Jackson, Wyoming Real Estate Market Forecast 2024

The enchanting town of Jackson is nestled along the southern tip of the expansive 60-mile-long Jackson Hole Valley. Jackson promises the allure of majestic ski resorts such as Jackson Hole Mountain, Snow King Mountain, and Grand Targhee, each renowned for their powdery slopes and breathtaking views. Jackson's proximity to both Grand Teton National Park and Yellowstone National Park makes it a year-round sanctuary for nature enthusiasts. Beyond its natural wonders, the Jackson community blends the traditional with the modern, providing rustic charm with contemporary sophistication. With its many amenities, it’s no surprise that buyers, sellers, and investors alike are eager to see what 2024 has in store for Jackson’s housing market.

To gain a better understanding of Jackson’s future housing landscape in 2024, it’s essential to look at the county’s real estate journey through 2023. The housing market in Teton County has witnessed a meteoric rise over the recent year. Taking a closer look at the numbers, in August 2022, the median sale price of a single-family home was $1,300,000. Fast forward a year, and this figure has skyrocketed to $3,325,000 by August 2023. Such exponential price growth underscores the increasing demand and the premium associated with these homes.

While not experiencing the same meteoric rise, the condominium segment still saw its share of appreciation. From a median of $1,300,000 in August 2022, condo prices nudged up to $1,387,500 by August 2023. This upward trajectory underscores Teton County's — and Jackson’s — escalating desirability and the premium now associated with its real estate offerings.

As potential investors set their sights on Teton County and Jackson, it's prudent to consider the broader regional canvas. To the south, Lincoln County presents an intriguing alternative. In August 2023, the median sale price for single-family homes in Lincoln County is pegged at $552,500. Intriguingly, this shows a slight dip from the $605,000 median in August 2022. Condominiums in Lincoln County, on the other hand, have seen a marginal uptick in value. From a median of $485,000 in August 2022, prices climbed to $495,000 by August 2023.

Further south, Sublette County offers a different story. Here, single-family homes have witnessed a significant price reduction over the last year. From a median of $443,825 in August 2022, prices have settled at $340,000 by August 2023. This contrasting trajectory between Lincoln and Sublette Counties compared to Teton County's skyrocketing prices reveals a multifaceted real estate market, giving potential investors an array of considerations for their portfolios.

Peeling back the layers of Teton County's bustling real estate scene, it's fascinating to observe the dynamics of the single-family home segment. The supply of these homes has remained relatively stable year-on-year. In August 2023, the market listed 155 single-family homes for sale, barely nudging from the 157 homes available in August 2022. However, when it comes to sales, there's a notable uptick in activity. A total of 17 single-family homes exchanged hands in August 2023, nearly double the nine homes sold during the same month the previous year.

Adding another layer of insight, homes in Teton County are finding buyers more swiftly. In August 2023, properties lingered on the market for an average of 86 days, a noticeable improvement from the 108-day average in August 2022. This quickening pace indicates a heightened demand, solidifying Teton County's position as a hotspot for single-family home investments.

The condominium market in Teton County has seen a shift in dynamics over the past year. Regarding availability, August 2023 showcased a noticeable increase, with 71 condos up for grabs, compared to a more limited 49 available in August 2022. This surge in listings offers potential buyers a richer palette of choices.

However, in terms of sales, the market saw only a modest bump. Eight condos found new owners in August 2023, just one more than the seven transactions in August 2022. A point to ponder for investors is the lengthening time condos are spending on the market. Whereas in August 2022, condos were snapped up in an average of 81 days, a year later, in August 2023, these properties awaited buyers for a longer stretch, averaging 124 days. This extended duration suggests a more discerning or deliberate set of buyers or perhaps a response to the increased inventory, making it vital for sellers to tailor their strategies accordingly.

For those with an eye on lucrative real estate investments, Teton County's rental market beams with opportunity. As of the second quarter of 2022, the most recent data paints a promising picture for potential landlords. The average monthly rent for a two-bedroom home is an enticing $4,172.

Beyond this attractive rental yield, the structure of the housing landscape further cements the county's investment allure. A significant portion of the housing stock, almost 59%, is dominated by rentals. This robust rental culture is a testament to the region's sustained demand for leased properties. Investors eyeing the landlord pathway in Teton County will find themselves tapping into a well-established and lucrative rental ecosystem.

Deciding when to enter the real estate market as a buyer or seller requires a judicious look at the macroeconomic signals. One key indicator is the Federal Reserve's stance on interest rates. Presently, the Fed has set its course, vowing not to slash interest rates until inflation dips below the 2% mark. This strategic approach plays directly into the projections of the Mortgage Bankers Association. They anticipate a rate drop in the coming year, hinting at a figure of just under 6%. However, optimism should be tempered with the caveat that rates are unlikely to surpass the 5% threshold.

On the appreciation front, home values continue their upward trajectory, a trend that's been consistent and promising. Wyoming's listing prices tell a compelling story when we zoom out to look at a broader canvas. Since 2017, these prices have been on a steady ascent, nearly doubling in value up to the present moment.

So, what does this constellation of data points suggest for prospective investors in Jackson? The conditions are ripe for appreciation, making it an enticing time for sellers. For buyers, the forecasted dip in interest rates in 2024 might be the silver lining they're looking for. Either way, with the historical trend of rising home values, especially in a place as coveted as Jackson, the market remains a realm of opportunity for both camps.

The allure of Jackson, Wyoming, is unmistakable, with its proximity to ski resorts and national parks. Teton County's real estate landscape is a tapestry of contrasts and opportunities. Single-family home prices are soaring, condos present an intriguing stability, and the rental market beams with potential for those seeking investment properties. With national trends highlighting the steady appreciation of Wyoming's property values and economic indicators hinting at favorable conditions, buyers and sellers have much to consider in this dynamic market.

Jeff & Kelli Ward, with their bespoke approach to real estate, are top-performing brokers in Jackson Hole. The accolades speak for themselves — Jeff proudly wore the title of 'Realtor of the Year' in 2018. Whether relocating, stepping into homeownership for the first time, or eyeing an investment property, the Wards cater to your unique needs. Entrusting them as your guide ensures you have the expertise to secure the best price, regardless of market conditions.