The Teton Valley real estate market started the year off on the right foot by posting 109 transactions in the first three months of the year, or up 10.1 percent compared to the same period in 2023. Low inventory, however, threatens to keep the market in check for the rest of 2024. Year-to-date sales also generated nearly $70M in sales volume.
At the beginning of April, 224 properties were listed for sale in Victor, Driggs, Alta, and Tetonia. That number is down from 281 last year, or a decline of more than 20 percent. The limited inventory, however, should help to sustain individual property values if the current sales pace continues heading into summer.
Vacant land sales led the way for Q1 2024 with 66 sales (or 60 percent of all transactions). That number is up 32 percent from last year, signing a possible resurgence of spec home builders and owners willing to build.
At the end of Q1 2023, the median (or mid-point) sale for Teton Valley was $430,000 for a 1-bedroom unit in Teton Creek Resort. Twelve months later, the median sale for Q1 2024 was unchanged at $430,000 (for a 10-acre parcel in Tetonia).
Heading into the hectic summer season, the Teton Valley real estate market seems poised to keep pace with 2023.
“Feast or Famine” would be an apt way to describe the 2023/24 ski season. An unseasonably warm and dry early part of the year finally gave way to a memorable February and March, which saw one of the biggest snowstorms in Jackson Hole’s history.
So too was the first three months of the Teton County real estate market. Year-to-date transactions are down slightly compared to a post-Covid Q1 2023 (54 closings in 2024 compared to 55 one year ago), but dollar volume is up 31.8 percent to more than $280M. Four large sales, including two guest ranches, represented a listing price volume of nearly $160M.
Despite the handful of larger sales, the condo and townhome market saw an uptick in activity over the last 12 months, posting 23 closings so far this year compared to 15 sales in the first three months of 2023. The region north of the Town of Jackson also saw strong activity with an 85.7% jump in transactions (or 13 closings this year compared to 7 sales in Q1 2023).
High mortgage interest rates continue to keep the market in check but so too does a limited number of listings for sale. Inventory is up slightly from 2023 with 147 properties currently listed for sale across Jackson Hole (compared to 131 listings at the beginning of April, 2023).
The median (or midpoint) sale price for Q1 2024 was $2.15M (for a 2-bedroom home with a guest house on Fall Creek Road) up slightly from $2.105M in Q1 2023 (for a 3-bedroom home in the town of Jackson).
Resort Report Illuminates Nation’s Best Ski Real Estate
Collaborative report offers real estate market insights from across the West.
by Staff Writers
Ski area properties across the American Mountain West hold enduring appeal within the broader national real estate market, providing recreational value and investment opportunity. These specialty market areas are often insulated, if not entirely removed, from larger macro-market real estate trends and are best assessed via a more nuanced analysis than is commonly available.
The Resort Report from Sotheby’s International Realty affiliates provides collaborative market analysis of seventeen distinct ski resort markets across the West to help inform your specific real estate investment decisions. No two ski towns are the same—each area offers its own unique character, market influences, and the occasional logistical hurdle—beyond the skiing itself. From the big-name Colorado resorts to the feast-or-famine snowfalls of the Sierra and everything in between—each of these regions offers diverse on-slope experiences and real estate opportunities. The Resort Report helps to break down several key real estate metrics and helps to illustrate recent market trends.
Traditionally, real estate within these resort markets is less influenced by external factors like mortgage rates than in other parts of the country, and is considered to be less volatile than financial instruments like equities. While data sets represented within the Resort Report are as standardized to the greatest degree possible, unique geographic distinctions and specific reporting criteria vary slightly, and consultation with a local real estate professional is encouraged for a complete picture of a specific area.
Accessibility varies depending on the resort’s location and proximity to major transportation hubs. While many of the resorts featured within the Resort Report are accessible via a regional airport, at a minimum—Jackson Hole benefits from direct commercial flights from twelve airports across the U.S. during the winter season.
The real estate market in ski resort areas is influenced by numerous other factors, including seasonality, tourism trends, and economic conditions. Collectively, these resort areas continue to see strong activity as overall demand for luxury living and recreational properties remains robust within the West. The frenetic pace of transactions in recent years has slowed, somewhat, with the average number of days on market increasing in all but one region featured within the report.
A newly listed and rarely offered Crystal Springs penthouse unit features incredible views, true ski-in-and-out access, a private parking garage, and a central location in the heart of Teton Village.
Jackson Hole and the adjacent communities have seen steady appreciation in property values, fueled by a reputation as a world-class ski destination and year-round outdoor playground, and bolstered by a very favorable tax environment and a laid-back western attitude. Here, luxury properties continue to be the primary market driver, where homes sold above $5M accounted for more than half of the overall sales volume—helping contribute to an 18.2% increase in the average sold price.
By comparison, while Colorado is home to 32 active ski resorts, it is household names like Aspen that tend to dominate the headlines—and often serve as benchmarks within real estate market metrics. Aspen, famous for its slopes and potentially more so for its vibrant après-ski scene and luxury amenities, once again set the high point for both the highest sold price and average price-per-square-foot—which eclipsed $3,000/sq.ft. in 2023, and was more than twice Jackson Hole’s average for the year.
In sharp contrast, New Mexico’s Taos Ski Valley offers a more secluded experience amidst the rugged, high desert beauty outside of Santa Fe. There, the average sold price and price-per-square-foot were the most attainable of featured regions. However, it is important to recognize that numbers alone only tell part of the story—with this data set capturing the entire Santa Fe region and a population of nearly-90,000 compared to Aspen’s reported 7,000.
Overall access and amenities certainly play a pivotal role in shaping the lifestyle offered by ski market real estate. Jackson Hole offers a truly unique blend of outdoor adventure and Western hospitality billed as “the last of the Old West.” Defined by the grandeur of the Teton Range and surrounded by Grand Teton National Park and neighboring national forest lands, Jackson Hole offers world-class skiing, wildlife viewing, and cultural attractions, creating an authentic mountain experience that transcends the winter ski season alone. The finite amount of private land in Teton County, Wyoming—touted at less than three percent—remains a significant factor in the strengthening of average sales prices amid a decrease in total transactions.
Sublette Ridge Ski Lodge epitomizes a Jackson Hole ski property, offering six bedrooms across a generous 8,577-square foot plan. Completely renovated in 2020, the home is being offered turn-key and is ideally suited for entertaining.
By comparison, Park City, Utah, has a much more suburban character less than an hour from a major metropolitan area and international airport. The region has witnessed expansive residential and commercial development along the entire Eastern Wasatch Range and the foothills adjacent to Park City and Deer Valley in the last decade due in part to vast amounts of privately-held land that has helped to facilitate expanding overall inventory levels, and kept average prices down.
Lifestyle amenities extend beyond the resort boundaries, with proximity to public lands, golf courses, and outdoor recreation opportunities further enhancing the appeal of ski resort area real estate. Whether it’s fly-fishing, hiking, mountain biking, or exploring nearby national parks, residents have numerous opportunities to immerse themselves in the natural beauty of each region. This is evident perhaps nowhere more so than in Jackson, where the winter ski season visitation is second to summer travel and occupancy levels.
A three-bedroom, three-bath condo in Snake River Lodge & Spa provides more than 1,800-square feet in a flexible lock-off layout.
In many markets, ski properties are defined by a distinct resort base area. Yet, in the Jackson Hole region, convenient access to the area’s three resorts expands the definition of a ski property. While this reported data set focuses exclusively on Teton County, Wyoming, the neighboring Teton County, Idaho provides a robust ski area market all its own.
Ski resort area real estate presents a unique blend of lifestyle and investment potential. Properties in high-demand resorts often command premium prices but can yield attractive rental income, especially during peak seasons. Condominiums and vacation homes with ski-in/ski-out access are particularly desirable for rental purposes, offering convenience and proximity to the slopes. Resort zoning adjacent to many ski areas can provide additional opportunities for short-term rentals through platforms like Airbnb and VRBO, and while many neighboring towns and counties have had to put policy guardrails in place to regulate these uses within certain neighborhoods, specific resort area zoning is often more favorable to these uses. Another opportunity for entry or investment within these resort markets is fractional ownership which, while prevalent within these areas, is excluded from this report’s data set.
Ski resort area real estate offers a variety of opportunities for buyers seeking both lifestyle and investment benefits. By considering factors such as location, accessibility, amenities, market trends and investment potential—buyers can make informed decisions to find their ideal ski property beyond terrain and snowfall data, alone. Consult a Sotheby’s International Realty brokerage to connect with a real estate professional anywhere in the world—and visit one of our nine regional sales offices, including four in Teton Village, for current local inventory and in-depth analysis.
