Jackson Hole, WY 2019 Year End Market Report

If only by the slightest of margins, 2019 was once again a record-setting year for real estate sales in Teton County, Wyoming, with more than $922MM in dollar volume for the last 12 months.

If only by the slightest of margins, 2019 was once again a record-setting year for real estate sales in Teton County, Wyoming, with more than $922MM in dollar volume for the last 12 months. What should be noted, however, is overall transactions fell 3.4% from 532 sales in 2018 to 514 sales in 2019. This dip in activity stemmed from both a lack of inventory and the continued escalation of prices. Residential units drove the 2019 real estate market with four out of five transactions involving a home, townhome or condominium.

Homes represented 43% of all transactions in 2019 and 63.3% of Teton County’s overall dollar volume. The average sale price increased 8.9% to $2.65MM, and the median price of the 221 homes that changed hands in 2019 was $1.8MM (which was a 3-bedroom, 2.5-bath remodeled cabin on 1 acre in Wilson). Also, the number of home sales in the Town of Jackson fell 18.3% in the last 12 month (again, mostly due to lack of inventory and escalating prices).

Condos and townhomes represented 37.3% of all units sold last year in Teton County. While transactions numbers fell in Teton Village, the West Bank and North of Town, condo/townhome sales surged in the Town of Jackson (up nearly 37% year-over-year). While the upper-end of the Jackson Hole market garners a lot of attention, it should be noted the median condo/townhome sale in Teton County last year was a 2-bedroom condo in Teton Village that sold for $640,000.

Mark Twain said, “Buy land, they’re not making it anymore.” But with more than 98% of the landinTetonCountysetasideasNationalPark, National Forest or some other conservation holding, vacant land opportunities are few and far between in 2020. Vacant land and larger ranch parcels only accounted for 13.4% of the transactions in 2019. The average “days on market” spiked in 2019 to 520 days, but that statistic was skewed by several parcels that had been on the market for five years or more.