Demand still high, but inventory down

JACKSON, Wyo.– By most accounts, a lackluster ski season did little to slow the pace of the Jackson Hole real estate market in the first three months of 2022. A lack of inventory, however, led to a $56 drop. .9% in transactions and a 48.4% decline in overall dollar volume compared to the same period in 2021.

But ask any shopper currently looking for a place to hang their hat in Jackson Hole, and they’ll probably tell you they wish they had bought something last year. The simple principles of supply and demand continue to drive individual property values ​​to record highs for northwest Wyoming.

All this according to the latest market report from Sotheby’s International Realty. According to the report, the median price of a home rose 37.9%, to over $4 million, from a year ago. the medium sale price, meanwhile, increased by 56%.

But statistics don’t tell the whole story. At the height of the Covid pandemic, over 600 homes sold across the valley. Conversely, only 35 homes are currently on the market in Teton County. Many existing homeowners are hesitant to put their home on the market at ANY price given the lack of options for finding a new home.

Similar to the past two years, the upper end of the Jackson Hole market outperformed all other segments in Q1 2022. Sales volume for listings above $5M ($101.9M and which was also only 23.7% of transactions) nearly eclipsed sales volume for all other price points ($104.1M).

With this momentum in place, it looks like stocks will stay low for the foreseeable future. All signs also point to another busy summer for the Valley, also suggesting demand to call Jackson Hole home will remain strong for the rest of 2022.

Read the full report here.