TETON COUNTY, WYOM I NG
Market Report Third Quarter
2023
Featured Property: #9VXGLS
Teton County, Wyoming — Q3 2023 Sales Volume Vs. Units Sold 20 0 4 -202 2
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 0 B
600
$ 1.4 0 0 B 500 $ 1. 20 0 B 400
$ 1.0 0 B $800M
300
$ 60 0 M 200 $400M 100
$ 20 0 M
20 0 4 20 0 5 2006 20 07 2008 2009 2010
2011
2012
2013
Despite facing the highest mortgage interest rates in more
2015
2016
2017
2018
2019 2020 202 1 202 2
values are down 5%-10%—and in some cases more—from 2022.
than two decades, the Jackson Hole real estate market managed
During this softening of the Teton County market, Jackson
to eke ahead of 2022 levels for the first nine months of 2023.
Hole Sotheby’s International Realty has outperformed its peers
While transactions in Teton County were nearly flat (203 closings
in the brokerage community by increasing its market share to
through Q3 in 2022 compared to 204 closings this year), overall
48.6% (based on overall sold dollar volume). To put that into
dollar volume increased 11.8 percent to more than $770M.
perspective, the No. 2 brokerage in the region only enjoys 15.0%
The most active segment of the market on the year to date
of the year-to-date dollar volume in Teton County.
was the $1.5M to $3M swath, where more than one-third of all
The brokerage’s success thus far in 2023 was particularly
closings occurred. The lion’s share of the dollar volume activity,
noteworthy in the >$5M price bracket, where Jackson Hole
however, posted in the upper end of the market (i.e., properties
Sotheby’s International Realty agents represented the buyer
with a listing price of more than $5M); this high-end segment—
and/or seller in 48.8% of these higher-end transactions and
which tallied only one-fifth of all transactions in Jackson Hole—
where the complementing dollar volume market share grew to
accounted for more than 50 percent of 2023’s current dollar
60.4%.
volume.
Whether you’re looking to buy or sell in this challenging market,
The strong performance of the market stands in contradiction for individual property values, where anecdotal evidence suggests
let the valley’s most successful sales force help you with your real estate needs in 2023.
Sales Volume By Area
Sales Volume By Price Category
YTD 202 2 VS. 2023
TYD 202 2 VS. 2023
YT D 202 2
Y TD 2023
U N ITS SO LD
YTD 202 2
37
$2 20 M
$ 36 0 M
84 85
41
39
$ 320 M 47
$18 0 M $160 M
34 31
$120 M
$280M $ 24 0 M
$14 0 M
$ 20 0 M
$10 0 M
33 17
45
81 74
$ 16 0 M
35
$ 1 20 M
$60 M $4 0 M
UNITS SO LD
32
$20 0 M
$8 0 M
YTD 2023
$400M
$24 0 M
Cover Property: #XKRJTD
2014
$80M
7
36
$40M
$20 M
12
TE TO N V ILLAG E
WEST OF SN AKE RIVER
NORTH OF TOWN
TOWN OF JAC KSON
SOUT H OF TOW N
30
14
< $ 850K
$ 850K$ 1 . 5M
$ 1 . 5$3M
$ 3 M -5 M
>$5M
*Based on the Teton Board of Realtors MLS, Areas 1-10, for 2023.
Condominiums/Townhomes
Featured Property: #XNG6XD
While year-over-year individual sales suggest property values are declining for condos and townhomes around the valley, both the average and median sale prices
Sales Volume By Area
increased during the first nine months of 2023 compared to the same period last year. A deeper dive into the data
*excludes fractional u n i ts
YTD 202 2 VS. 2023 YTD 202 2
YTD 2023
UNITS SOLD 48
$ 10 0 M
shows twelve sales in two new developments in the town of Jackson helped to bolster this segment of the market. Even with a dozen closings so far in 2023 at The
$90M $80M
Glenwood and Arts District West, the overall condo and townhomes transactions were down 5.6% from the same period in 2023. The greater-than-average price point for
$70 M
41
$60M
these two developments helped to push the year-to-date dollar volume up 3 percent to more than $134M for all condo and townhome sales in Teton County.
$ 50 M
14
$40M
Comparing sales in different complexes around the valley speak to the current “buyer’s market” climate. In May, 2022, a 1-bedroom Virginian Village sold for
$ 30 M $ 20 M
5
$655,000. This May, a similar Virginian Village sold for $570,000 (or a 12.9 percent drop). Similar comparisons at
10 5
$ 10 M
6 4 2
3
the Park Place Condos (down 12.8 percent), Love Ridge at Snow King (down 16.8 percent) and adjacent townhomes
TETON VILLAG E
on East Kelly (down 15.7 percent) also point to downward
WEST OF SNAKE RIVER
NORTH OF TOWN
TOWN OF JACKSON
SOU T H O F TOW N
CU R R E N T A R E A STATS
At A Glance
pressure on this segment of the market.
Number of Condominiums Sold Q3 2023
% Change in Average Sales Price from Q3 2022
Q3 2023 Average Condominiums Sale Price
Average Days on Market
67
9.1%
$2,007,661
163
Single Family Homes
Featured Property: #NS5ES5
Representing half of all sales in Teton County
Sales Volume By Area
through Q3 2023 (or 102 closings out of a total of 204
Y TD 2022 VS. 2023
transactions), home sales in Jackson Hole remain
YT D 202 2
Y T D 2023
robust compared to the same period in 2022.
U N ITS SO LD
While year-to-date transactions for homes are only
25
up 1 percent year over year, the complementing dollar
$ 18 0 M
volume grew 16.3% to nearly $530M (which represents 34
21
$ 160 M
68.6% of the total $771M sold dollar volume thus far in 2023). While only about one-third of all home sales
$ 14 0 M
in 2023 have been listed for more than $5M, the corresponding dollar volume generated from these
$ 120 M 17
35
sales totaled $336M (or nearly two-thirds of the year-
28
to-date home sales volume).
$ 10 0 M 14
$80M
25
These sales in the upper end of the home market segment help to explain the 15.1 percent growth in the average home sale price (which currently stands
$ 60 M
at nearly $5.2M). The median sale price for 2023 fell a $40M
scant 1.3 percent to $3.45M (for a 4-bedroom, 4-bath, 2
$ 20 M
4,100 sq.ft. home at the base of Snow King).
2
While the overall Teton County real estate market is still $230M shy of the symbolic $1B mark for 2023,
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 SN A K E RIVER
N O RT H O F TOW N
TOW N OF JACKSON
SOUTH OF TOWN
23 homes currently under contract promise to deliver nearly $150M in sales before the end of the year.
Number of Single Family Homes Sold Q3 2023
% Change in Average Sales Price from Q3 2022
Q3 2023 Average Single Family Home Sale Price
Average Days on Market
102
15.1%
$5,189,593
140
Land & Ranches
Featured Property: #4XKL2R
Sales Volume By Area
Representing the smallest property type in
YTD 202 2 VS. 2023
this report with only 26 transactions for the first
Y T D 202 2
Y T D 2023
nine months of this year, an argument can be
U N ITS SO LD
made that vacant land has fallen out of favor with buyers so far in 2023. $4 0 M
On first glance, the macro view of this market
5
segment appears positive where transactions and $3 5 M
dollar volume were actually up slightly year over
11 7
$3 0 M
year. A closer look at the data, however, shows
8
that three larger transactions ranging in price from $12M to $22M accounted for approximately
$2 5 M
half of the dollar volume in this market segment. Aside from these three sales, the most expensive
$20 M
parcel of land to sell so far in 2023 was just over $3M.
$15 M
On its face, the average vacant land sale
6
price fell 10.6 percent to $3.1M, and the median $10 M
7
1
sale price dropped 23.3% to $1,725,000 (for a 1-acre parcel in Jackson Hole Golf & Tennis
$5 M
1
0
CUR R E N T A R E A STATS
TE TON VIL LAGE
At A Glance
Club). Removing the three exotic sales from the
3
WEST OF N ORTH S N AK E R I V E R O F TOW N
data, however, further lowers the 2023 average
TOW N O F JAC KSO N
SOUT H O F TOW N
land sale price to $1.69M (or a 51.4% decline compared to the same period in 2022).
Number of Land & Ranch Sites Sold Q3 2022
% Change in Average Sales Price from Q3 2022
Q3 2023 Average Land & Ranch Sites Sale Price
Average Days on Market
26
-10.6%
$3,115,673
219
Featured Property: #996MB4
MAIN OFFICE
FOUR SEASONS RESORT
TETON PINES RESORT
185 WEST BROADWAY JACKSON, WYOMING 83001
7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025
3415 NORTH PINES WAY WILSON, WYOMING 83014
EAST BROADWAY
TETON MOUNTAIN LODGE
110 EAST BROADWAY JACKSON, WYOMING 83001
3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025
HOTEL TERRA
DRIGGS NORTH
3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025
10 NORTH MAIN STREET DRIGGS, IDAHO 83422
SNAKE RIVER LODGE & SPA 7710 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.