As the year begins in Jackson Hole’s real estate market, there are no surprises. The stunning scenery, abundant wildlife, and vast open spaces continue to attract buyers eager to establish roots in the area. Meanwhile, potential sellers grapple with the prospect of losing their advantageous low interest rates and finding suitable replacement properties. Despite a 20% increase in overall inventory compared to the previous year, the number of properties for sale remains exceptionally low. This persistent low-inventory environment, coupled with strong demand, has kept real estate prices resilient ..read more

Located south of Jackson Hole and spanning from Smoot through Alpine, Wyoming, Star Valley’s real estate market is heavily influenced by its northern neighbor’s market conditions. However, Star Valley does not have the development limitations that have led to an explosion in Jackson Hole’s real estate prices. Land is plentiful in StarValley, Wyoming which can lead to more drastic swings when market conditions change. The national and local markets alike have been in a transition from the “unicorn years” of the COVID-19 buying frenzy to a more normal pace. The year kicked off with interest rate ..read more

The post 5 Fine Dining Restaurants Perfect for a Date Night in Jackson Hole appeared first on Budge Kelley Realty Group ..read more

In 2023, Jackson Hole’s real estate market sought a new normal, marking a period of transition and adaptation. The year kicked off with interest rates reaching 20-year highs, recession predictions, and concerns about international unrest looming heavily on the minds of both buyers and sellers. These factors collectively contributed to a deceleration in the real estate market, even in Jackson Hole. Nevertheless, the scenario is far from bleak. In fact, Jackson Hole has, and presumably aways will, remain a location where demand far outpaces supply. Despite a 7% decrease in the number of transact ..read more

Three quarters of the way through 2023 the real estate market in Jackson Hole is holding firm. It has been over a year since the real estate market experienced a shift in buyer sentiment, triggered by increasing mortgage rates and threats of a national recession. While many buyers have decided to put their purchasing plans on hold driving transactions down, pricing has remained robust compared to a year ago with the average sale price increasing 14%. Since the market shift began over a year ago, the number of transactions has been decreasing vastly compared to the spikes seen during the COVID ..read more

The Star Valley real estate market continued to cool off in the first half of 2023, with more indications of returning to a “normal market” in Star Valley. Transactions decreased by 56% compared to the same period in the previous year, and dollar volume dropped by 63%. In the first half of 2023, the cooldown of the real estate market became more evident as we saw inventory increase and the average sales price decreased by 16%. Buyers started seeing more choices, with inventory up 15% at mid-year compared to the previous year. The Star Valley real estate market experienced unprecedented growth ..read more

It has been about a year since the real estate market began shifting locally. A major question on many people’s minds is – Are prices coming down? Based on the year-over-year figures there isn’t any clear evidence of depreciation. In fact, the overall average sale price continued to increase, up 24% from a year earlier. Despite this average price increase, the overall market continues to experience challenges as many buyers wait on the sidelines for a “good deal” and others have been sidelined by affordability issues. The overall number of transactions dropped 14% even though buyers have a nic ..read more

In 2022, the tide turned in Jackson Hole’s real estate market. After two years of explosive transaction levels and price growth following the pandemic, the real estate market reacted to a new set of economic conditions by cooling its heels. Interest rate increases, while still at historically lower levels, have caused some pause in the market, mostly in the primary home market. Second and vacation home buyers are less affected by rising rates, but all buyers have become more price-sensitive and more selective. Sellers today must be agile – but if the price is appropriate to condition and locat ..read more

Q3 2022 Jackson Hole Market Report The Jackson Hole real estate market is in a transitionary period. While experiencing upward pricing trends for the past 5 years, will prices be able to grow further when faced with a dramatic decrease in demand? Across all segments of Jackson Hole’s real estate, the number of transactions has fallen 51% driven by buyer apprehension of quickly rising interest rates, inflationary pressures, and global uncertainty. A trifecta that has cooled the heels of even the most optimistic buyers. Nonetheless, the year-over-year data indicates prices have not been affecte ..read more

The Jackson Hole real estate market re-balances after 24 months of heated demand and low inventory. The local real estate market is shifting, and quickly at that. In the past 2 years, the lack of inventory has drastically impacted total dollar volume, average sales price and days on market. In the first half of 2021 total dollar volume rocketed to $1.2B, an unprecedented level. The demand for Teton County real estate was fueled by the pandemic driven desire for rural living and increased interest in the western mountain region. Multiple offers and over-asking price sales became commonplace and ..read more