JACKSON, Wyo. — Hindsight is 20/20. And in looking at the first quarter of the 2023, the Jackson Hole real estate market bears a striking resemblance to where things stood twelve months ago (and when the pandemic wave started to recede).
A lot has changed in 12 months. Mortgage rates have jumped from high 4% to more than 6%, and failing banks nationally have given rise to additional trepidation.
In addition, real estate for sale in Teton County has nearly doubled from April, 2020 (when 65 listings were on the market) to the end of the first quarter 2023 (where nearly 130 properties are currently listed for sale).
What hasn’t changed in northwestern Wyoming is the price most sellers are willing to ask in the Spring of 2023. And despite the modest uptick in properties currently listed for sale, demand for Jackson Hole real estate has remained strong, which has generally held individual properties value on par with their Covid-
fueled values. And like early 2022, the upper-end of the market (that is, properties with a listing price of $5M) carried the day by generating more than half of the sales dollar volume generated in the first three months of 2023.
The median sale in Q1 2022 was a 3-bedroom condo that sold at Snow King for $2.45M (or roughly $1,560/sq.ft.). One year later, the median sale increased slightly (a 3,100 sq.ft. home in the town of Jackson listed for $2.6M). The overall performance of the Jackson Hole real estate fell slightly on transactions (54 this year compared to 59 sales in Q1 2022), and ticked upward on dollar volume (posting $212M in Q1 2023 compared to $202M for the same period in 2022).
With the Jackson Hole Mountain Resort coming off one of its best winters ever, the regional real estate market is poised remain strong heading into summer. Because while market conditions can change quickly, the allure of northwestern Wyoming remains.
Read the full report below.
