Home prices have soared in rural Wyoming as wealthy Americans flock to the area attracted by outdoor activities and an escape from urban life.
The average single-family home in Jackson and Teton County costs more than $7 million, reported Cowboy State Diary.
According to quarter 1 of 2024 Jackson Hole Reportt, published by Viehman Group, sales in Jackson increased 10 percent year over year and dollar volumes increased 62 percent.
Inventory was up 14 percent year over year with 150 listings, but that is the third lowest inventory on record in the market, indicating that demand for housing in the area is outpaced by supply.
‘Today (in Jackson), we have 1.2% of our properties on the market. We have almost 13,000 property titles, but we only have 150 listings,” said David Viehman in his podcast about the report.
The average single-family home in Jackson and Teton County costs more than $7 million. Pictured: A $22.5 million listing in Jackson
Inventory is up 14 percent year over year with 150 listings, but that is the third lowest inventory on record on the market. Pictured: A $9.95 million listing in Wilson, Wyoming
“In 2023, there were 45 properties under contract at the end of the first quarter, up from 35 this year.”
The report said average sales prices rose 47 percent and hit new records in several categories, including a 55 percent increase in the number of luxury sales, meaning homes above $5 million.
Sales in the range of $1 million to $3 million remained the majority of sales, accounting for 52 percent of transactions.
Homes sold in the Westbank area accounted for 31 percent, while the city of Jackson accounted for 27 percent of sales.
Viehman reflected on the differences in the current market compared to when he moved to the area in 1992.
“At that time, there were approximately 1,300 active properties for sale, or about 11 per cent of the total number of properties in the valley,” he said.
Current listings in the area include a 5-bedroom, 5.5-bath, 8,896-square-foot home on a 5.85-acre lot on Indian Springs Drive valued at $22.5 million.
There is a 55 percent increase in the number of luxury sales, that is, homes above $5 million. Pictured: A $13.5 million listing in Jackson
The hit television series Yellowstone contributed to a boom in the state that caused housing prices to skyrocket. Pictured: A $24 million listing in Jackson
The residence features floor-to-ceiling windows, a modernized gourmet kitchen, a home theater with seating for 12, a heated pool and sauna, according to real estate agent.com.
Another five-bedroom, 5.5-bath, 5,820-square-foot home on a 1.92-acre lot in Jackson in Prairie Lark Trail It is listed for $13.5 million.
A six bedroom, seven bath 7,859 square foot Dairy Lane residence in Jackson is listed at $24 million.
In Tucker Ranch Road In Wilson there is a listing of $9.95 million for a 5 bedroom, 5.5 bathroom, 3,656 square foot single family home on a 4.3 acre lot.
Jackson Hole Sotheby’s International Realty Teton County first quarter 2024 report Found dollar sales volume increased 31.8 percent to more than $280 million.
This includes four large sales, including two guest ranches, which represented a listing price volume of nearly $160 million.
They found that the median sales price for the first quarter was $2.15 million for a 2-bedroom home with a guest house on Fall Creek Road.
Kevin Costner stars as rancher John Dutton, the television series that brought approximately 2.1 million visitors and $730 million in tourism to Montana.
The show has been a huge hit for the network and tells the story of the Dutton family and their battles for their gigantic ranch in Montana.
‘Low inventory is arguably partly to blame for the slowdown in activity; As of early April 2024, only 61 homes were for sale in all of Teton County, putting this segment of the valley squarely in the “seller’s market” category, according to the Sotheby’s report.
“Although fewer homes have been sold compared to last year, individual home prices remain strong and high-end buyers appear to be less concerned about high mortgage rates.”
The hit television series Yellowstone contributed to a boom in the area that caused housing prices to skyrocket.
The cowboy drama starring Kevin Costner attracted an estimated 2.1 million visitors and $730 million in tourists to Montana, according to a report last year.
The show has been a huge hit for the network and tells the story of the Dutton family and their battles for their gigantic Montana ranch.