2023 Year End Market Report - Jackson Hole
While the total transactions in Teton County fell 3.3 percent in 2023 compared to last year, the complementing dollar managed to break the symbolic $1 Billion mark just in time for the new year. Home sales dominated the year-end stats, generating nearly $750M on just 137 transactions (for an average home sale price of $5.44M).
The 264 sales in Jackson Hole last year represented the fewest number of annual transactions since the beginning of the Global Financial Crisis in 2009 (when the market posted only 185 closings). In 2009, total real estate sales also only barely eclipsed $225M.
And in 2009, the valley also had snow. A lackluster start to the ski season has kept town quieter than normal so far in 2024. The current real estate market could be described in the same way.
Limited real estate inventory and an uncertain economic climate abroad ended 2023 with a December that saw only 15 sales and $43.6M in dollar volume. Falling interest rates hold promise for would-be buyers, but patient sellers and limited “for sale” signs around the valley have kept individual property prices close to Covid highs from 2021.
With more than 80 percent of all sales last year involving a residential property and with only 71 homes currently for sale across the valley, the 2024 market climate seems poised to see another 12 months of limited sales with a concentration in the upper end of the residential market.
