Jackson Hole real estate market slows, but prices remain high
Teton County’s real estate market is beginning to “normalize” after breaking records during the pandemic. That’s according to Jackson realtor Devon Viehman, who said properties are staying on the market longer and cash purchases are less frequent.
“People don’t buy things without seeing them. People are not paying 20% more than the last sale,” Viehman said.
The total number of sales fell nearly 50% compared to the second quarter of last year, according to a recent report. Dollar volumes are also down.
But the prices remain high. There were just 18 total sales under $1 million in the Valley in the first six months of 2022, down from 220 in 2013.
Viehman said prices are unlikely to fall to levels they were a decade ago unless there is a recession. They might plateau, but the records will continue to be broken.
“There’s so little developable land here that rich people will keep coming here,” Viehman said. “And they’re still going to be rich.”
Looking for a single-family home under $1 million? You will always have to find that needle, or maybe a diamond, in your haystack.
Values continue to rise across much of the Cowboy State, but growth is starting to slow in Rock Springs, Sheridan and Cody, according to Zillow.