Year End 2024 Jackson Hole Market Report

The Jackson Hole real estate market closed out 2024 with little fanfare, a period of stability following the turmoil of 2020-2021 and the subsequent dip in transactions during 2022. Over the past three years, both transaction levels and prices have remained largely steady. However, 2024 was still shaped by various economic factors that indirectly impacted our local market. Inflation remained a critical issue, and the respite in mortgage interest rates did not materialize as many had predicted. A presidential election and geopolitical instability contributed to volatility in the stock market, a marker that weighs heavily on the 2nd home buyer population.

Different segments of the market have responded to these shifting conditions in their own ways. Still, overall, the number of sales has not yet rebounded to pre-pandemic levels, while prices have remained resilient. Year-over-year transactions saw a modest 5% increase, though this still represents a 42% decline from the levels of 2019. Meanwhile, the median sale price dipped slightly by 2% compared to the previous year, though it remains nearly double what it was in 2019.

Inventory continues to play a critical role in keeping prices elevated. While inventory saw a slight 8% uptick at the close of the year compared to 2023, available properties for sale remain historically low.

Looking ahead to 2025, unless inventory increases significantly or a strong surge in buyer motivation occurs, the market may continue on its current trajectory with little change.