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.
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.
The Evolving Future of the Jackson Hole Guest Home
Accessory residential units enhance housing stock and property values.
by Staff Writers
As property values continue to rise across the Mountain West and available housing inventory declines, homeowners are exploring additional ways to maximize the potential of their real estate investments for personal—and community— benefit alike. One increasingly popular option among communities in the Jackson Hole region is the incorporation of accessory residential units (ARUs) within a property.
A two-bedroom, 1,391-square foot guest home on Big Boulder includes a two-car garage and provides versatility for traditional guest usage or as a caretaker’s home on the property’s 23 acres.
Property owners have the option to re-imagine the traditional guest home paradigm towards uses that favor housing diversity, sustainable community development, and additional income potential.
While ARUs undeniably enhance property values, their secondary impact lies in their ability to enrich the broader community by helping to augment housing opportunities throughout region. By providing unique housing inventory, ARUs are able to accommodate diverse living arrangements, and are ideally suited to multi-generational families, young professionals, retirees, and others.
“In-law suites” are among the more commonly accepted uses of ARUs within Teton County, Wyoming. Multi-generational housing is often permitted in areas of the county that would otherwise prohibit multi-family use—as in the leasing of a guest home. These apartment-style suites are typically attached to a primary residence and often provide a separate entrance. In-law suites offer opportunities for expanded living arrangements, allowing families to stay connected while maintaining independence—a benefit that can be especially valuable in elder care situations.
In a region where conservation is a community priority and additional development opportunities are limited, ARUs can promote limited and sustainable community development by utilizing existing infrastructure and aiding in the minimization of overall environmental impact. By repurposing underutilized spaces within residential properties—especially in the town of Jackson—thoughtful ARU implementation can contribute to smart density, with the added benefits of walkable neighborhoods and reduced developmental sprawl.
In addition to their cultural and environmental benefits, ARUs play a vital role in addressing housing affordability challenges in Jackson Hole. The scarcity of available housing options has been a prominent theme in the area for decades. In areas of the county that allow long-term rentals, ARUs provide a practical solution by offering alternative housing options that are accessible to a broader range of income levels and individual needs. This opportunity for affordable and varied housing stock not only benefits owners and residents, but also contributes to the economic diversity and vitality of Jackson Hole’s broader community. The “caretaker’s home” concept that has long been established on larger properties now has more scalable opportunities for year-round housing that can be implemented more broadly within the region.
The economic value provided by incorporating ARUs is obviously not limited to the community impact alone. Homeowners often enhance their property values and generate additional income through implementation of these less-traditional rental opportunities, which can help to offset mortgage expenses and property taxes.
Despite these benefits, owners must navigate regulatory requirements and zoning ordinances that govern ARU construction and operation. Size, design, and occupancy are subject to varying degrees of regulation depending on the property’s location, specific land use regulations, and any additional neighborhood restrictions. Homeowners should consult with a real estate professional, planner, architect, and real estate attorney to successfully navigate the nuances of any particular property’s ability to utilize an ARU.
These varied and unique residential units play an increased role in enhancing a property’s versatility and value, promoting sustainable development, and helping to address community housing challenges on a micro scale. Through thoughtful planning and implementation, ARUs can contribute a pathway to a more vibrant and sustainable future for residents of Jackson Hole.
Make Teton Village Home for the Holidays and Beyond.
New listing activity ushers in the holiday season with rarely-available offerings.
by Staff Writers
While December offered up a slow start to the snowpack and ski conditions throughout the Mountain West, an unofficial indicator of the winter seasons is showing increased activity—real estate listings at Teton Village.
The Village, at the base of Jackson Hole Mountain Resort, is the epicenter of ski properties in the region. Unlike other resort properties throughout the West that have multiple base village access points or sprawl across a broader series of foothills, the resort district of Teton Village is relatively small and contained.
While a wide variety of properties throughout Teton County benefit from convenient access to the area’s ski resorts, true ski-in/ski-out properties are a relative rarity in Jackson Hole. These new-to-market listings provide the ultimate convenience and effortless access to the season’s sleeper powder days and storm skiing, alike.
The inventory of real estate available in Teton Village is broader than it has been in recent years, offering varied property styles and price points.
Public Land Expands Possibilities Throughout Region
by Staff Writers
In a part of the country renown for it’s iconic landscapes, the greater Yellowstone region is truly defined by its expansive public land. Whether via national parks, national forests, or other federal or state protected lands—the vastness of the west is epitomized within these public lands.
While Jackson Hole, Teton Valley and the surrounding counties offer incredible access to vast tracts of public lands, there is substantial value afforded to private offerings that border these public spaces. Direct access to public lands can provide enhanced recreational opportunities, wildlife viewing or habitat enhancement opportunities, preserved viewsheds, and so much more.
Elevated Living & Views Atop Jackson Hole’s Buttes
by Staff Writers
Jackson Hole is renowned for its natural beauty and iconic landscapes, and many of the region’s best views are enhanced from an elevated position. Properties atop the nearby buttes offer a unique living experience in an area where the rugged topography otherwise dictates that the majority of residential properties occupy the valley floor. These gently rolling butte-top properties are among some of the most desirable for homeowners for the views and privacy they afford.
In a region lauded for its vistas and iconic skyline, the properties atop these features provide breathtaking panoramic vistas of the Tetons and Gros Ventre mountain ranges. Position and sightlines from above yield unobstructed views of not only the surrounding mountains, but also often include the the Snake River corridor and the broad valley that gives the region its name.
The sense of privacy and seclusion are unrivaled among these properties. Elevated above the surroundings, they offer a respite from the buzz of the town below. Larger lot sizes and decreased density between residences further enhance these feelings, allowing homeowners to better appreciate the beauty and expansiveness of the landscape. These geographic features can also present an opportunity for stewardship and conservation, in addition to wildlife viewing. They serve as desirable habitat, with many species utilizing the features for wintering, or as a part of their migration routes.
Skiers Find Luxury and Convenience in Teton Village
by Staff Writers
Teton Village has once again proven to be the place to be this winter as consistent season-wide snowfalls have brought the resort’s totals to the 500-inch mark and beyond. If the continuous storm skiing and powder days weren’t enough on their own, this weekend’s Rendezvous Spring Festival is poised to deliver an impressive, unofficial capstone to the season in Jackson Hole. The two-day music festival features a Friday night set on Jackson’s iconic town square followed by Saturday’s set in Teton Village at the base of Jackson Hole Mountain Resort.
In Teton Village, exquisite condo-hotel properties epitomize an ease of ownership and mountainside access. A two-bedroom, three-bathroom condominium in Hotel Terra serves as the ideal base camp for all that the Village has to offer. A versatile floor plan is accentuated via three separately-keyed units that offer a combined 1,137 square feet of space and includes a fully-equipped kitchen.
Hotel Terra unit 318’s flexible lock-off design can accommodate up to eight guests in an effortless ownership model.
Altogether, Hotel Terra 318 can accommodate up to eight guests, and a robust program is available to provide rental management for the unit when owners are not in residence. The AAA, 4-Diamond boutique hotel offers a suite of luxurious amenities including a heated outdoor pool and hot tub, fitness center, spa, ski valet and a dedicated owner’s locker. On-site dining is available via Il Villaggio Osteria, a bastion of Teton Village’s culinary scene serving authentic Italian cuisine, and the rest of the resort area’s offerings are only steps away.
After record-breaking sales transaction volume in 2021 and 2022, demand remains strong for real estate in resort communities throughout the Western United States. Over the past two years, many homebuyers relocated from cities to less populated regions in the Mountain West, due to the shift to virtual workplaces and demand for the mountain lifestyle.
Home prices have continued to climb as buyers demand properties in desirable locales with access to ski resorts, open space, rivers, and lakes. The average sold price for homes rose by 13.9% across the seventeen resort communities profiled in this report over the past year. The price per square foot increased by an average of 16.5%, as buyers search for properties near wilderness and outdoor recreation with limited inventory available. Year-over-year transaction volume has begun to stabilize from the buying frenzy these resort regions experienced over the past two years.
To provide analysis on these specific markets, Jackson Hole Sotheby’s International Realty participates in the annual Resort Report, in conjunction with LIV Sotheby’s International Realty, that specifically analyzes real estate market data for communities including Aspen, Beaver Creek, Breckenridge, Crested Butte, Snowmass Village, Steamboat Springs, Telluride, Vail, and Winter Park in Colorado; Park City, Utah; Sandpoint and Sun Valley, Idaho; Jackson Hole, Wyoming; Big Sky and Whitefish, Montana; North and South Lake Tahoe, California/Nevada; and Santa Fe, New Mexico.
Large acreage and expansive views define a tranquil neighborhood.
by Staff Writers
Diary Subdivision is a small, private subdivision in the northern South Park region of the Jackson Hole valley just beyond the westernmost edge of the town of Jackson. Comprising more than 525 acres, Dairy Ranches, as the area is commonly known, offers pastoral ranchette-style lots ranging from ten to thirty-six acres with an ideal balance of seclusion and convenience.
A sense of privacy and a preservation of open spaces define the subdivision, while panoramic views of some of the region’s iconic peaks accentuate the subdivision’s properties. Views of the Cathedral Group of the Tetons rise from between Boyle’s Hill and West Gros Ventre Butte. Glory’s signature eastern bowl and the Snake River Range’s ridges along Teton Pass are visible throughout the west, while the rolling flanks of Munger Mountain anchor the southern expanse.
Dairy Ranches is able to provide a balance of privacy and ease of access in part due to each of its three residential roads being terminal, eliminating any through-traffic. The large parcels of the former cattle ranch and dairy operation that gives the neighborhood its name offer a permeability to the landscape that allow migrating elk and other wildlife to move through the area, and help to define its semi-rural character.
2675 W Dairy Lane is an equestrian estate on 25 acres just west of the town of Jackson, complete with a 4,300 square foot barn, eight paddocks, grass riding area and dedicated jumping/riding arena.
Within the highly-esteemed subdivision, 2675 W. Dairy Lane has recently come to market and is among the valley’s most refined equestrian estates. The property’s twenty-five acres are home to a beautifully appointed, nearly-five-thousand square foot main home with three bedrooms within its single-level floor plan. A combination of log spans and timber beams lend and airy and open feeling to the home, and are accented by elegant stonework. Expansive windows showcase Teton views throughout, and provide a light-filled balance to the home that melds refined rustic accents with traditional and farmhouse elements for a warm and inviting aesthetic.
A thousand-square-foot guest home provides an additional two bedrooms and two bathrooms on either side of an open, light-filled living space. Cathedral ceilings, a generous fireplace, a kitchenette and dining area complete the guest accommodations.
The property’s equestrian facilities are among some of the finest available, with the centerpiece being its deluxe seven-stall barn of more than 4,300 square feet. The barn incorporates a tack and trophy room, workshop, and includes its own dedicated laundry and kitchen facilities. Outside, the property features two distinct riding areas—one of irrigated grass, and the other with professional footing dedicated to riding and jumping.
To the south, 2605 W Dairy Lane provides a nearly-four-thousand square foot, four-bedroom main home on eleven acres. Recent renovations include a gourmet kitchen that flows into an open and inviting layout of primary and secondary living areas—including dining area and a large den. The open plan affords a flexibility that is equally suited to entertaining and daily living, alike. Contemporary accents extend into the home’s bathrooms, where simplified lines, and monochromatic material selections provide a luxurious feel, offset by contrasting cabinetry and stainless hardware.
2605 W Dairy Lane underwent recent renovations to the nearly-four-thousand square foot, four-bedroom main home and offers a bright, open floor plan with contemporary accents. A guest apartment and separate caretaker’s quarters provide flexible accommodations.
Additional accommodations are provided via a thousand square foot guest apartment above a detached three-car garage, and a separate caretaker’s quarters within the property’s barn. All told, the property provides three distinct residential units and six garage bays to maximize versatility within this Dairy Ranches retreat.
