With continued low inventory and higher interest rates hindering activity, much of the third quarter of 2024 looked similar to the past couple years on the Jackson Hole real estate market. But September brought a spark, with Teton County, Wyoming reaching 40 transactions for the first time since December 2021, at the end of the pandemic-fueled real estate surge. That flurry came despite slightly less available inventory, with 256 active listings at the beginning of October vs. 261 a year ago.
While most of September’s closings were the result of offers made in July and August, the Federal Reserve also announced a 50-basis-point interest rate cut on September 19, and with this week’s November 7 announcement of an additional 25-basis-point cut, the Jackson Hole market could be poised to finish the year with increased activity.
For the first nine months of this year, however, total transactions increased by just a single sale compared to the same period of 2023, totaling 206 closings. Total sales volume through the third quarter was also flat, decreasing slightly by about $1 million, from $773.8 million in 2023 to $772.8 million in 2024.
Though the average sales price of properties remained high in the third quarter, with a single-family home averaging $4.7 million and a condo averaging $1.6 million, those figures represented year-over-year decreases of 8.7% and 15.8%, respectively. To illustrate this, two-bedroom condos in The Aspens in Wilson that sold in the $1.35 to $1.5 million range in the third quarter of 2023 were selling in the $1.175 to $1.285 million range this year.
This movement could start to lure buyers and sellers off the sidelines, as interest rates continue to drop and inflation has cooled. The market dynamic suggests a new phase for Jackson Hole real estate, following the sales explosion during COVID and the subsequent inflationary stall.
It helps to have an experienced Realtor to navigate these changes. If you’re looking to buy or sell a property in Jackson Hole, email us at jhpropertygroup@jhsir.com or call us at (307) 739-8190 today. You can view the entire Teton County, Wyoming Market Report for the third quarter of 2024 below.
