Teton County, Wyoming — Year End 2023
While the total transactions in Teton County fell 3.3 percent in 2023 compared to last year, the complementing dollar managed to break the symbolic $1 Billion mark just in time for the new year. Home sales dominated the year-end stats, generating nearly $750M on just 137 transactions (for an average home sale price of $5.44M).
The 264 sales in Jackson Hole last year represented the fewest number of annual transactions since the beginning of the Global Financial Crisis in 2009 (when the market posted only 185 closings). In 2009, total real estate sales also only barely eclipsed $225M.
And in 2009, the valley also had snow.
A lackluster start to the ski season has kept town quieter than normal so far in 2024. The current real estate market could be described in the same way.
Limited real estate inventory and an uncertain economic climate abroad ended 2023 with a December that saw only 15 sales and $43.6M in dollar volume. Falling interest rates hold promise for would-be buyers, but patient sellers and limited “for sale” signs around the valley have kept individual property prices close to Covid highs from 2021.
With more than 80 percent of all sales last year involving a residential property and with only 71 homes currently for sale across the valley, the 2024 market climate seems poised to see another 12 months of limited sales with a concentration in the upper end of the residential market.
Best wishes in 2024 from all of us at Jackson Hole Sotheby’s International Realty!
CONDOMINIUMS/TOWNHOMES
The condo and townhome segment of the Jackson Hole market was highlighted in 2023 by two new developments in the Town of Jackson: The Glenwood and Arts District West.
Located one block northwest of The Wort Hotel, phase one of The Glenwood was completed in late 2022. The majority of the 21 units saw new owners move in during 2023. Phase two is currently under construction and features an additional 7 units zoned for short-term rentals.
Of the 85 condo and/or townhome sales that closed in 2023 across the valley, 61 (or more than 70 percent) occurred in the Town of Jackson. The total dollar volume generated in this segment of the market last year was $168.8M, with nearly 30 percent of that (or just less than $50M) coming from sales in either The Glenwood or Arts District West.
While the average sale price held relatively stable at just under $2M, the median sale in 2023 was just over $1.5M (for a 2-bedroom, 2-bath condo in the Aspens). Creating some statistical harmony year over year, the median condo/townhome sale price in 2022 was also a 2-bedroom, 2-bath Aspens condo.
SINGLE FAMILY HOMES
In 2023, 84.1 percent of all transactions (or 222 sales of a total of 264) involved an existing residence and accounted for more than $900M of Teton County’s total of $1.031B. That number is down slightly from 2022, when residential sales represented 84.6 percent of the total 273 transactions.
Nearly 75% of the valley’s dollar volume was generated by 137 home sales. For the upper end of this market segment (that is, above $5M), 48 home sales generated more than $500M in sales volume. The high-end home bracket accounted for only 18 percent of all Jackson Hole sales in 2023, but the complementing dollar volume exceeded 50 percent of the annual overall market volume.
The average home sale price in Jackson Hole jumped $1M in the last 12 months, increasing from $4.44M in 2022 to $5.44M in 2023. The median sale price also saw an increase year over year, moving from $3.35M in 2022 (for a 4-bedroom, 3,300 sq.ft. home in Melody Ranch) to $3.475M in 2023 (for a 3-bedroom, 2,700 sq.ft. home on 5 acres in South Park).
At the beginning of 2024, 71 homes were listed for sale across Teton County. Despite the general “Buyer’s Market” climate, homes for sale at the moment represent a 13.4 percent decrease in active inventory compared to one year ago (when 82 homes were listed for sale).
LAND & RANCHES
Signaling a slight indication that rising building costs might be in the rearview mirror, vacant land sales in Teton County increased 10.3% in 2023, posting 32 sales this year compared to 29 transactions in 2022. The $89.6M in dollar volume generated last year, however, represented a 20.4 percent decrease from 2022 for the vacant land segment of the market.
Fifty-two parcels are currently listed for sale across the valley ranging from $40M for the iconic, 257-acre Mead Ranch just outside of the Town of Jackson to $1.295M for a 0.7-acre parcel at Jackson Hole Golf & Tennis Club.
The median transaction in 2023 also involved a parcel from Jackson Hole Golf & Tennis Club(a 1-acre parcel listed for $1.825M that sold in November). The average price for the 32 closings from 2023 was $2.8M (down from $3.9M – or 27.9 percent – in 2022).
With the future of Northern South Park development still in debate and with no other single-lot, large-scale developments on the horizon in Teton County, it seems this segment of the market will continue to play a minor role in the statistical story of the Jackson Hole real estate.
But with more than 98 percent of the valley’s real estate protected from development in perpetuity, the scarcity of raw land in Teton County will invariably keep demand high.