JACKSON, Wyo. — According to the 2023 First Quarter (Q1 2023) Jackson Hole Real Estate Report by The Viehman Group, single-family home sales averaged a record-breaking $4.96 million.
Sale prices also broke records for condos/townhomes sales, which averaged $2.5 million, and vacant residential land sales, which averaged $2.63 million.
Q1 2023 showed 68 percent of transactions were made in cash.
The current price spikes are likely due to a deficit of available sales. In Q1 2023, the number of overall sales dropped 31 percent compared to Q1 2022. Single-family home sales were down 19 percent, condo sales were down 32 percent and vacant residential land sales down 59 percent.
“Once again ‘SUPPLY & DEMAND’ are driving our market,” the Report states. “Home inventory is the second lowest in 40 years, with condo and vacant land inventory at their third lowest in over 40 years.”
The Report points out that shortages of skilled labor, supply chain issues and lack of employee housing are slowing down builders working on new home construction, and locals are holding onto their homes for longer than before.
Buckrail previously reported on record-breaking list prices, when The Viehman Group’s semi-annual The Jackson Hole Report stated that the single-family home average list price at the end of 2022 was $7.6 million.
Housing has become more and more unaffordable for those on a Teton County income, and the housing crisis continues to affect town locals. According to the Report, “most locals can no longer afford a single-family home, much less buy a vacant lot and build.”