The Year End Real Estate Market Reports are in!
Mountain Standard is here to be your resource for all things Jackson Hole and Teton Valley real estate. Wondering what's been going on in the market lately and how it could affect your buying or selling plans? We're here to break it down for you.
Jackson Hole, Wyoming
In the last quarter of 2024, the market has experienced varied activity across its different segments. The overall market saw 312 total transactions and a 9% decrease in total volume standing at $1.3 billion by year end. Despite this decline, the market is showing signs of resilience, as current listings have increased by 18% to 233 YTD, providing prospective buyers with a broader range of options. The single family home segment saw a 9% increase, the condo and townhome saw a 17% increase, the vacant land market was a standout with a 15% decrease, and the luxury home segment saw a slight 7% decrease in total number of transactions. The Jackson Hole Market Report highlights a dynamic and evolving real estate landscape, with growth opportunities in some segments and challenges in others. While residential segments, particularly condos and townhomes, showed strong volume consistent with lower average price, land was negatively affected by limited availability and high construction costs. As the market adjusts to these shifting dynamics, opportunities remain for both buyers and sellers heading into 2025.
Teton Valley, Idaho
The Teton Valley real estate market stayed strong through an increased number of contracts and pending sales, decreased number of days on the market, expanding inventory, softer pricing, and shifting demand across segments which points to the market finding its equilibrium in the face of changing economic conditions and buyer priorities. A total of 553 transactions marked a 4% decrease YOY, and the total dollar volume dipped 14% to $374 million YOY. Active listings grew by 12%, bringing the total to 323 at year end, offering more opportunities for buyers across the region. The single family home segment saw a decline by 11%, the condo and townhome saw a 12% decrease, the vacant land market was a standout with a 5% increase, and the commercial segment saw a 67% decrease in number of transactions. When it comes to real estate in Teton Valley, there is no one-size-fits all recommendation for timing your buying and selling. Now, more than ever, it's important to have a realtor in your corner who understands the nuances and trends within EACH of these unique segments as buyer interest grows across the board.
What does this mean for me?
As a potential Buyer or Seller, you most likely still have plenty of questions on the market and how it could affect your timing and goals. And we're here to help. Market dynamics are tricky, and having a trusted team in your corner that specializes in both Jackson Hole and Teton Valley real estate is essential in making the right decision. Reach out today, we'd be happy to walk you through it.
Check out the full reports below:
