The Jackson Hole real estate market closed out 2024 with little fanfare, a period of stability following the turmoil of 2020-2021 and the subsequent dip in transactions during 2022. Over the past three years, both transaction levels and prices have remained largely steady. However, 2024 was still shaped by various economic factors that indirectly impacted our local market. Inflation remained a critical issue, and the respite in mortgage interest rates did not materialize as many had predicted. A presidential election and geopolitical instability contributed to volatility in the stock market, a marker that weighs heavily on the 2nd home buyer population.
Different segments of the market have responded to these shifting conditions in their own ways. Still, overall, the number of sales has not yet rebounded to pre-pandemic levels, while prices have remained resilient. Year-over-year transactions saw a modest 5% increase, though this still represents a 42% decline from the levels of 2019. Meanwhile, the median sale price dipped slightly by 2% compared to the previous year, though it remains nearly double what it was in 2019.
Inventory continues to play a critical role in keeping prices elevated. While inventory saw a slight 8% uptick at the close of the year compared to 2023, available properties for sale remain historically low.
Looking ahead to 2025, unless inventory increases significantly or a strong surge in buyer motivation occurs, the market may continue on its current trajectory with little change.
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Single-family home sales lagged behind the previous year’s levels for most of 2024. However, a surge in sales during the final months brought the total for the year in line with last year’s figures. During the summer, many potential buyers were cautious, closely watching the market for better conditions, such as lower interest rates or increased inventory. Meanwhile, sellers stayed patient, anticipating their properties would eventually draw suitable offers. However, as sales stagnated, many sellers lowered their asking prices, leading to an uptick in successful transactions. On average, homes sold about 9% below their original asking price.
Both average and median sale prices dropped—down 15% and 9%, respectively—not due to falling prices but a shift toward lower-priced sales compared to 2023’s higher-end transactions. Home prices have remained stable due to persistently tight inventory and steady demand. By yearend, there was some relief when inventory increased about 37% higher than a year ago, with 89 homes for sale. However, this level is still considered extremely low.
In this environment, sellers aiming to achieve successful transactions need to align their pricing strategies with current market conditions while buyers wait for the right balance of value and practicality before making a move.
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Condos and townhomes are the one segment of the market that has been somewhat unpredictable since 2022, when the market began adjusting to a new normal. Many buyers appeared to hold off, hoping for improved prices, lower interest rates, and more desirable inventory. However, the year ended on a strong note, with transactions increasing by about 15% compared to the previous year. Notably, the number of units under contract at year-end surged by over 70% year-over-year, signaling continued strength in this segment moving into the new year.
Notably, this is the one segment of Jackson Hole’s real estate market that has shown price depreciation since the 2021 peak, with entry-level condos experiencing an average annual price drop of about 5.5%. On average, condos sold this year at prices 9% below their original asking price, demonstrating that even modest price adjustments can help facilitate successful transactions.
Average and median sale prices decreased by 18% and 12%, respectively, largely due to an increase in lower-priced sales, including workforce-restricted housing and entry-level condos. It’s important to note, however, that price trends vary across the condo and townhome market, as competitive dynamics differ between developments and locations.
Increased sales activity in this segment drove available inventory down nearly 25% year over year. This tightening inventory could counteract the downward pressure on prices moving forward.
Scarcity defines value, and nowhere is this more evident than in Jackson Hole’s land market, where less than 3% of Teton County land is privately held. Land sales in Jackson represent the smallest portion of total transactions, accounting for just 11% of area sales. This reflects the limited availability and the challenges of developing land in the region. Despite these constraints, transaction levels remained steady this year, with only one fewer sale than the previous year.
The majority of sales occurred within the city limits of Jackson and just four sales occurred under $1 million. The least expensive sales were two lots on a hillside in Town selling for $650,000 each. Available inventory declined by about 10% year-over-year, with four parcels under contract as the year ended. The average sale price dipped 6% to approximately $2.8 million. Fluctuations in this segment can appear more pronounced due to the market’s small size and there is no clear trend of significant price movement either upward or downward.
For buyers, acquiring land in Jackson is a strategic long-term investment, as the inherent scarcity suggests its value will appreciate over time. Sellers, on the other hand, face a delicate balance: while their property is undoubtedly a rare and valuable asset, the small size of the market often results in lengthy transaction timelines, which have averaged 248 days over the past five years.
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Luxury property sales in Jackson Hole have been resilient, even amidst the broader market slowdown that began in 2022. This report defines luxury properties as those selling for over $5 million. This year saw the sale of several notable properties, including the Grand View River Ranch, listed at $58 million, and a 37-acre estate along the Snake River with an 8,000-square-foot home, listed at $40 million. While luxury transactions declined by approximately 7% compared to the prior year, the median price rose nearly 10%, and the average price remained steady at about $10.6 million.
The luxury segment is currently the most saturated in Jackson Hole’s real estate market, offering buyers a wide range of options. Inventory in this category increased by 43% year-over-year, creating a more competitive seller environment. Properties that are priced too aggressively may linger on the market, as buyers in the luxury space have numerous options and tend to be selective. Sellers aiming to close deals in this competitive landscape must carefully consider market conditions and price their properties appropriately.
At year-end, the number of luxury properties under contract was the same as the previous year, and there is no indication of any significant price movement. As the luxury space continues to evolve, buyers and sellers must stay adaptable to capitalize on emerging opportunities.
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