Real estate prices are still riding the up escalator in Jackson and Teton County, Wyoming, and there’s no sign they’ve reached the top floor despite exceeding $7 million for the average single-family home.
Last year’s lull to close out 2023 had some buyers hoping they could wait out the Jackson market and score cheaper home prices in 2024. But that’s not what the numbers for the first-quarter of 2024 show.
Sales in Jackson were up 10% year over year, according to the latest Jackson Hole quarterly report put out by the Viehman Group. Dollar volumes were up 62%. Average sales prices were up 47% overall, hitting new records in several categories, driven in part by a 55% increase in the number of luxury sales, those above $5 million.
Sales in the $1 million to $3 million range are still the majority of transactions — but just barely at 52%.
Most of the sales activity was in the Westbank area at 31%, while the town of Jackson was a close second at 27%.
Overall inventory is up 14% year over year at 150 listings, according to the report. But that is still the third lowest inventory recorded in the market, suggesting that demand for a spot in Jackson Hole continues to dramatically outpace supply.
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