The first quarter of 2025 brought a noticeable jolt of activity. Sales are up, inventory is slowly returning, and buyers are back in the mix, particularly at the higher end of the market. From single-family homes to ski-town condos, the market is showing signs of balance after the post-pandemic boom and the cooldown that followed.
In this report (provided by Keller Williams), we break down Q1 2025 by the numbers: Which segments are heating up, where sellers are finding traction, and what buyers can expect heading into the spring season. Whether youāre a longtime local, second-home seeker, or just love watching the market unfold like a moose in traffic, thereās plenty to take in.
šļø Q1 2025 Market Overview: Jackson Hole Real Estate
š Market Summary:
Jackson Holeās real estate market kicked off 2025 with a modest but meaningful rebound:
- Number of Sales: 81 transactions in Q1 ā up 11% YoY
- Total Dollar Volume: $403.8 million ā up 5% YoY
- Average Sale Price: $5,009,382 ā down 5% YoY
- Active Listings: 165 ā up 8% YoY
This indicates improving market momentum after two relatively quiet years, particularly in the Town of Jackson, which saw a 60% increase in sales year-over-year.
š Key Trends by Segment:
š Single-Family Homes
- Sales: 36 (up 47% YoY)
- Avg. Price: $8.9M (up 33%)
- Inventory: 75 (up 32%)
- Insights: Surge in high-end activity with nearly 75% of homes sold priced above $5M. Homes are moving quicker (average days on market down 20% to ~4.5 months).
š¢ Condos & Townhomes
- Sales: 31 (up 20% YoY)
- Avg. Price: $1.74M (up 22%)
- Inventory: 27 (down 36%)
- Insights: Significant rebound from 2024 lows. Lower inventory and stabilized pricing suggest continued strength for this more affordable segment.
š Land + Ranches
- Sales: 7 (down 38% YoY)
- Avg. Price: $2.59M (down 25%)
- Inventory: 36 (down 10%)
- Insights: Still a quiet segment, with parcels taking over 10 months to sell. However, 8 pending land sales show potential momentum.
š Luxury Properties (>$5M)
- Sales: 26 (up 67% YoY)
- Avg. Price: $11.5M (down 34%)
- Inventory: 61 (up 36%)
- Insights: Uptick in demand for $5ā$8M homes; 2024 saw more $20M+ sales, skewing average prices. A $31.5M property sale was the most notable deal of the year.
š§ Market Insights & Takeaways Moving Forward
ā Positive Momentum Returning
- Buyer activity is up, and listings are selling faster.
- Pending listings at the end of 2024 helped fuel a stronger Q1.
- Inventory is rising but remains historically low, which should help maintain pricing support.
š” Luxury Still Leads
- Luxury homes dominate volume and price metrics.
- Even as average prices dipped, itās mostly due to a reversion from a 2024 spike in ultra-luxury ($20M+) deals.
- More inventory = more opportunity for well-positioned sellers.
š” Strategic Sellers Will Win
- Pricing and presentation matter. Buyers are showing price sensitivity, particularly in overvalued listings.
- Condos and townhomes offer an entry point, especially as interest rates soften.
š Land = Patience Required
- Development regulations and limited demand continue to drag on the land segment.
- However, 2025 could bring an inflection point with new NRO policies and eight pending sales.
š® Expectations for the remainder of 2025
- The spring selling season should continue to lift activity, particularly in Town of Jackson and the luxury market.
- Economic uncertainty remains a wildcard, while rate cuts could boost confidence, stock market swings may impact high-end buying behavior.
- Jackson Hole remains a haven for long-term investment, combining lifestyle, tax advantages, and prestige.
š Final Thought
2025 looks like the year movement returns to Jackson Hole real estate. While prices are plateauing or adjusting modestly, transaction volume is ticking upward, and buyers are engaging, especially in the luxury and condo/townhome sectors. With a strategic approach to pricing and timing, both buyers and sellers have room to operate in whatās shaping up to be a more balanced, opportunity-rich market.
