A year filled with interest rate hikes and economic uncertainty have contributed to the market's continued adjustment from the pandemic craze of recent years. In Q1 of 2023 there were no sales under $500K and only 10 transactions under the $1M threshold. The average single family home sale price increased by 3%—indicating the demand to live in Teton County, WY continues to grow.
Available listings have increased 147% and days on market have also increased, however overall inventory is still low compared to pre-pandemic levels. While transactions are down in some segments, every segment has seen average sale increases, indicating the desire to own in Jackson is still strong. Both buyers and sellers, continue to have great opportunities in this adjusting market.
As we continue to see shifts in the market, it is important to have a knowledgeable team in your corner. Curious how this report affects your home value or buying opportunities? As the #1 team at Compass Jackson Hole, we are happy to lend more insight and advice—reach out to [email protected] today.