Teton County, Idaho — Year End 2021

Coming off a record-setting year in 2020, the Teton Valley real estate market managed to outdo itself in 2021.

While transactions were only up slightly year-over-year (1120 total sales in 2020 compared to 1154 transactions for the last 12 months), dollar volume exploded by 72.7% and tallied more than $629M by the beginning of 2022. More noteworthy is the Teton Valley market posted a now-modest $181M in 2019. In other words, the real estate market for the “Quiet Side of the Tetons” has grown nearly 250% percent in the last 24 months.

The regions of Victor and Driggs accounted for the majority of the activity in the post-Covid market (three out of four sales occurred in these two regions). Alta, Wyoming, however, generated $60M in dollar volume last year (a 135% increase over last year). Not to be outdone, Tetonia also saw a sharp uptick in activity with more than $121M in sales volume (a 110% increase over 2020).

Higher-end home sales made headlines (in 2019, 15 homes sold for more than $1m; last year that number grew to 96…), but the Teton Valley real estate market’s true story involves land sales. Two out of three sales in 2021—761 transactions in total—involved a vacant parcel of land.

Lack of inventory and escalating prices provide a challenge for potential buyers in a very strong “Seller’s Market,” but Teton Valley’s success over the last two years suggests Jackson Hole’s neighbor to the west is no longer simply a satellite market of northwestern Wyoming.

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Teton County, Wyoming — Year End 2021

The 2020 Jackson Hole real estate market was a tough act to follow.

An unprecedented demand, fueled by the global pandemic, flooded the region with visitors 18 months ago, and the local community white-knuckled its way through an influx of new residents looking to enjoy an elevated quality of life in Northwest Wyoming.

While it feels like the COVID-inspired influx is beginning to moderate (December, 2021 saw the fewest number of sales in the last 12 months with only 37 closings), the year-end Teton County dollar volume saw another record year with more than $1.9B in sales.

Lack of inventory and escalating prices are certainly part of the tapering. At the beginning of 2022, only 52 homes were on the market in Jackson Hole. More startling is that the average price for the finite choices in Teton County has grown to more than $7M.

All regions of the valley saw significant individual property appreciation over the last 12 months, but the region North of Town proved to be the Jackson Hole hot spot with $673M in sales volume. The Town of Jackson was the only region in Teton County that saw a growth in year-over-year transactions (posting 229 transactions in 2021 vs. 194 in 2020).

Even with the slow down in transactional velocity, Q4 was the strongest quarter in 2021 with nearly $600M in sales volume (to put that in context, the entire 2019 Jackson Hole volume was $927M—which was also a record-setting year at the time).

The demand for Jackson Hole’s rustic-yet-refined lifestyle continues to be a driver for the regional market, and—possibly now more than ever—Wyoming’s tax friendly climate points toward another strong year for real estate in 2022.  Continue reading “Jackson Hole Real Estate Market Report | Year End 2021”

Jackson Hole Sotheby’s International Realty Realty is pleased to announce the release of its 2022 Luxury Outlook report, which identifies the trends likely to shape the world’s prime housing markets in the year ahead. The report, excerpted below, is the definitive source for analysis and trends affecting the current luxury real estate market in the United states, across the globe, and the implications here in Jackson Hole.

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