2024 Mid Year Jackson Hole Market Report

YEAR OVER YEAR | JACKSON HOLE, WY

713 RIVER RANCH Loop
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Market Overview

2024 Mid Year | Year Over Year

Average Sale Price

$4.12 Million

243 Active Listings

Difference Since Q2 2023

<1%

Key Takeaway

Jackson Hole’s real estate market continues to navigate challenges such as low inventory, higher interest rates, and record-breaking prices. Despite these obstacles, demand for Jackson Hole real estate remains robust, though different market segments have reacted inconsistently to these nuanced dynamics.

Number of Active Listings

Q2 ’23

226

Q2 ’24

243

% Change

+7%

Number of Sales

Q2 ’23

166

Q2 ’24

155

% Change

-7%

Single Family Homes

Average Sale Price

$4.99 Million

111 Active Listings

Difference Since Q2 2023

-15%

Key Takeaway

The market for single-family homes through mid-2024 experienced another decline in the number of transactions, down about 12% from the same period last year. Like the overall market, single- family home transactions have decreased for over two years since their peak in 2021. The average and median sale prices also fell, down 15% and 14%, respectively.

Number of Active Listings

Q2 ’23

95

Q2 ’24

111

% Change

+14%

Number of Sales

Q2 ’23

79

Q2 ’24

69

% Change

-12%

Condo & Townhomes

Average Sale Price

$1.48 Million

58 Active Listings

Difference Since Q2 2024

-36%

Key Takeaway

The condo and townhome market through mid-2024 saw another decrease in the number of transactions, down about 16% from the same period last year. Similar to the overall market trend, condo and townhome transactions have been declining for over two years since peaking in 2021. The average and median sale prices dropped by 36% and 34%, respectively.

Number of Active Listings

Q2 ’23

49

Q2 ’24

58

% Change

+16%

Number of Sales

Q2 ’23

51

Q2 ’24

44

% Change

-16%

Land & Ranches

Average Sale Price

$2.79 Million

54 Active Listings

Difference Since Q2 2023

-26%

Key Takeaway

Over the past 2 1⁄2 years, the number of land sales has ebbed and flowed, and those building challenges have subsided to some degree. As a result, land sales have shown more resilience compared to other segments, with four more transactions this year than last. The average sale price has decreased by over 25%, while the median sale price increased by nearly 45%.

Number of Active Listings

Q2 ’23

65

Q2 ’24

54

% Change

-21%

Number of Sales

Q2 ’23

18

Q2 ’24

23

% Change

+23%

What Is The Luxury Markets Evaluation?

The luxury segment of the market, is defined as residential and land sales over $5 million.

Average Sale Price

$13.57 Million

74 Active Listings

Difference Since Q2 2023

+17%

Key Takeaway

The luxury real estate market experienced about five fewer sales compared to the same period last year. In 2024, several iconic properties were sold, including the Grand View River Ranch, listed at $58 million, and a 37-acre property along the Snake River with a nearly 8,000 sq. ft. home, listed at $40 million. These and a few other sales over $20 million contributed to a 16% increase in the median sale price and a 17% increase in the average sale price.

Number of Active Listings

Q2 ’23

70

Q2 ’24

 74

% Change

+6%

Number of Sales

Q2 ’23

33

Q2 ’24

 29

% Change

-15%

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