This year began with a steady stream of real estate activity, though the overall pace trailed the first quarter of last year, with transactions down roughly 8%. This decline was driven primarily by sluggish condo and townhome sales, which saw a 54% drop in trades. In contrast, single-family home and land sales both increased year over year.
Average and median sale prices showed notable swings, but with a relatively small data set, these figures can be easily influenced by outliers, especially considering 2025’s concentration of ultra-high-end transactions. There is no indication of large swings in property prices. In fact, pricing continues to hold steady with modest appreciation in most segments.
By the end of the quarter, inventory had grown to 208 listings, a 26% increase from a year ago. This inventory boost is great news for buyers who are still struggling to find their perfect fit as the inventory drought continues into another year. The market appears well-positioned heading into the spring selling season, with pending sales up 3% at quarter-end. Overall, market fundamentals remain solid, with improving inventory and steady demand setting the stage for an active spring and summer season.
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The single-family segment continues to lead Jackson’s real estate market, with transactions up more than 20% year over year. The Town of Jackson drove much of this momentum, where sales more than doubled compared to the same period last year.
On the pricing side, average and median sale prices declined, largely reflecting a shift in market composition. Last year’s first quarter was heavily concentrated in ultra-high-end sales, while this year has seen a more balanced mix. Approximately 20% of transactions closed below $2 million.
In terms of inventory, active listings held steady at 76 homes at quarter-end, still a historically low level for Jackson Hole. At the same time, pending sales have increased by 46%, signaling continued strength going into the spring and summer season.
Well-priced homes in excellent condition are moving quickly, while those testing the market with aspirational pricing are taking longer to sell and generally end up selling at a significant discount. In quarter one, 70% of homes took over 120 days to sell and closed at approximately 85% of their original listing price. Looking ahead, this segment is expected to remain highly competitive, supported by steady demand.
Jackson’s condo and townhome segment has experienced a bumpier path since the market peak in 2022, when rising interest rates significantly impacted affordability and sidelined many investors. As a result, buyer activity pulled back. That trend continued into this year, with total transactions down approximately 54% year over year. The Town of Jackson, typically the most active area for this segment, saw sales fall by roughly 50%.
On the pricing side, trends vary widely depending on location and price point. While first-quarter data shows a sharp increase in average and median sale prices, this does not indicate true appreciation. Instead, it reflects a small sample size skewed by a handful of higher-end sales, with little to no activity at the lower end of the market, yet this year.
Inventory, however, provided a positive shift. Listings doubled compared to a year ago, a meaningful increase even if it comes off a historically low base. This added supply begins to bring the market into better balance.
Pending sales dipped slightly, down four transactions year over year, but overall, there are no clear signs of major nearterm changes. As the market moves into the spring and summer months, the condo and townhome segment is expected to remain relatively stable.
The vacant land market in Jackson Hole requires a broader lens, as limited sales volume can make headline statistics appear more dramatic than the underlying reality. So far in 2026, sales are only slightly higher than last year, with two additional transactions. These properties spanned a wide range, from smaller in-town parcels to expansive acreage in Wilson and within resort communities like Shooting Star.
Because each parcel is unique, pricing is heavily influenced by zoning, land use, and development regulations. Navigating these nuances is critical, making experienced local guidance especially valuable when buying or selling land in the region.
Inventory has increased by more than 50% year over year, with 55 parcels currently on the market. While this suggests more choice, availability remains nuanced. Once specific buyer criteria are applied, suitable options can still be limited.
Pending sales are in line with last year, with seven properties under contract at quarter-end. Given the variability and lack of clear trendlines in this segment, the trajectory for the remainder of the year remains less predictable, but we don’t expect any major market-wide changes.
Jackson Hole has become synonymous with luxury, and its real estate market refiects that reputation. In recent years, the ultra-luxury segment, particularly properties priced above $15 million, has seen notable growth and sustained demand.
Through the first quarter, luxury activity held steady, with approximately 27 transactions over $5 million, in line with the same period last year. Inventory in this segment is one of the few areas offering meaningful selection, increasing by more than 30% year over year.
Even so, luxury properties continue to see the longest time on market, averaging around 191 days. Sellers tend to have less urgency, while buyers tend to be highly selective and willing to wait for the ‘perfect’ opportunity. This dynamic can make aligning expectations and closing deals more complex .
Looking ahead, the luxury segment is expected to remain stable. If recent patterns hold, it is likely to remain a key driver of record-level performance across Jackson Hole’s real estate market in 2026.
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