Teton County real estate market posts new high water mark
32%. That’s the jump the Jackson Hole real estate market made in 2018.
Teton County’s overall dollar volume*–the local real estate equivalent of the Dow Jones Industrial average–increased from $689.1MM in 2017 to $922.1MM this past year.
While the regional market has been hot following the recovery from the Global Financial Crisis of 2009, this year’s tally also eclipses the previous high water mark of $804MM in 2007.
Some of the spike in volume can be attributed to an increase in individual property values. Year-over-year Teton County also saw significantly more transactions in 2018 (468 sales in 2017 vs. 532 sales in 2018, or a 13.7 percent increase).
What’s noteworthy, however, is that the number of properties for sale in Jackson Hole continues to dwindle. While different regions hold different levels of properties for sale, homes currently for sale in Jackson Hole are down 12.7% from January, 2018.
Given the range of sale prices across the region (sale prices for homes in Teton County ranged from under $400,000 to more than $20MM in 2018), the median** home price helps to illustrate the significant increase in the overall market.
In 2017, the median home sale for Teton County was a 3-bedroom, 3-bath, 2,700 sq.ft. home in East Jackson that sold for $1,300,000. Twelve months later, the median sale had increased to $1,650,000 (for a 3-bedroom, 3-bath home in Melody Ranch). The $350,000 difference in median price in the last year represents a 27% bump.
And of the 141 homes in Jackson Hole currently on the market, only 23 (16.3%) fall below the $1,650,000 median sale price from 2018.
Please see our enclosed overall market report and please contact one of our Associates for a deeper dive into the statistical breakdown of the 2018 Jackson Hole real estate market.
* Wyoming is a non-disclosure state, so data cited here is a compilation of Teton Board of Realtors MLS data and Jackson Hole Sotheby’s International Realty’s internal information.
** Median is a midpoint. By way of example, if five homes sell, the median would be the third sale if the properties were ranked by sale price.
View the entire Market Report for additional sales and inventory data