Jackson Hole Real Estate Market Report

First Quarter 2021

Budge Realty Group is pleased to present our comprehensive market report for First Quarter 2021. 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.

After a record breaking 2020, the Jackson Hole real estate market continues to break records for the first quarter of 2021.

The number of transactions in Teton County spiked up 66% and total sales volume rose an incredible 77% when comparing Q1 2021 to Q1 2020. The attributes Teton County offers: wide-open spaces, wildlife, scenery, recreation, safety, ease of travel, and tax benefits seem to be more desirable than ever.

As in the early summer of last year, Jackson Hole is still experiencing an exodus of individuals from cities in seek of a less-urban lifestyle, pushing demand for local real estate to new heights. In addition, sellers who own real estate in the area are taking advantage of this strong market to look for new opportunities.

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.

Overall, in Teton County, active listings at the time of this report are down 76% creating a dearth of inventory. Pending listings are up 130%, confirming the intense demand. Days-on-market are down and although a small amount of inventory lingers on the market, as new inventory hits, multiple offers within hours are becoming the new norm.

With the dramatic increase in transactions, the overall average sales price for Single Family Homes grew 10% to $4.3M with the median sales price at $2.9M, up 40%. Even with historically low interest rates, more buyers are paying cash in this competitive market with conventional financing down 23% Q1 2021 vs. 2020.

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 budgerealtygroup@jhrea.com or call (307) 413-1364.