JACKSON, WY — How is the real estate market doing in 2019? According to a new report from Jackson Hole Sotheby’s International Real Estate, the first quarter of 2019 has seen an increase in home value but a decrease in inventory.
Perhaps most notably, the median home price increased from $1.05 million in the first quarter of 2018 to $2.13 million a year later. Right now, 34.5% of listings on the market are below the median value.
Meanwhile, total sales decreased from 112 to 100, 10.7%, in the first quarter of 2019, and the number of listings on the market is down 5.7%. The homes that are on the market, however, are selling quicker – the average number of days homes spend on the market has decreased by 16.7%.
A large majority of sales in 2019 — 81% — were for under $3 million, and 42% of sales occurred in Jackson.
What’s it all mean? Jackson’s real estate market is largely driven by home sales in Jackson and Wilson, but inventory remains low — so, fewer homes at higher prices. But homes are worth more than ever, so it’s a good time to sell. The McPeak Group in Jackson is eager to answer your real estate questions and help you understand the market.
Want to learn more about investing in real estate in Teton County? Download McPeak’s 2019 Property Catalog below.