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.