TETON COUNTY, WYOM I NG
Market Report Year End
2023
Featured Property: #XTW9T8
Teton County, Wyoming — Year End 2023 Sales Volume Vs. Units Sold 20 0 5 -2023
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 5 20 0 6 20 07 2008 2009 2010
2011
2012
2013
While the total transactions in Teton County fell 3.3 percent in
2015
2016
2017
2018
2019 2020 2021 202 2 2023
described in the same way.
2023 compared to last year, the complementing dollar managed
Limited real estate inventory and an uncertain economic
to break the symbolic $1 Billion mark just in time for the new
climate abroad ended 2023 with a December that saw only 15
year. Home sales dominated the year-end stats, generating
sales and $43.6M in dollar volume. Falling interest rates hold
nearly $750M on just 137 transactions (for an average home
promise for would-be buyers, but patient sellers and limited
sale price of $5.44M).
“for sale” signs around the valley have kept individual property
The 264 sales in Jackson Hole last year represented the
prices close to Covid highs from 2021.
fewest number of annual transactions since the beginning of
With more than 80 percent of all sales last year involving a
the Global Financial Crisis in 2009 (when the market posted
residential property and with only 71 homes currently for sale
only 185 closings). In 2009, total real estate sales also only
across the valley, the 2024 market climate seems poised to see
barely eclipsed $225M.
another 12 months of limited sales with a concentration in the
And in 2009, the valley also had snow.
upper end of the residential market.
A lackluster start to the ski season has kept town quieter than normal so far in 2024. The current real estate market could be
Sales Volume By Area
2022
2022 VS. 2023
2023
2022 VS. 2023 2023
UNITS SOLD 58
$600M
$3 5 0 M
$ 550 M
$3 25 M 45
$3 0 0 M
47
$ 50 0 M
116 10 9
$275 M
54
$ 4 50 M $400M
$2 5 0 M $2 2 5 M
56
43
$20 0 M
$ 350 M $ 30 0 M
41
$175 M
48
$15 0 M $12 5 M $75M
International Realty!
2022
$ 375M
$10 0 M
Best wishes in 2024 from all of us at Jackson Hole Sotheby’s
Sales Volume By Price Category U NITS SOLD
$4 0 0 M
Cover Property: #6XBPQL
2014
$ 2 50 M
104
$ 20 0 M
56
58
88
$ 1 50 M
20
$ 10 0 M
11
$ 50 M
$5 0 M T E TO N V I LLAG E
WEST OF SNAKE RIVER
NORTH O F TOWN
TOWN OF JAC KSON
SOUT H O F TOW N
46 13
40
20
< $ 850K
$ 850K$ 1 . 5M
$ 1 . 5$3M
$3M-5M
>$5M
*Based on the Teton Board of Realtors MLS, Areas 1-10, for 2023.
Condominiums/Townhomes
Featured Property: #TF9Z3K
The condo and townhome segment of the Jackson Hole market was highlighted in 2023 by two new developments in
Sales Volume By Area
the Town of Jackson: The Glenwood and Arts District West.
2022
Located one block northwest of The Wort Hotel, phase one of The Glenwood was completed in late 2022. The majority of
$ 1 20 M
the 21 units saw new owners move in during 2023. Phase two
$ 1 10 M
is currently under construction and features an additional 7 units zoned for short-term rentals. Arts District West was also completed in 2023 and added 10 residential units to the Town of Jackson’s higher-end,
* excludes fraction a l u n i ts
2022 VS. 2023 2023
UNITS SOLD 61
55
$ 10 0 M $90M $80M
short-term-zoned housing stock. Of the 85 condo and/or townhome sales that closed in
$70 M
2023 across the valley, 61 (or more than 70 percent) occurred
$60M
in the Town of Jackson. The total dollar volume generated in this segment of the market last year was $168.8M, with nearly 30 percent of that (or just less than $50M) coming from sales in either The Glenwood or Arts District West. While the average sale price held relatively stable at just under $2M, the median sale in 2023 was just over $1.5M (for a 2-bedroom, 2-bath condo in the Aspens). Creating
$ 50 M
14
$40M $ 30 M
7
14
$ 20 M 6
8 4
$ 10 M
1
some statistical harmony year over year, the median condo/ townhome sale price in 2022 was also a 2-bedroom, 2-bath
CU R R E N T A R E A STATS
At A Glance
Aspens condo.
TETON VILLAG E
WEST OF NORTH SNAKE RIVER OF TOWN
TOWN OF JACKSON
3
SOU T H O F TOW N
Number of Condominiums Sold 2023
% Change in Average Sales Price from 2022
2023 Average Condominiums Sale Price
Average Days on Market
85
-0.5%
$1,985,803
154
Single Family Homes
Featured Property: #3H3D4L
Sales Volume By Area
In 2023, 84.1 percent of all transactions (or 222 sales of a total of 264) involved an existing residence and accounted for
2022 VS. 2023 202 2
2023
more than $900M of Teton County’s total of $1.031B. That
U N ITS SO LD
$ 260 M
number is down slightly from 2022, when residential sales represented 84.6 percent of the total 273 transactions.
33
Nearly 75% of the valley’s dollar volume was generated by
31
$ 24 0 M
137 home sales. For the upper end of this market segment (that
$ 2 20 M
is, above $5M), 48 home sales generated more than $500M
$ 20 0 M 42 $ 18 0 M
annual overall market volume.
49 36
$ 14 0 M
40
The average home sale price in Jackson Hole jumped $1M in the last 12 months, increasing from $4.44M in 2022 to
$ 120 M $ 10 0 M
$5.44M in 2023. The median sale price also saw an increase
17
year over year, moving from $3.35M in 2022 (for a 4-bedroom,
$80M
3,300 sq.ft. home in Melody Ranch) to $3.475M in 2023 (for a
$60 M
3-bedroom, 2,700 sq.ft. home on 5 acres in South Park).
4
At the beginning of 2024, 71 homes were listed for sale
4
$4 0 M
across Teton County. Despite the general “Buyer’s Market”
$20 M
climate, homes for sale at the moment represent a 13.4 percent
CU R R EN T A RE A STATS
T E TO N V I L L AG E
At A Glance
only 18 percent of all Jackson Hole sales in 2023, but the complementing dollar volume exceeded 50 percent of the
24
$ 160 M
in sales volume. The high-end home bracket accounted for
WEST O F N O RT H SN AK E RIVER O F TOW N
TOW N O F JACKSO N
SOUTH OF TOWN
decrease in active inventory compared to one year ago (when 82 homes were listed for sale).
Number of Single Family Homes Sold 2023
% Change in Average Sales Price from 2022
2023 Average Single Family Home Sale Price
Average Days on Market
137
22.5%
$5,440,482
143
Land & Ranches
Featured Property: #KS3H9N
Signaling a slight indication that rising building costs might be in the rearview mirror, vacant land sales in Teton
Sales Volume By Area 2022 VS. 2023
County increased 10.3% in 2023, posting 32 sales this year volume generated last year, however, represented a 20.4 percent decrease from 2022 for the vacant land segment of the market. Fifty-two parcels are currently listed for sale across the valley ranging from $40M for the iconic, 257-acre Mead Ranch just outside of the Town of Jackson to $1.295M for a 0.7-acre parcel at Jackson Hole Golf & Tennis Club.
2023
2022
compared to 29 transactions in 2022. The $89.6M in dollar
UNITS SOLD
$ 1 10 M $ 10 0 M $90M $80M $70 M
The median transaction in 2023 also involved a parcel from Jackson Hole Golf & Tennis Club(a 1-acre parcel listed for $1.825M that sold in November). The average price for the 32 closings from 2023 was $2.8M (down from $3.9M – or 27.9 percent – in 2022). With the future of Northern South Park development still in debate and with no other single-lot, large-scale developments on the horizon in Teton County, it seems this segment of the market will continue to play a minor
$60M
10
$ 50 M 5
$40M
13 10
$ 30 M $ 20 M 6
2 $ 10 M
role in the statistical story of the Jackson Hole real estate. But with more than 98 percent of the valley’s real estate protected from development in perpetuity, the scarcity of
8
6 1
0
TETON VILLAG E
WEST OF NORTH SNAKE RIVER OF TOWN
TOWN OF JACKSON
SOU T H O F TOW N
CUR R E N T A R E A STATS
At A Glance
raw land in Teton County will invariably keep demand high.
Number of Land & Ranch Sites Sold 2023
% Change in Average Sales Price from 2022
2023 Average Land & Ranch Sites Sale Price
Average Days on Market
32
-27.9%
$2,800,022
212
Featured Property: #3E8W4W
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.