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Jackson Hole real estate market slows, but prices remain high

View of Jackson Hole
Kamila Kudelska
Wyoming Public Media
View of Jackson Hole

The real estate market in Teton County is beginning to “normalize” after it broke records during the pandemic. That’s according to Jackson realtor Devon Viehman, who said properties are staying on the market for longer and cash purchases are occurring less frequently.

“People aren't buying things sight unseen. People aren't paying 20 percent more than the last sale,” Viehman said.

The overall number of sales was down almost 50 percent compared to the second quarter of last year, according to a recent report. Dollar volumes are down, too.

But prices are still high. There were just 18 total sales under $1 million in the valley in the first six months of 2022, compared to 220 in 2013.

Viehman said prices are unlikely to drop to the levels they were at a decade ago, barring a recession. They might plateau, but records will continue to be broken.

“There's just so little developable land here that wealthy people are still going to keep coming here,” Viehman said. “And they're still going to be wealthy.”

Looking for a single family home under a million dollars? You’re still going to need to find that needle, or maybe a diamond, in your haystack.

Values are still going up in much of the Cowboy State, but growth is beginning to slow in Rock Springs, Sheridan, and Cody, according to Zillow.

Real Estate Wyoming Sept. 2022
Screenshot courtesy of Zillow
Growth is beginning to slow in many Wyoming communities after a record-breaking 2021. But values are rising nonetheless.

Will Walkey is currently a reporter for Wyoming Public Radio. Through 2023, Will was WPR's regional reporter with the Mountain West News Bureau. He first arrived in Wyoming in 2020, where he covered Teton County for KHOL 89.1 FM in Jackson. His work has aired on NPR and numerous member stations throughout the Rockies, and his story on elk feedgrounds in Western Wyoming won a regional Murrow award in 2021.
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