As the year wraps up, it’s a good time to check in on how the Jackson Hole real estate market is doing. While national housing trends tend to grab headlines, Jackson Hole often plays by its own rules. The area’s uniqueness and its extreme land scarcity create a dynamic market that can be difficult to compare to anywhere else.
Overall, Jackson’s real estate market showed its power in 2025, with several key metrics climbing back to levels not seen since 2021 and 2022, during the height of the COVID-era market surge. Total property transactions rose 14% year over year to approximately 443 sales, marking the highest annual total since 2021 (though that year remains an outlier with 853 transactions). Median sale prices have hovered near the $2 million mark for the past three years, underscoring continued price stability.
Inventory increased roughly 22% compared to last year’s year-end, with 220 active listings, still historically low and likely reflective of a new normal given limited opportunities to add supply. Momentum is already building for 2026, with properties currently under contract up 9% compared to this time last year. Buyers and sellers considering a move in the coming year should pay close attention to these conditions: well-positioned properties are selling
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The appetite for single-family homes in Jackson has remained strong for years, and in 2025, transaction activity climbed to its highest level since 2021, a year that marked a decade-plus peak before sales cooled. About 211 homes sold in 2025, representing a 13% boost over the prior year. The area south of Wilson along Fall Creek Road saw the largest jump in activity, with sales up 125%, though the majority of transactions still occurred within town.
What truly defined the 2025 market, however, was the continued intensity at the ultra-high-end. Luxury and trophy properties are no longer just a small slice of the market; they are actively shaping overall pricing trends. With roughly 10% of home sales closing above $15 million, including one sale exceeding $40 million, these top-tier transactions had a powerful ripple effect on market-wide statistics. As a result, the average home price surged to more than $6.5 million, up an eye-catching 37% year over year and the highest level ever recorded in Jackson.
Because these headline-making sales drastically skew averages, the median price provides a clearer picture of broader market health. Even there, pricing strength was undeniable. The median home price climbed to $3.3 million in 2025, a 10% increase from last year and another all-time high for Jackson. At the more attainable end of the spectrum, the lowest home sale of the year was $895,000 for a small home in Hoback Junction. The highest sale topped over $40 million for a 73-acre property along the Snake River with a spectacular home and water features. Remarkably, this same property took the top spot just two years ago, now with a 13.5% higher price.
Inventory levels remained steady, with 86 homes on the market at yearend, while momentum appears poised to carry into the new year, with 46% more homes under contract compared to this time last year.
Condo and townhome activity in 2025 was relatively flat, with transaction volume inching up just 3% from the prior year. While the pace of sales remained steady, the segment continued to reflect a more cautious and price-aware buyer pool.
That sensitivity is evident in pricing trends, with condos and townhomes selling for an average of about 8% below their original list price, compared to a roughly 5% discount in the single-family home market. Higher interest rates and overall affordability challenges continue to shape buyer behavior. Even so, average sale prices climbed 10% year over year, largely driven by continuously robust demand for higher-end condo and townhome offerings.
A notable contributor to this year’s numbers was the longanticipated closings at the Hoback Club residences, an exclusive new development at the base of Teton Village. These high-dollar sales helped lift both the average and median sale prices, with the median also rising 10% compared to last year.
Looking ahead, the outlook for this segment is less certain. Inventory has grown substantially, up 46% year over year, while the number of properties under contract at year-end declined sharply, falling 67%. With more than half of condo and townhome sales priced under $”1.5 million and more reliant on traditional financing, changes in interest rates over the coming year are likely to have an influence on overall performance.
Vacant land sales in Jackson Hole rebounded in 2025, marking the first meaningful year-over-year increase in transactions in three years. While activity didn’t approach the record levels seen in 2020, sales still climbed roughly 22% compared to the prior year. As with other market segments, average pricing was lifted by a concentration of high-dollar transactions, rising nearly 20% year over year. Nearly 30% of land sales closed above $3 million, including a handful exceeding $15 million, while the median sale price reached $1,850,000, a 16% increase from last year.
The area north of Jackson saw the largest jump in activity and was also home to the year’s highest land sale: a 70-acre parcel with Snake River frontage listed at $17,800,000. True to historical norms, land sales continued to take longer than other property types, with an average of 227 days on market, nearly 60% longer than homes or condos.
By year-end, vacant land inventory had increased 42% compared to last year. While that may sound significant, it represents a welcome expansion of options for buyers and marks the highest year-end inventory level since 2019. Encouragingly, pending activity points to positive momentum heading into 2026, with 7 vacant land properties under contract as the year closed, setting the stage for a strong start to the new year
The luxury market in Jackson Hole delivered a historically significant performance in 2025, continuing to push boundaries at the top end of the price spectrum. The year closed with more than 100 transactions exceeding $5 million, nearly a 50% increase over the prior year. Even more striking was the record-breaking activity above $15 million and $20 million, and even sales surpassing $40 million, marking the strongest ultra-luxury performance on record.
The vast majority of these luxury transactions involved singlefamily homes and condominiums, with only a handful of vacant land sales. Three areas of the valley emerged as clear leaders in luxury activity: the Town of Jackson, the area north of Jackson and south of the airport, and the stretch south of Wilson down Fall Creek Road. The highest sale of the year (noted in the single-family overview) exceeded $40 million for a remarkable 73-acre Snake River property and residence that claimed the top sale two years ago, but closing this time at a price 13.5% higher.
While the luxury segment has historically carried ample inventory, 2025 expanded buyer choice further, with luxury listings increasing by roughly 14% year over year. Momentum is carrying into the new year as well, with pending luxury sales up 18% at year-end, an early signal that the ultra-luxury market may remain a defining force in 2026.
