Market Update: Jackson Hole
Luxury properties and single-family homes throughout Jackson Hole are a hot commodity as city dwellers continue to venture to less urban locations, according to the 2021 first quarter real estate report released by Jackson Hole Real Estate Associates.
Throughout the first quarter of 2021 in Teton County, the total sales volume is up by 77% across Teton County compared to this time last year, while the overall number of sales saw a 66% increase to 214, according to the report. Overall Teton County Median Sales Price up 14%, making luxury homes, those priced at 3 million and over, more common in the area.
“Notably, increasing sales prices are resulting in more properties entering the Luxury Segment of the market (listings at the $3M mark and higher). This category dominated in the first quarter, with transaction volume up an incredible 80% and sales volume up 77%. Conversely, in the entry-level end of the market, Q1 reported only 6 sales under the $500K mark as inventory under $1M becomes difficult to find.” – Jackson Hole Real Estate Market Quarter One 2021
In addition, pending luxury sales are up over 4 times, sitting at 40, compared to only 8 this time last year. With an explosion of listing activity over the last months, inventory for single-family residences in Jackson Hole is limited, especially in the luxury sector.
This market report has been provided by Graham-Faupel-Mendenhall & Associates, LuxuryRealty.com’s Exclusive Partner for Jackson, WY.