The Jackson Hole Real Estate Market - A Record Breaking Year
The popularity of living in Jackson Hole has never been greater. The trend that started in the second quarter of 2020, the exodus from cities to locations with open space and safety, ramped up substantially pushing demand for local real estate to new heights. By the end of the third quarter of 2020, the Jackson Hole real estate market closed over $1.5B of residential transactions, more than the entire year in 2019. And it didn’t stop there.
According to data collected from the Teton County Multiple List Service (MLS) along with proprietary off-market data (transactions that were not disclosed in the MLS), the overall Total Sales Volume for 2020 increased an incredible 90% over 2019 to over $2.3B. In addition, Total Transactions increased 27% Year-Over-Year 2020 vs. 2019.
The overall average sales price for real estate in Teton County jumped 50% to $2.8M Year-Over-Year 2020 vs. 2019. In the Single-Family-Home category, the average sales price rocketed to $3.7M, pushed up by an explosion in the Luxury Segment of the market (listings trading at the $3M mark and higher). The single family home segment and land segment drove the 2020 market uptick with an increase in total sales volume of 127% and 133% respectively.
Overall active listings at the time of this report in Teton County are down -58% and pending listings are up 39%, confirming the lack of available inventory and increased demand will continue into 2021. The average days on market are down for the Vacant Land and Luxury segments, yet up 15% in Single Family Homes. Inventory that is lingered on the market in Single Family Homes remains, while the new inventory sells.
The following pages provide a more detailed look at Single Family, Condos, Land, Luxury, Commercial and Ranch segments of the Teton County real estate market Year-Over-Year 2020 vs. 2019.
To learn more about the Jackson Hole Year-End Market Report or for more information specific to your area, please contact our dedicated team.