JACKSON, Wyo. — By most accounts, a mediocre ski season did little to slow the pace of the Jackson Hole real estate market for the first three months of 2022. A lack of inventory, however, resulted in a 56.9% decrease in transactions and a 48.4% drop in overall dollar volume compared to the same period in 2021.
But ask any buyer currently searching for a place to hang their hat in Jackson Hole, and they’ll probably tell you that they wished they purchased something last year. The simple principles of supply and demand continue to push individual property values to record levels for northwest Wyoming.
This is all according to the most recent market report from Sotheby’s International Realty. According to the report, the median price for a home has grown 37.9,%, up to more than $4 million, compared to last year. The average sales price, meanwhile, increased by 56%.
But the statistics fail to tell the whole story. During the height of the Covid pandemic, more than 600 homes sold across the valley. Conversely, only 35 homes are currently on the market in Teton County. Many existing property owners are reluctant to put their home on the market for ANY price given lack of options for them to find a new domicile.
Like the last two years, the upper end of the Jackson Hole market outperformed all other segments in Q1 2022. Sales volume for listings greater than $5M ($101.9M and which also only accounted for 23.7% of transactions) nearly eclipsed sales volume for all other price points ($104.1M).
With this dynamic in place, it seems inventory will remain low for the foreseeable future. All signs also point to another busy summer for valley, suggesting too that demand to call Jackson Hole home will remain strong for the rest of 2022.
Read the full report here.
