Budge Realty Group is pleased to present our comprehensive market report for Third Quarter 2020. In this detailed report, you will find information on the market segments making up the Jackson Hole area. As the market leader in Jackson Hole, we have developed a more dynamic report that sheds fresh light on the insights and trends that are shaping our real estate market.
With pandemic related travel restrictions, temporary business closings and the uncertainly of the future, most people in Jackson Hole predicted a slow season for tourism and real estate for summer 2020, but instead, the opposite occurred. This summer, Jackson Hole experienced record levels of tourism and a record-breaking real estate market as people started leaving the city-life in search of open space, safety, and a more recreational lifestyle.
After a pause in the market in March and April 2020, the Teton County real estate market started gaining momentum and it just didn’t stop. By the end of the third quarter of 2020, from January through September, the Jackson Hole real estate market closed over $1.5B of residential transactions, more than the entire year in 2019. Earlier this year no one would have predicted this incredible surge in the market.
The overall average sales price jumped 62% to $2.8M YTD Q3 2020 vs. 2019. In the Single-Family-Home category, the average sales price rocketed to $3.6M, pushed up by an explosion in the Luxury Segment of the market (listings trading at the $3M mark and higher).
This market segment saw a 137% increase in the number of sales and a 175% increase in dollar volume. As of this writing, active listings in Teton County YTD Q3 2020 vs. 2019 are down 43% while pending listings are up a whopping 96%, indicating 2020 will go on the books as a record breaking year.
While this report outlines the general trends of real estate in Jackson, WY for the year to date, each neighborhood and property type can vary greatly from these general trends. Consequently, be sure to contact the experienced professionals at Budge Realty Group for specific market information in your neighborhood. Additionally, we are happy to provide a private consultation about your property. Email us at email@example.com or call (307) 413-1364.