The Yellowstone effect! House prices in these rural Wyoming towns have soared ... trends now
House prices have soared in rural Wyoming as wealthy Americans flock to the area drawn by outdoor activities and an escape from city life.
The average single-family home in Jackson and Teton County costs more than $7 million, reported Cowboy State Daily.
According to the 2024 Quarter 1 Jackson Hole report, put out by the Viehman Group, sales in Jackson are up by 10 percent year over year and dollar volumes are up 62 percent.
Inventory is up 14 percent year over year at 150 listings, but that is the third lowest inventory recorded in the market indicating demand for homes in the area is outpaced by supply.
'Today (in Jackson), we have 1.2% of our properties on the market. We have almost 13,000 deeds, but we only have 150 listings,' David Viehman said in his podcast about the report.
The average single-family home in Jackson and Teton County costs more than $7 million. Pictured: a $22.5 million listing in Jackson
Inventory is up 14 percent year over year at 150 listings, but that is the third lowest inventory recorded in the market. Pictured: a $9.95 million listing in Wilson, Wyoming
'In 2023, there were 45 properties under contract at the end of Q1 versus 35 this year.'
The report said average sales prices were up 47 percent and reached new records in several categories, including a 55 percent increase in the number of luxury sales, meaning homes above $5 million.
Sales in the $1 million to $3 million range remained in the majority of sales, accounting for 52 percent of transactions.
Homes sold in the Westbank area accounted for 31 percent, while the town of Jackson made up 27 percent of sales.
Viehman reflected on the differences in the market now compared to when he moved to the area in 1992.
'At that time, there were approximately 1,300 active listings, or about 11 percent of the overall number of properties in the valley,' he said.
Current listings in the
