Low inventory levels push prices up in Teton County real estate market

The Jackson Hole Report Quarterly Update

Extremely low inventory levels are driving the number of sales down, but pushing prices up in Teton County, especially in the lower end of the market (under $1 million).  


My colleague at RE/MAX Obsidian Real Estate, David Viehman, has been collecting stats on the Jackson Hole Real Estate Market for the last 25 years. Every quarter he publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. Below are some interesting statistics from his 3rd Quarter Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the 3rd quarter 2014 and are compared to the first 3 quarters of 2013.


  • The total number of sales decreased by 11%, while sales under $1 million dropped 14%
  • The average sales price increased by 7% (Note: Exactly 1/2 of all transactions through Sept 2014 were conducted in CASH)
  • Available inventory (active listings) decreased by 15%, while available inventory under $1 million dropped 24%
  • The median listing price rose 39%, as a result of low inventory levels


  • Total Single Family Home sales are down 24% (when compared to this time last year)
  • The average sale price is up 6%
  • Available inventory has dropped 16% and is down 29% in the under $1 million segment
  • 75 sales have occurred in the $500,000-$1,000,000 range (Hot Spot)
  • As of Oct 1, there were 37 homes on the market, with only 1 priced under $500,000 (located in Moran)


  • Total condo/townhome sales are similar to this time last year
  • The average sales price is up 8%
  • Available inventory has fallen 32%
  • 88 sales have occurred in the sub $500,000 market, representing 54% of all condo/townhome sales (Hot Spot)
  • 24 sales occurred in the sub $300,000 market, however only 3 condos are currently listed in this price range


  • Total sales are down 11% compared to this time last year
  • The median sales price is up 11%
  • 36 land sales were under $500,000, representing 42% of all sales
  • However, pending land sales under $500,000 represent only 13% of all pending sales, compared to 50% in 2013
  • Available inventory for land is down 8%

Buyers Flock to East Jackson

The Jackson Hole Report’s 3rd Quarter Report also focuses on the recent surge of real estate activity seen in East Jackson. Since 2012, East Jackson has seen the largest concentration of new homes in Teton County with 44 completed and 10 currently under construction. However, of the 44 new homes, only 9 have been available on the open market. The majority (24) were custom built for home owners, while 11 were purchased directly from the developer. Of the 9 homes publicly listed (including the newly constructed home in the Gill Addition below), the average sales price was $1,247,000, or an average price per square foot of $400. These homes sold quickly, spending an average of only 47 days on the market before closing.