TETON COUNTY, WYOMING Second Quarter
Teton County, Wyoming — Q2 2024
Summer 2024 got off to an inauspicious start when news of a “catastrophic” collapse on Teton Pass appeared in outlets like the New York Post, CNN and NBC. While the event made headlines across the nation, the Jackson Hole community held its collective breath between updates on what the next few months might hold.
After less than a month—and a Herculean effort from WYDOT—Teton Pass reopened and restored some normalcy to what is typically the most frenetic time of year in northwest Wyoming.
It’s not surprising then the mid-year stats for Teton County don’t seem to reflect the true current state of affairs in the market. An anemic June in Teton County that only saw 18
transactions (down from 35 sales in June, 2023) and $43M in dollar volume (also down from $121.4M last year) was one of the weakest months thus far in 2024.
As is often the case during the warm days of summer, hope springs eternal. At the beginning of July, the valley real estate market had 43 properties under contract comprising nearly $145M in dollar volume scheduled to close.
A shortage of inventory is also bolstering pricing in an otherwise challenging economic environment. While listings are up slightly from a year ago (this year, 243 properties are on the market across the valley compared to 231 active listings twelve months ago), finite choices have kept prices in range of their respective global pandemic highs.
Condominiums/Townhomes
Of the 115 closings on the year-to-date in Teton County, 92 (or 80 percent) represented a residential property (that is, a condo, townhome or freestanding home).
With the median home price in Teton County approaching $3M in Q2 2024, condo and townhome sales have filled the void for buyers working with a budget. New condo and townhome projects like The Glenwood (theglenwoodjh.com) have also provided additional choices for upper-end buyers.
The 39 condo and townhome transactions for the first six months of 2024 were down a scant five percent from the same period in 2023. As is also often the case, properties in the Town of Jackson saw the most activity of any region posting 19 closings (including five transactions at the newly built 440 W. Kelly).
Prices ranged from $615,000 (for a studio unit at the Snake River Lodge & Spa in Teton Village) to $8.45M (or more than $3,700/sq.ft.) for a 3-bedroom unit at the Four Seasons Resort and Residences Jackson Hole.
The median sale halfway through 2024 was $1M (or $775/ sq.ft.) for a one-bedroom condo in the Town of Jackson. That number is down sharply from last year, when the mid-point sale at the end of June, 2023 was $1.7M (or $1,150/sq.ft.) for a Golf Creek unit north of the Town of Jackson.
Sales Volume By Area
2024 2023 UNITS SOLD
Single Family Homes
Sales Volume By Area
The Jackson Hole real estate market is defined primarily by its home sales.
Fifty-three homes sold in the first six months of 2024, which was a ten percent decrease in transactions compared to the same period in 2023. The complementing dollar volume on the year to date ($260.5M) was also a 20.1 percent decline from the first six months of 2023.
The upper-end of the home market is partly responsible for decline. For the first six months of 2023, twenty homes sold with a listing price of $5M or greater, generating nearly $225M in sales volume. So far in 2024, only 15 homes have sold in this upper echelon, with a complementing dollar volume of approximately $160M (or a 28.8 percent drop compared to 2023).
The median home sale slipped from $3.3M for the first six months of 2023 (for a 3,000 sq.ft., 3-bedroom home on 4 acres bordering the Snake River in Hoback Junction) to $2.975M in 2024 (for a 2,800 sq.ft., 6-bedroom home on .52-acres in East Jackson).
Year-to-date sale prices have ranged from $990,000 (for a 1,000 sq.ft., 2-bedroom home in Melody Ranch) to $37M (for an 8,000 sq.ft. estate in Bar B Bar Ranches bordering the Snake River).
Featured Property: #7VQW5C
Of the real estate categories in the regional market, vacant land and ranches were the lone bright spot midway through 2024.
Twenty-one closings for the first six months of this year represented a 50 percent increase over the same period in 2023, and a more than 200 percent increase for corresponding dollar volume with $145M in sales. Three large ranch sales—Lost Creek Ranch, Granite Ranch, and the Grand View River Ranch—accounted for approximately $100M of the year-to-date total.
But despite lofty new construction prices around the region, buyers closed on vacant land ranging from $650,000 (for a 0.28-acre parcel in the town of Jackson) to $7.5M (for a homesite in 3 Creek Ranch).
As is often the case in Teton County where more than 98 percent of the valley is preserved in perpetuity as National Park, National Forest or some other conservation holding, limited inventory is the underlying story for this segment of the market. At present, listings range from $1.2M for a 4-acre parcel in Red Top Meadows to $40M for 265-acres in Spring Gulch.
Featured Property: #6K6DNE
2024 2023 UNITS SOLD
MAIN OFFICE
185 WEST BROADWAY AVENUE
JACKSON, WYOMING 83001
EAST BROADWAY
110 EAST BROADWAY AVENUE
JACKSON, WYOMING 83001
HOTEL TERRA
3335 WEST VILLAGE DRIVE
TETON VILLAGE, WYOMING 83025
SNAKE RIVER LODGE & SPA
7710 GRANITE LOOP ROAD
TETON VILLAGE, WYOMING 83025
FOUR SEASONS RESORT
7680 GRANITE LOOP ROAD
TETON VILLAGE, WYOMING 83025
TETON MOUNTAIN LODGE
3385 WEST CODY LANE
TETON VILLAGE, WYOMING 83025
TETON PINES RESORT
3415 NORTH PINES WAY WILSON, WYOMING 83014
ALPINE
168 HIGHWAY 89 #B-2 ALPINE, WYOMING 83128
DRIGGS
10 NORTH MAIN STREET DRIGGS, IDAHO 83422