Real estate prices in Jackson Hole rose 27% year-over-year in the first half of 2021, led by a sustained surge of demand since the pandemic and a lack of inventory.
With 97% of Jackson Hole comprised of public land, the sparse listings on the market and appreciating prices limited the increase in units sold to only 68.9% compared to the dramatic slowdown at the height of the pandemic last year.
While the numbers are skewed when comparing year-to-date numbers to the same pandemic-impacted period last year, we can look at the 12 months since the market roared back for clearer picture.
From July 2020 through June 2021, real estate transactions are up by 52.6% in the Tetons compared to the 12 months of 2019. More remarkably, sales volume rocketed by 149.1%, totaling a massive $2.31 billion.
With slightly more inventory available, condo unit sales increased by nearly 100% year-over-year in the town of Jackson and by 75% county-wide in the first half of 2021. Home sales were hamstrung by availability, jumping just 35.4%. Boosted by more inventory north and south of Jackson, land and ranch unit sales soared by 128%.
Average sales prices rose across all three property categories in the first half of 2021, increasing by 41.3% among single-family homes, 4.1% among condos/townhomes, and 18.9% among land/ranches.
You can read the full Quarter 2 2021 Market Report for Teton County, Wyoming, from Jackson Hole Sotheby’s International Realty below.
If you’re on the market for a Jackson Hole home, or are thinking about taking advantage of this seller’s market and listing your property, please do not hesitate to contact us at jhpropertygroup@jhsir.com or 307-739-8190 for a custom market assessment or early notice on new listings.
