Reflecting national trends, last year saw a market stalemate in Jackson Hole real estate, as buyers waited for interest rate hikes to settle, and potential sellers held onto their properties to avoid those higher rates when financing their next property.
Units sold in Jackson Hole decreased by 3.3% in 2023 compared to the previous year. A lack of snow to start the winter appeared to contribute to that slight dip, with less jet-setting skiers in the valley and only 15 units sold in December.
With even less available home inventory (currently down 13.4% year-over-year), prices remain elevated, with the average home price in Teton County, Wyoming increasing by 22.5% in 2023 to $5.4 million. High-end real estate sales of more than $5 million accounted for more than half of Jackson Hole’s $1 billion plus in total real estate sales volume last year.
Looking forward, the market will undoubtedly be influenced by the Fed’s apparent pause in interest rate increases and its potential forthcoming rate decreases. Home prices will also be worth monitoring to see if potential sellers in more attainable price ranges might start to lower listing prices to help move the needle on their homes.
You can read the entire Teton County, Wyoming Market Report for Year-End 2023 from Jackson Hole Sotheby’s International Realty below.