TETON COUNTY, WYOMING Third Quarter
Teton County, Wyoming — Q3 2024
As is often the case in northwestern Wyoming, the summer season passed too quickly, but an unseasonably warm September has kept snow off the nearby peaks and the skis in the closet as the valley heads into autumn.
September was also unreasonably hot for a Teton County real estate market that has languished since 2022. Last month, however, saw 40 transactions in Jackson Hole that generated more than $140M in complementing dollar volume. The local real estate market hasn’t seen a 40-sale month since December, 2021, during the waning days of the Covid market.
It would be easy to point to the recent interest rate cut by the Federal Reserve as the spark for the activity. Most of September’s closings, however, resulted from real estate offers that were made in July and August. The September 19th 50-basis-point cut probably hasn’t trickled into the regional marketplace yet.
Even with lower mortgage interest rates, would-be buyers have limited choices in the fall of 2024. One year ago, 261 properties were for sale across Teton County. Twelve months later, that number had slipped slightly to 256 active listings at the beginning of October.
Flat inventory year over year also matches the year-to-date sales and overall dollar volume for the Teton County market. Sales are up by the smallest of margins (or 206 transactions through Q3 2024 compared to 205 sales last year). Year-overyear dollar volume differs by just over $1M (or $772.8M this year vs. $773.8 in 2023).
In 2023, the Jackson Hole real estate market barely cleared the symbolic $1B mark by year’s end. If September proves to be an inflection point for the regional market, Teton County seems poised to clear the $1B threshold again in 2024.
Sales Volume By Price Category
Condominiums/Townhomes
The 74 condo and townhome transactions through the first nine months of 2024 represented a 10 percent increase in sales compared to Q3 2023. The increase in activity was offset by a 7 percent decline in complementing dollar volume (that is, yearto-date sales of $125M are down from $134M last year).
While 2024 sales have ranged from just more than $600,000 for a 1-bedroom condo in East Jackson to a nearly $8.5M for a ski-in/ski-out condo at the Four Seasons Resort and Residences Jackson Hole, the divergent stats for this niche of the market are more than likely due to a drop in individual property values for condos and townhomes, and/or buyers gravitating toward lower-priced inventory.
For example, and in 2023, 2-bedroom condos in the Aspens were posting sales in the $1.35 to $1.5M range. Twelve months later, three similar Aspens units are currently under contract with listing prices in the $1.175M to $1.285M range. Similar yearover-year price drops of approximately 10 percent can be found in Town of Jackson developments like Ponderosa Condos, Creekside Townhomes and the Virginian Village Condos.
On the other end of the scale, healthy demand for turnkey, upper-end units zoned for short-term rentals are still commanding more than $2,300/sq.ft. for units in the Town of Jackson at Arts District West, and more than $2,750/sq.ft. for ski-in/ski-out Cabins in Granite Ridge.
Sales Volume By Area
2024 2023 UNITS SOLD
Single Family Homes
Sales Volume By Area
Of the nearly $773M in total sales volume for the Teton County real estate market through Q3, more than $466M (or 60 percent) was the result of the 99 homes that sold in the first nine months of 2024. Compared to last year, year-to-date sales in this market segment are down 3.9 percent on transactions and 12.2 percent on dollar volume.
While the average home sale price thus far in 2024 exceeds $4.7M, the median—or midpoint—sale for the first nine month fell to $3M (for 5-bedroom, 2,500-sq. ft. home on 2 acres south of town). That median value is down from $3.5M the same period in 2023 (and for a 3-bedroom, 2,500-sq.ft. home on 4.3 acres in Wilson).
The current inventory of homes on the market across Teton County remained relatively constant over the last 12 months (or 131 homes on the market at the start of October, 2024 compared to 126 active listings one year ago). Current choices for homebuyers range from $1.1M for a 2-bedroom, 1,400 sq.ft. home in Hoback Junction on 0.16 acres to $40M for a family compound on 40 acres atop East Gros Ventre Butte in Riva Ridge.
Featured Property: #RE8BXG
Land & Ranches
Two large ranch sales in Q1 2024 with listing prices totaling nearly $100M have skewed the year-to-date vacant land dollar volume stat (up more than 107% compared to the same period in 2023), but the 27 transactions through Q3 2024 is also up slightly compared to the same period last year.
2024 sales have ranged from $650,000 for a 0.28-acre parcel in West Jackson to the 118-acre Grand View River Ranch in Kelly that was listed for $58M. The year-to-date median—or mid-point sale—so far in 2024 is $2.55M for 5 acres in Wilson. That number is up from just under $2M in 2023 (for a 1-acre parcel north of town at Jackson Hole Golf & Tennis)
For the inventory-constrained vacant land market, inventory had dropped by the end of Q3 2024. One year ago, 81 parcels were on the market across Teton County. At the start of October, 2024, that number has fallen nearly 20 percent to 65 active listings.
Featured Property: #2L4C4R
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
DRIGGS
10 NORTH MAIN STREET DRIGGS, IDAHO 83422
JHSIR.COM
TETON PINES RESORT
3415 NORTH PINES WAY WILSON, WYOMING 83014
ALPINE
168 HIGHWAY 89 #B-2 ALPINE, WYOMING 83128
THAYNE
280 NORTH MAIN STREET THAYNE, WY 83127