The Jackson Hole real estate market in Teton County, Wyoming, as outlined in the 2024 Year-End Market Report by Jackson Hole Sotheby’s International Realty, weathered a challenging year with resilience and selective growth. Facing hurdles like the Teton Pass collapse, limited inventory, and higher mortgage rates, the market still achieved a 2 percent increase in total dollar volume to $1.052 billion and a 10.6 percent rise in transactions compared to 2023. This synopsis explores the market’s overall performance and its key segments, condominiums/townhomes, single-family homes, and land and ranches, supported by textual tables and graphs derived from the report. These elements highlight trends and provide a clearer picture of the market’s dynamics heading into Q1 of 2025.
Overall Market Performance
The 2024 market faced significant headwinds but emerged with modest gains. The collapse of Teton Pass in early summer disrupted access during the peak tourism season, potentially deterring buyers reliant on regional connectivity. Inventory shortages persisted, and elevated interest rates, likely reflecting broader U.S. monetary policy trends in 2024, constrained affordability. Despite these challenges, the market posted $1.052 billion in sales, up 2 percent from 2023, with a 10.6 percent increase in units sold. High-end sales skewed the dollar volume, suggesting a market buoyed by luxury demand rather than broad-based growth. Below is a textual table summarizing this performance:
Overall Market Performance (2023 vs. 2024)
| Metric | 2023 | 2024 | Change (%) |
|---|---|---|---|
| Total Dollar Volume | $1.031B | $1.052B | +2% |
| Transactions | (Est. 300)* | (Est. 332)* | +10.6% |
| Note: Exact units sold not specified; estimated based on percentage increase. |
This table illustrates the market’s ability to grow despite adversity, with the slight dollar volume increase hinting at a reliance on pricier properties.
Condominiums and Townhomes: A Robust Segment
The condominium and townhome segment shone in 2024, with a 23.5 percent increase in transactions (from 85 to 105 closings) and a 3.6 percent rise in dollar volume. Areas like The Aspens (18 sales vs. 8 in 2023) and Teton Village (13 vs. 7) saw significant upticks, while the Town of Jackson led with 60 closings. The median sale price dropped 19.3 percent to $1,225,000 (for a 2-bedroom, 1,300 sq.ft. townhome) from $1,518,750 in 2023 (for a 2-bedroom, 1,000 sq.ft. condo), possibly reflecting a shift to larger, less costly units. Inventory fell from 58 to 43 listings, signaling tight supply. Here’s a table detailing key metrics:
Condo/Townhome Segment (2023 vs. 2024)
| Metric | 2023 | 2024 | Change (%) |
|---|---|---|---|
| Transactions | 85 | 105 | +23.5% |
| Dollar Volume | (Est. $129M)* | (Est. $134M)* | +3.6% |
| Median Sale Price | $1,518,750 | $1,225,000 | -19.3% |
| Inventory (Start) | 58 | 43 | -25.9% |
| Note: Dollar volume estimated based on percentage increase and median prices. |
Single-Family Homes: Steady but Underreported
Data on single-family homes is less detailed due to OCR gaps, but the sales volume chart (up to $260M) suggests substantial activity. The segment likely contributed significantly to the $1.052 billion total, with sales spread across key areas like Jackson and Teton Village. Without specific transaction or price data, assumptions are based on market context. Here’s a speculative table:
Single-Family Homes (2023 vs. 2024, Estimated)
| Metric | 2023 | 2024 | Change (%) |
|---|---|---|---|
| Transactions | (Est. 100)* | (Est. 110)* | +10%* |
| Dollar Volume | (Est. $240M)* | (Est. $250M)* | +4.2%* |
| Note: Estimates based on overall market trends and chart scale. |
Land and Ranches: Luxury Drives Gains
The land and ranch segment saw 35 closings (up from 32), with dollar volume soaring 105 percent to $184 million, driven by two sales over $30 million (e.g., Grand View River Ranch at $58M). The median price rose 36 percent to $2,335,500, and inventory dropped from 57 to 48 listings. Here’s a detailed table:
Land & Ranches Segment (2023 vs. 2024)
| Metric | 2023 | 2024 | Change (%) |
|---|---|---|---|
| Transactions | 32 | 35 | +9.4% |
| Dollar Volume | $89.6M* | $184M | +105% |
| Median Sale Price | $1,717,647* | $2,335,500 | +36% |
| Average Sale Price | $2,800,000* | $5,263,717 | +87.9% |
| Inventory (Start) | 57 | 48 | -15.8% |
| Note: 2023 values back-calculated from 2024 data and percentages. |
This segment’s volatility reflects its dependence on rare, high-value deals in a supply-constrained region.
Outlook for 2025
The 2024 market’s resilience, despite Teton Pass issues, tight inventory, and rate pressures, points to sustained demand, particularly in the luxury and condo segments. The tables and graphs underscore uneven growth, with condos showing broad appeal and land relying on outliers. Entering 2025, infrastructure recovery and supply dynamics will shape the market’s path, with Jackson Hole Sotheby’s well-placed to navigate it.
