Q3 2023 Jackson Hole Real Estate Report

Is the Local Real Estate Market Cooling? 

Data-Driven Report for the first Nine Months of 2023

The answer is a definitive "YES", but the situation is nuanced. To begin with, comparing the first nine months of 2023 to the same period in 2022 reveals a 22% decline in overall sales, a 29% drop in dollar volume, and a 24% increase in available inventory. However, this isn't a straightforward case of supply versus demand. While inventory has increased by 66% since the end of the COVID era, it's important to note that we are still at historically low levels. For perspective, between 2010 and 2019, the average number of active listings at the end of Q3 was 517, compared to the current 259 - 50% decrease. 

So, what's driving this trend? The "COVID Buying Frenzy" caused prices to skyrocket so rapidly that it used at least 30% of prospective buyers out of our market in 2020 - 2021. For instance, in 2019, the median sale price for a single-family home in the Town of Jackson was $1.288 million, whereas today it stands at $2.7 million, a staggering 110% increase for the first nine months of 2023. It's worth noting that this surge in values wasn't unique to our locality; many communities across the country experience similar rapid price increases. 

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