Last year marked a cooling of a supercharged Jackson Hole real estate market fueled by the pandemic, but the impact on pricing looks to be persistent.
Real estate transactions in Teton County, Wyoming fell by 53.1% in 2022, from 580 units in 2021 to 272 units. Total sales volume decreased by 49.6% year-over-year to $961.4 million, but that number is still above the pre-pandemic total of $927.6 million in 2019.
Despite that slowing, sales prices stayed at Teton-level altitudes last year. The average single-family home sales price was $4.4 million (a slight 5.8% decrease from 2021) and the average sales price of a Jackson Hole condo was $1.9 million (a 44.3% increase partially due to sales of new luxury condos). Those represent remarkable leaps of 67.8% and 148.0%, respectively, compared to the same figures before COVID in 2019.
With rising interest rates throughout 2022 and some lingering inflationary pressures, the Jackson Hole real estate market is still in a transition period. It remains to be seen how much sales prices might settle in this new normal in the Tetons, making it more important than ever for buyers and sellers to have knowledgable local realtors to closely monitor and navigate the market.
Do not hesitate to contact JH Property Group at email@example.com or (307) 739 8190. In the meantime, the full Year End Market Report for 2022 from Jackson Hole Sotheby’s International Realty can be viewed below.