacant parcels of land currently on the market in Teton County ranging from $1.1M to $50M, it would seem statistically impossible for the market to eclipse last year’s year-to-date land sales (where 57 vacant parcels closed by the end of Q2 vs. 16 sales for the same period in 2022). As has been the story for more than three decades, the scarcity of privately held land in Teton County continues to limit activity in this market segment. Even with the 72% decline in sales for the first six months of 2022, the average sale price for raw land in 2022 increased 6.8% (from $2.79M last year to $2.98M this year), and the median land sale for 2022 grew 22.8% to $2.15M (for a vacant parcel north of town in Solitude). Escalating construction costs and Covid supply chain issues have surely impacted this segment of the market as well. Depending on the caliber and scope of the design, construction costs in Teton County are exceeding $1000/ sq.ft. in many cases and a shortage of labor and vendors push the typical build time out to more than two years.
Number of Land & Ranch Sites Sold Q2 2022
% Change in Average Sales Price from Q2 2021
Q2 2022 Average Land & Ranch Sites Sale Price
Average Days on Market
16
+6.8%
$2,978,438
193
Condominiums/Townhomes
Featured Property: #WNGYSJ
CU R R E N T A R E A STATS
At A Glance
Like the rest of the Teton County market, condo and townhome sales saw a downturn in transactions for the first six months of 2022, with transactions dropping 56.3% (from 93 sales in 2021 to 42 sales in 2022). Conversely, inventory for this market segment grew 60% year-overyear from 25 condos/townhomes on the market in 2021 vs. 40 condos/townhomes for sale as of July 1st. It’s worth noting a “60% increase in inventory” over the same period in 2021 equates to an additional 15 units for sale in Teton Village, the Aspens, the town of Jackson and the like. In this finite market, it’s not uncommon for one business relocating its employees to tax-friendly Wyoming or a handful of existing property owners downsizing from a more substantial home to a townhome to have a noticeable impact in this segment of the market. That said, the average sale price grew from $1.2M in 2021 to nearly $1.9M in 2022. The median sale for 2022 was a 2-bedroom, 1,200sq.ft. townhouse at Spring Creek Ranch that sold for more than $1.4M (or nearly $1,200/sq.ft.).
Sales Volume By Area
* excludes fractional units
Y T D 202 1 VS. 202 2 YTD 202 1
YTD202 2
UNITS SOLD
$9 0 M $8 0 M 64 $70 M $6 0 M $5 0 M $40 M $3 0 M
24
10 13
$20 M 8
$10 M
TETON VILLAG E
6
5
3
WEST OF SNAKE RIVER
NORTH OF TOWN
3
TOWN OF JACKSON
0
SOU T H O F TOW N
Number of Condominiums Sold Q2 2022
% Change in Average Sales Price from Q2 2021
Q2 2022 Average Condominiums Sale Price
Average Days on Market
42
+56.3%
$1,882,555
75
Single Family Homes
Featured Property: #5FEN4Y
Sales Volume By Area Y TD 2021 VS. 202 2 Y T D 202 1
Y T D 2022
U N ITS SO LD
$ 2 20 M $20 0 M $ 18 0 M 34
$ 160 M $ 14 0 M $ 120 M
17
26
$ 10 0 M 6
$8 0 M
19
11 25
19 17
$60 M $40M $ 20 M
1
CU R R EN T A RE A STATS
At A Glance
T E TO N V I L L AG E
W EST O F S N AK E RIVER
N O RT H O F TOW N
TOWN OF JACKSON
For 2022, half of all sales in Teton County involved an existing home. While there are slightly more choices for potential home buyers in 2022 (ranging in price from $1.6M to more than $30M), escalating prices have kept some buyers on the sidelines despite a slowdown in transactions in this market segment. The 65 sold homes on the YTD accounted for nearly $300M in sales volume for the Jackson Hole market (or 66% of the total market volume), and the average sale price grew 7.3% in 2022 to more than $4.5M. In 2021, the median home sale through Q2 was a 4-bedroom, 3,500 sq.ft. home in South Park that sold for just over $3M. Twelve months later, however, the median home sale involved 4-bedroom, 3,600 sq.ft. home on West Gros Ventre Butte for nearly $3.6M (or a 20% increase in median home value in the last 12 months).
SOUTH OF TOWN
Number of Single Family Homes Sold Q2 2021
% Change in Average Sales Price from Q2 2021
Q2 2021 Average Single Family Home Sale Price
Average Days on Market
65
+7.3%
$4,500,980
128
MAIN OFFICE
TETON MOUNTAIN LODGE
JACKSON HOLE RACQUET CLUB
185 WEST BROADWAY JACKSON, WYOMING 83001
3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025
3535 NORTH MOOSE-WILSON ROAD WILSON, WYOMING 83014
EAST BROADWAY
TETON PINES RESORT
110 EAST BROADWAY JACKSON, WYOMING 83001
3415 NORTH PINES WAY WILSON, WYOMING 83014
HOTEL TERRA
DRIGGS NORTH
3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025
10 NORTH MAIN STREET DRIGGS, IDAHO 83422
FOUR SEASONS RESORT 7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025
ALPINE 168 HWY 89 #B-2 ALPINE, WYOMING 83128
DRIGGS SOUTH JHSIR.COM
ONE SOUTH MAIN STREET DRIGGS, IDAHO 83422
Although the foregoing data has been compiled from sources deemed reliable, Jackson Hole Sotheby’s International Realty does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, error, revision, and cancellation without notice, and should be independently verified with the source of such information. Source data is provided by Teton Board of Realtors MLS for areas one through ten, and supplemented with proprietary sales data for $0 sales. ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.