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.
The real estate market has stabilized in resort towns throughout the Western United States since the frenzied pace seen in 2021-2022. In 2023, there was a dip in several key metrics, including the number of properties sold and sales volume. However, the average sold price increased in 14 of 17 resort communities across the Mountain West profiled in this report. This average increase was 12.42%, demonstrating buyers’ ongoing desire for areas that offer year-round recreation like skiing, hiking, fly-fishing, and golf. Destinations with the largest jump in sold prices were Park City, Utah; Big Sky, Montana; and Sun Valley, Idaho. The average price per square foot also rose in 12 resort areas, ticking up by 4.5% in 2023.
These scenic locales, with access to national forest and a variety of outdoor activities, had limited inventory throughout 2023, resulting in a decline in sales volume, which dipped by an average of 10.7% overall. Rising home prices and a decrease in new construction within several resort areas contributed to less buyer demand this past year. Homeowners were also less inclined to sell as they were happy with their current property and location, adding to the lack of inventory available for buyers.
Jackson Hole Sotheby’s International Realty participates in the annual Resort Report, in conjunction with LIV Sotheby’s International Realty, to provide analysis for the ski resort specialty market areas of 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.
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.
On paper the Teton Valley, Idaho and Alta, Wyoming real estate market saw a little bit of a letdown by the end of 2023, with transactions falling 23.2 percent and overall dollar volume dropping 11.1 percent compared to 2022.
That perceived letdown, however, fails to take into account the meteoric rise the valley has seen in recent years.
In 2019 (or pre-Covid), the Teton Valley market saw 586 transactions that generated $181.9M in sales volume. Last year, the 576 closings in the valley were on par with the activity of four years ago, but the complementing dollar volume grew to $438.4M (or a 141 percent increase compared to 2019).
New construction in developments like Tributary helped to push the average home price from $1.21M in 2022 to $1.34M in 2023, while several new condo and townhome projects kept activity brisk in this segment of the market despite higher mortgage interest rates.
While activity has slowed since the height of the pandemic, limited inventory is also partially to blame for the decrease in sales. This time last year, Teton Valley had 330 listings actively on the market. Twelve months later, that number has fallen to 291.
Best wishes in 2024 from all of us at Jackson Hole Sotheby’s International Realty!
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!
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.
Faced with the highest mortgage interest rates in more than two decades and also with an increase in properties listed for sale, the 2023 Star Valley real estate market fell precipitously by the end of September compared to 2022. Year-over-year transactions are down 41.4 percent compared to the first nine months of 2022 (that is, 418 closings through Q3 2022 vs. 245 closings in 2023), and the complementing dollar volume is down more than 50 percent ($233M last year vs. $116M in 2023).
In October, 2022, 313 properties were listed for sale in Lincoln County. One year later, that number jumped 22.3 percent to 383 properties for sale.
One bright note as summer wore down was September’s performance. Fifty-one closings represented the busiest month to date in 2023 for Lincoln County and generated $20.3M in overall dollar volume.
Another highlight as summer came to close was Jackson Hole Sotheby’s International Realty’s End-of-Summer party at Melvin Brewing. While it was a great excuse to raise a glass together before winter, it was also an opportunity to celebrate the first year of operations at our sales office in Alpine. The newest Jackson Hole Sotheby’s International Realty office is located in the Northstar Building, next to Driftwood Pizza. Stop in for current offerings and the latest information on the Star Valley real estate market.
With three months left in 2023, it seems doubtful the Teton Valley real estate market will reach the symbolic $500M mark for its year-end dollar volume. Through Q3, year-to-date transactions are down 32 percent and the complementing dollar volume from those sales is down 23.4 percent when compared to the same period in 2022.
While vacant land sales have been the driver for the Teton Valley market in recent years, home sales are carrying the day in 2023. The 137 home sales thus far in 2023 (out of a total 420 closings for all property types on the year to date) generated more than $180M in closed sales volume (or 58.6 percent of the $308M closed in the first nine months of 2023). And while higher mortgage interest rates have diminished the buyer pool in 2023, the upper end of Teton Valley market (that is, properties with a listing price of >$1M) is outperforming the overall market with only an 11.7 percent decline in year-to-date upper-end sales compared to 2022.
215 vacant land sales also generated nearly $80M in sales for the first nine months of 2023. Those sales represent 51.2 percent of all transactions in 2023. For the same period in 2022, vacant land transactions accounted for 59.9 percent of all closings.
Of the areas of Victor, Driggs, Alta and Tetonia, Driggs saw the largest decline in transactions for the last twelve months. Transactions are down 42.5 percent and dollar volume is down 37.8 percent compared to the same period in 2022. Alta has fared the best thus far in 2023, down 20 percent on sales compared to 2022, but up 26 percent on dollar volume.
