Teton County, Wyoming — Year End 2022

For the Jackson Hole real estate market, 2022 will be remembered as the year that came in like a lion, and went out like a lamb.

Following the heady Covid surge of 2020 and 2021, the valley market cooled off in the first six months of 2022. Rising interest rates, a contentious election cycle and other external forces chilled the regional market further in Q3 and Q4.

Heading into December, the year-end dollar volume had the potential to break the symbolic $1 billion mark for the third year in a row. But a tepid final month of the year that saw only 12 closings for $50.8M landed the year-end dollar volume for the Teton County real estate market at $961.4M (down 49.4% from 2022). It’s important to note, however, that total is still greater than the pre-covid, year-end total from 2019 of $927.6M (and with nearly 50% fewer transactions than three years ago).

While the market climate is still in a state of flux, Jackson Hole Sotheby’s International Realty (JHSIR) maintained its perennial place as the leading brokerage in the valley. Despite a challenging year on several fronts, JHSIR sales accounted for 41.9% of the overall dollar volume market share in 2022, which was also greater than the next five brokerages’ totals combined.*

As the global pandemic subsides and Teton County returns to its new normal, let the resources and reach of the valley’s leading real estate brokerage help you with your real estate needs in 2023.

CONDOMINIUMS/TOWNHOMES

While the number of condo and townhome sales in Teton County fell 53.7% in 2022 (that is, 88 sales this year compared to 190 sales in 2021), the average sale price for this market segment increased 44.3% to nearly $2M.

Some of that increase can be attributed to several large sales in Teton Village, and the newly-completed luxury townhome project within the town of Jackson, “The Glenwood,” also helped to drive average prices higher in 2022.

In looking at the median sale from last year (a 1-bedroom live/work townhome in the town of Jackson that sold for $1,150,000, or $1,010/sq.ft.) compared to 2022 (a 3-bedroom Creekside townhome in the town of Jackson that sold for $1,500,000, or $1,075/sq.ft.), individual property values for this segment of the market increased slightly or leveled off after rapid appreciation during the global pandemic.

Inventory for condos and townhomes around the valley is up dramatically since the beginning of 2022. One year ago, only 13 properties were for sale in Teton County. At the start of 2023, 38 condos are currently on the market (a 192% increase).

SINGLE FAMILY HOMES

Of all property types, Jackson Hole homes took the smallest hit in 2022.

With listing prices ranging from just over $1M for a 2-bedroom, 1,100-sq.-ft. home on 0.26 acres near Hoback Junction (no homes sold in Jackson Hole last year for less than $1M) to $35M for a 233-acre estate north of town bordering Grand Teton National Park, the home segment of the market was down 43.5% in transactions for 2022. The dollar volume for the 143 sales (compared to 253 sales in 2021) accounted for two-thirds of the total $961M Teton County market in 2022.

While the average home price fell 5.8% in 2022 ($4.44M this year vs. $4.71M in 2021), the median sale rose 18.3%. In 2021, the midpoint home sale was an original 5-bedroom home in East Jackson on an oversized parcel that sold for just over $3M. One year later, the median price grew to $3.55M (or $1,049/sq.ft.) for a 3-bedroom, 3,300 sq.ft. home in Melody Ranch.

While Jackson Hole Sotheby’s International Realty enjoyed a 41.9% market share by dollar volume in Teton County, the brand and brokerage’s global reach and elite marketing helped JHSIR to excel in the upper-end home segment for 2022. Last year, JHSIR accounted for more than 45% of the >$5M home dollar volume and nearly 50% of all upper-end home transactions. 

LAND & RANCHES

The last few years have wreaked statistical havoc on the Jackson Hole market data.

Rapid appreciation across all property types has made year-vs.-year comparisons problematic. For example, in 2019, 230 properties sold for less than $1M. Three years later, that number has fallen to just 22.

The vacant land segment of the Jackson Hole market is experiencing the same phenomenon. In 2020, 126 vacant parcels of land closed totaling $308.5M in dollar volume. In 2021, transactions slipped slightly to 103 transactions, but dollar volume increased to $342.6M. It should be noted too, of the approximately 16,000 properties in Teton County, fewer than 1,700 (or approximately 10%) are assessed as vacant residential parcels by the Teton County Assessor. Of these finite parcels of raw land, many already have a conservation easement preventing their future development in perpetuity.

For the last 12 months, only 29 parcels of land sold in Teton County with a complementing dollar volume of $112.6M. And while transactions fell precipitously in this category, the average sale price for a vacant parcel of land rose 16.8% to $3.88M.