Q1 2024 Jackson Hole Market Report

YEAR OVER YEAR | JACKSON HOLE, WY

Market Overview

Q1 2024 | Year Over Year

Average Sale Price

$5.26 Million

153 Active Listings

Difference Since Q1 2023

+33%

Key Takeaway

Despite a 20% increase in overall inventory compared to the previous year, the number of properties for sale remains exceptionally low. This persistent low-inventory environment, coupled with strong demand, has kept real estate prices resilient.

Number of Active Listings

Q1 ’23

122

Q1 ’24

153

% Change

+20%

Number of Sales

Q1 ’23

77

Q1 ’24

73

% Change

-5%

Single Family Homes

Average Sale Price

$6.67 Million

57 Active Listings

Difference Since Q1 2023

+18%

Key Takeaway

This year began with nearly 37% of home sales exceeding the $5 million mark including an estate on the Snake River selling at an astonishing $37 million. The strength of the luxury home market propelled the average sale price up roughly 18% and the median price climbed sharply, up 50%.

Number of Active Listings

Q1 ’23

48

Q1 ’24

57

% Change

+16%

Number of Sales

Q1 ’23

35

Q1 ’24

25

% Change

-39%

Condo & Townhomes

Average Sale Price

$1.43 Million

42 Active Listings

Difference Since Q1 2024

-39%

Key Takeaway

With sales predominantly concentrated in the lower-priced inventory, both average and median sale prices have seen a considerable decline compared to the first quarter of last year, dropping by 39% and 44%, respectively.

Number of Active Listings

Q1 ’23

16

Q1 ’24

42

% Change

+62%

Number of Sales

Q1 ’23

19

Q1 ’24

26

% Change

+28%

Land & Ranches

Average Sale Price

$3.34 Million

40 Active Listings

Difference Since Q1 2023

+137%

Key Takeaway

Land transactions in the first quarter of this year have been notably sparse, continuing the trend observed in both 2022 and 2023. The market for land sales reached a peak in 2021, with transactions in the first quarter of that year surpassing this year’s by 78%. This year, sales were primarily in the $3 million and above category, driving average and median prices up by 137% and nearly 150%, respectively.

Number of Active Listings

Q1 ’23

42

Q1 ’24

40

% Change

-5%

Number of Sales

Q1 ’23

9

Q1 ’24

10

% Change

+10%

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

$17.54 Million

45 Active Listings

Difference Since Q1 2023

+42%

Key Takeaway

Despite a small number of transactions, the market for unique and luxurious properties in prime locations has witnessed consistent price growth. Notably, the median price saw a 20% increase, while the average sale price surged by over 40%, in comparison to the same timeframe last year.

Number of Active Listings

Q1 ’23

45

Q1 ’24

 45

% Change

Number of Sales

Q1 ’23

13

Q1 ’24

 16

% Change

+16%

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