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.
“‘Areas that were primary vacation-home markets have now become primary-home markets’… including Jackson Hole in Wyoming and Bozeman in Montana” according to the Luxury Outlook’s article, “Run on Luxury Properties in Secondary and Tertiary Markets Heralds Long-Term Change.”
What might the future hold for specialty real estate markets like Jackson Hole? “Brokers expect that demand for second homes will continue—and that those who have already purchased vacation properties since the onset of the pandemic will stay put,” according to featured article, “Second-Home Transactions Cooling Slightly, But demand and Prices Still High.”
A View from Jackson Hole
2021 proved to be a perfect storm for the high-end housing market as the starts-and-stops of the pandemic’s reopening fueled even stronger demand for larger homes and inventory struggled to keep pace.
Here in Jackson Hole, the real estate market once again set a record for transacted dollar volume, with Teton Board of Realtors MLS-reported sales totaling $1,900,550,837 for the year.
More than 52% of the total 2021 sales volume was attributable to the luxury segment of the local market (properties selling for more than $5M).
Continuing a multi-year trend, supply in Jackson Hole and other ski resort markets remained highly constrained, slowing an otherwise record-setting year—see “Second-Home Transactions Cool Slightly, But Demand and Prices Still High” (P.11).
Recent Market Movers
Luxury butte-top properties drove a substantial amount of dollar volume within 2021, with two listings accounting for nearly $100M.
A newly-constructed residential compound in the Bar BC subdivision was offered for $65M and found a buyer within an unprecedented 61 days. Riva Ridge Retreat (featured), closed in late December with an asking price of $33.9M—the property’s second sale within just eight years.
Eight elevated ranch parcels within Vogel Hill, originally offered beginning at $7.5M in 2020, completed sell-through by mid-2021. For a complete picture of the current market, we invite you to connect with a real estate professional via sothebysrealty.com.