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GROS VENTRE WEST HOME

Q3 2026

Cash is King this Year So, Who is Borrowing? Data-Driven Real Estate Report for Quarter 3, 2026

Cash Is King in Jackson Hole. So, Who Is Still Borrowing? In 2005, about 28% of Jackson Hole real estate purchases were made with cash. Last year, it was 71%. We’ve tracked cash transactions for more than 20 years, and the climb has been striking. Cash accounted for 50% of purchases in 2010, 54% in 2015, 58% in 2020, and 65% in 2022 (COVID). It reached 71% in 2025 and is tracking at roughly the same share so far in 2026. With interest rates on Buyers’ minds, it’s tempting to assume that rising borrowing costs explain everything. They are part of the picture, but our sales data also shows something more interesting: Even in a market dominated by cash, Buyers continue to take out loans at every price level, including on properties selling for more than $10 million. Cash was the most common way to purchase every major property type in 2025. Approximately 68% of homes, 72% of condos, and 74% of lots sold without financing. For a Seller, a cash offer usually brings fewer financing questions. There is no lender approval to wait for and no lender-required appraisal that could complicate the sale. Cash offers may also be able to close sooner as cash carries the extra value of certainty, particularly when a Seller is choosing between two otherwise similar offers. It doesn’t mean cash always wins, though. If a Seller receives an offer of $1 million cash and another for $1.05 million with financing, the additional $50,000 deserves serious consideration. How strong is the Buyer’s loan approval? What happens if the appraisal is low? How much earnest money is at stake? What contingencies are in the contract? The best offer is the one that gives the Seller the best combination of price and confidence that it will close.

JACKSON HOLE REPORT Q3 2026

The financing data is revealing, too. Among financed home sales in 2025, 31% were priced under $2 million, 42% were between $2 and $5 million, 16% were between $5 and $10 million, and about 10% were over $10 million. In other words, borrowing was concentrated below $5

$10M+

10%

BREAKDOWN OF FINANCED HOME SALES IN 2025

million, but it didn’t disappear at the high end. UNDER $2M

Among financed condo sales, 45% were under $1 million, and 36% were between $1 and $2 million. Another 10% were between $2 and $5 million, and 10% were over $5 million.

$2M - $5M

31%

42%

For financed lot sales, 35% were under $1 million, 41% were between $1 and $5 million, and 24% were over $5 million. $5M-$10M Those percentages describe where the financed sales occurred. They don’t mean, for example, that 10% of all homes over $10 million were

16%

financed, but rather that 10% of all homes financed at all fell into the $10 million+ bracket. Loans, however, can serve very different purposes depending on the Buyer. At the lower end of our market, financing often determines whether someone can buy at all. For a Buyer with substantial assets, it may be a choice about what to do with their money. Paying cash avoids mortgage interest and lender fees. Borrowing can leave more money available for investments, a business, or other opportunities. Neither choice is automatically better. Buyers should keep in mind, however, that while cash offers remove the mortgage process, they don’t necessarily guarantee a closed deal. Inspections and title reviews still remain valuable tools for Buyers to ensure they want to proceed with the contract. So, what happens if borrowing costs stay high or rise further? Buyers who depend on financing will feel the effect most directly through their monthly payments and purchasing power. We would expect the more price-sensitive parts of the market (priced under $2 million) to feel that pressure first. The impact may be less pronounced above the $2 million price point, where many Buyers have more flexibility, though financing still plays a role. The old saying is true as far as it goes: Cash gives a Buyer an advantage. What has changed in Jackson Hole is the scale. Twenty years ago, a cash purchase was in the minority. Today, it accounts for roughly seven out of every ten sales. The question worth considering now is not just how many Buyers pay cash, but where Buyers are still choosing to borrow and what that tells us about the market.

Today, cash accounts for roughly seven out of every ten sales.

The Jackson Hole Report is the oldest, most accurate, and comprehensive real estate market report in Teton County, WY. Our statistics are derived from a privately maintained database that tracks every single sale—not just those reported through Multiple Listing Service (MLS). Notably, in 2026, only 63% of sale prices valley-wide were reported to MLS, highlighting the value of our complete, data-driven reporting.

JACKSON HOLE REPORT Q3 2026

Overall Market For the first nine months of 2026, the overall number of sales increased 7% to 340, while total dollar volume rose 20% to $1.77 billion. Average and median sale prices also went up 12% ($5.2 million) and 16% ($2.9 million), respectively. The most active segment was $1–$2 million, accounting for 79 sales (23%), including 29 condo/townhome transactions.

The number of properties under contract is up 27% to 70 with the average and median list prices under contract up 41% ($5.23 million) and 5% ($2.875 million), respectively. Current under-contract inventory is concentrated in the $1–$3 million range (49%). Meanwhile, only 6% are listed under $1 million, 21% are listed between $3–$5 million, and 24% are listed over $5 million.

High-end activity was strong, with sales above $5 million and $10 million up 10% and 15%, respectively. Notably, only two of the 178 single-family home sales occurred under $1 million.

Median Sale Price vs. Average Sale Price The average sale price is calculated by adding all the sale prices for homes sold in a specific area within a specified time frame and dividing that total by the number of properties sold. The median sale price, on the other hand, is the sale price in the middle of the data set after arranging all the sale prices from low to high. The median sale price, then, represents the figure at which half of the properties in the area sell at a higher price and the other half at a lower price.

Active inventory decreased 19% year over year to 243 listings, with the average listing price up 3% to $7.23 million and the median listing price up 5% to $3.95 million, both all-time highs. All price segments saw inventory decreases compared to Q3 2025. Entry-level availability remains extremely limited: No homes are currently listed under $1 million, and only seven are under $2 million, down 50%. As we move into the fall and winter selling seasons, inventory is expected to decline steadily until spring 2027.

JACKSON HOLE REPORT Q3 2026

UNDER CONTRACT

THE ASPEN RESERVE Positioned within a private grove of mature aspens and conifers on 5.39 pristine acres, this extraordinary contemporary mountain estate is a true architectural masterpiece.

Luxury Market The Luxury Market, which includes condo/townhome and vacant residential lot sales priced at $5+ million and singlefamily home sales priced at $10+ million, recorded 58 transactions in the first nine months of 2026, an 18% increase over 2025. Single-family homes represented 55% of Luxury sales (32 transactions), with 31% of those located on the Westbank. There are currently 46 Luxury properties on the market, down 36% from Q3 2025. While Luxury sales accounted for only 17% of total transactions, this segment contributed 46% of the overall dollar volume for the period.

JACKSON HOLE REPORT Q3 2026

COVER LISTING

GROS VENTRE WEST Designed by acclaimed Jackson Hole architect Bruce Hawtin, this timeless 4,158 sq. ft. mountain residence embodies his signature approach of blending architecture with the surrounding landscape through natural light, framed views, and intentional sightlines. Built in 1980 the home offers five bedrooms, 2.5 baths, with dry sauna, vaulted ceilings, two wood-burning fireplaces, and expansive windows capturing stunning Teton views. Hawtin’s thoughtful window placement creates a unique visual connection from one end of the home to the other, drawing the outdoors into every space. Set on 2.58 rare, level acres, the property includes a heated attached garage, mature landscaping, and a remarkable location within an established wildlife migration corridor. Moose, elk, mule deer, foxes, coyotes, bears, and abundant birdlife regularly pass through, offering an extraordinary opportunity to experience Jackson Hole’s natural beauty from your own backyard, just minutes from town.

List Price: $5,900,000 MLS# 26-1312

Single Family Homes Single-family home sales are up 37% compared to the first nine months of 2025. The average sale price reached a record high, up slightly to $6.23 million. Over three-quarters of sales (79%) occurred in the $3+ million segment (178 sales), while available inventory increases were primarily concentrated in the $3-4 million range (up 33%), limiting stabilization of overall market values.

Homes under contract are down 28% year over year. The 21 properties under contract range from $1.3 million to $39.5 million, with average and median asking prices increasing 71% and 12%, respectively. Available inventory is down 21%, with total dollar volume decreasing 26%. Average and median list prices are also down slightly—6% and 1%, respectively. Homes under $1 million are effectively non-existent, while listings in the $1–$2 million range are down 50%, and the $3-4 million segment is up 33% (16 listings).

The hot spot was the Town of Jackson, with 43 sales, followed by the Westbank, with 35 sales.

The most active price range for single-family homes is $3–$5 million, accounting for 72 sales (40%). Entry-level homes under $1 million remain scarce, with only two sales so far this year. Summary: Inventory is decreasing, mainly in the $1 to $2 million price range (down 50%), while market values continue to rise across all segments. We consider this a Seller’s market. Sellers should ensure competitive pricing while Buyers should be prepared to move quickly; well-priced properties are selling fast.

LEAST EXPENSIVE LISTING

$1.250 million (South of Wilson, 832 sq. ft., 2 beds, 2 baths

MOST EXPENSIVE LISTING

$49 million (Spring Gulch, new 8,660 sq. ft., 6 beds, 9 baths, 35.5 acres, with 2 bedroom and 2 bath guest house.

Single Family Home Stats MEDIAN SALE PRICE

AVERAGE LIST PRICE

MEDIAN LIST PRICE

$6.23M*

$3.48M

$9.293M

$5.7M

13%

* Record-Breaking

AVERAGE SALE PRICE

JACKSON HOLE REPORT Q3 2026

Condos & Townhomes

The primary sales hot spot remains the $1–$2 million range with 29 transactions—76% of which were in the Town of Jackson. Of the 90 total condo sales in 2026, the Town of Jackson accounted for 56% followed by the Westbank at 19%.

Condo and townhome sales are down 22% compared to the first nine months of 2025. In contrast, the average sale price reached a new high at $2.57 million. The decrease in number of sales can be directly linked to the decrease in active listings under $1 million, down 62%. Notably, no sales have occurred under $500,000 so far in 2026 effectively closing the entry-level window. A third of all activity (32%) occurred in the $1–$2 million segment, while sales above $3 million were at par with 2025 at 24 sales.

CONDO/TOWNHOME SUMMARY Inventory is shrinking, with strong demand concentrated under $1 million. Sellers should ensure competitive pricing and professional presentation, while Buyers, especially in the entry-level segments, should be prepared for competition and potential bidding wars.

The number of condos and townhomes under contract is up 21% compared to the first three quarters of 2025. The median list price increased 37% to $2.4 million, while the average list price rose 20% to $3.07 million. Demand remains strongest for condos under $1 million; however, with only 6 listings in this range (10% of total inventory), supply is tight. At the current sales pace, this entry-level inventory will last approximately two months. Overall inventory of condos and townhomes is down 22% year to date. Average and median list prices also reached new highs, increasing 35% and 37%, respectively. $599K-$1M

$1-$2M CURRENT INVENTORY BREAKDOWN

$5M+

$2-$3M

$3-$5M

Condo Stats MEDIAN SALE PRICE

AVERAGE LIST PRICE

MEDIAN LIST PRICE

$2.57M*

$3.75M* $1.4M HIRE US AS YOUR ADVOCATES.

$2.8M*

* Record-Breaking

AVERAGE SALE PRICE

If you are looking for a condo or townhome in today’s tight inventory market, you need to hire us as your advocates. 35% 37% We will find what you are looking for, and then educate and prepare you to win at today’s real estate bidding war

JACKSON HOLE REPORT Q3 2026

Aspens Townhome - Woodlands C4 Bordering 7.34 acres of protected open space in the Aspens, this Woodlands condominium offers rare privacy, open views, and flexible use in one of Jackson Hole’s most desirable areas. Located just minutes from the Aspens Market, the START Bus, Teton Village, and Wilson, this 1,794 square foot home is spread across three well-designed levels. Large windows and vaulted ceilings bring in natural light throughout the home. A floor-to-ceiling wood-burning fireplace anchors the main living space. The home includes three bedrooms plus a loft and two and a half bathrooms, with private living areas on each level. Views include the Grand Tetons. Short-term rentals are allowed, making this property suitable as a full-time home, vacation place, or rental investment. The updated kitchen is built for everyday use and gathering. It includes an island, oak cabinets, custom countertops, a tile backsplash, and stainless steel appliances. Oak hardwood floors run through the kitchen and dining areas. An upper deck provides space to sit outside and enjoy the surroundings. The living room features vaulted ceilings and a wall of windows that fills the space with light. Bathrooms have been updated and include heated floors. Additional improvements include new windows, doors, updated lighting, solid wood interior doors, updated window coverings, upgraded cove heating, two new hot water heaters, a stacked washer and dryer, walk-in closets, and a locking owner’s closet. The home is offered fully furnished and move-in ready. It also includes a 288 square foot detached oversized one-car garage with extra storage and paved parking. This is a ready-to-use property in the heart of Jackson Hole. List Price: $2,400,000 MLS#26-212

JACKSON HOLE REPORT Q3 2026

The number of single-family vacant lots under contract is up 225% from this time last year. Following suit, the dollar volume is up 200%, and the median list price is up 11% to $2.75 million record breaking.

Vacant Land Single-family vacant lot sales have increased 9% in 2026 compared to the first nine months of 2025. Both average and median sale prices have increased, rising 10% to $4.6 million (record breaking) and 12% to $2.575 million (record breaking), respectively. This escalation is largely driven by the Luxury segment, with sales over $5 million up 28%, indicating that high-end transactions continue to disproportionately influence overall market trends.

Available inventory of listed lots in Q3 2026 decreased 13% year over year, while the average list price declined 23%. The decrease in the average list price can be directly attributed to the release of the new Porter Ranch subdivision with lots under $1 million. At the current sales pace, the existing supply of single-family vacant land represents roughly nine months of absorption.

The 2026 hot spot for single-family vacant land sales is North of Jackson with twelve sales.

From a historical perspective, this figure underscores persistent scarcity: at the end of Q3, inventory remains the second lowest ever recorded in the past four decades. The combination of increasing list prices and constrained availability suggests that long-term supply constraints continue to define market dynamics.

LOT SUMMARY While the number of sales continues to increase, primarily in the high-end segment, inventory remains at historically low levels. Market values across much of the valley continue to rise.

Taken together, the market continues to exhibit a clear bifurcation: strong high-end sales are pushing overall prices higher, while limited inventory at lower price points is slowing contract activity and restricting market access for more moderately priced Buyers. The result is a market simultaneously characterized by robust Luxury demand and ongoing scarcity at the entry- and mid-level segments.

Vacant Land Stats

$4.6M*

MEDIAN SALE PRICE

AVERAGE LIST PRICE

MEDIAN LIST PRICE

$2.575M* $3.49M HIRE US AS YOUR ADVOCATES.

$1.625M

* Record-Breaking

AVERAGE SALE PRICE

If you are looking 10% for a condo or townhome in today’s tight inventory market, you need to hire us as your advocates. 24% We will find 23% 12% what you are looking for, and then educate and prepare you to win at today’s real estate bidding war

JACKSON HOLE REPORT Q3 2026

Spring Creek Ranch Lot A Front-Ridge Rarity at Spring Creek Ranch For the first time in two decades, a coveted front-ridge homesite on Spring Creek Ranch comes to market -1.18 acres in Elk Dance Estates, perched high above the valley floor with unobstructed, protected views of the Teton Range and the Sleeping Indian. This is the front line. Tucked into an established cul-de-sac of completed estates, the lot delivers the quiet seclusion buyers seek in Jackson Hole without sacrificing convenience: paved roads and full access to Spring Creek Ranch's resort amenities: pool, spa, tennis, and on-site dining, all within one of the valley's most established luxury communities. The lot is also a few minutes' walk to a second resort, Amangani, one of the most storied resorts in the American West. All utilities are stubbed and ready (water, sewer, electric, cable, and phone) with multiple driveway configurations available. Front-ridge inventory in Spring Creek almost never trades. With a shrinking pool of vacant land in Jackson Hole and views of this caliber permanently preserved, this is a generational opportunity, whether the vision is to build a legacy residence now or to acquire one of the valley's most defensible parcels as a long-term investment. List Price: $4,300,000 MLS# 26-1013

COMMUNIT Y HOUSING

FUND CREATING AFFORDABLE HOUSING

JACKSON HOLE COMMUNITY HOUSING TRUST

OPPORTUNITIES FOR TETON COUNTY’S ESSENTIAL EMPLOYEES. The Teton Board of REALTORS® Community Housing Fund allows every agent and seller to designate proceeds or a portion of their commission to fund affordable housing in Teton County at every transaction. With concern about the rapidly changing character of Jackson Hole and the ability for essential employees to afford stable, secure housing, Devon Viehman partnered with the Teton Board of REALTORS® to create The Community Housing Fund. The TBOR Community Housing Fund allows every agent and seller to designate proceeds or a portion of their commission to fund affordable housing in Teton County at every transaction.

TCSD HOUSING PROJECT

Learn more at communityhousingfund.com.

$898,935

TCSD HOUSING PROJECT

RAISED TO DATE

HELP US REACH THE

$1M

MARK BY THE END OF 2026!

TETON COUNTY IDAHO JOINT HOUSING AUTHORITY

At a Glance THE NUMBERS

Americas

Global

6,000+ Professionals

16,000+ Professionals

300+ Shops

900+ Shops

3 Yachting Shops

30+ Countries

11 Countries HISTORY

LEADERSHIP

The foundations of Engel & Völkers were laid by Dirk Engel in Hamburg,

Christian Völkers

Germany in 1977. Three years later, he was joined by Christian Völkers to

Founder

open the company’s first brokerage. The two founders went on to develop a global luxury brand with a focus on exceptional real estate systems and

Jawad Barna

service. In 2006, Engel & Völkers entered the US and began its Americas

Group CEO & CMO

growth story.

Stuart Siegel

President & Chief Executive Officer

DESIGNATIONS

RECOGNITIONS Franchise Business Review Top Franchise

Best Franchise for Veterans

Most Profitable Franchise

Most Innovative Franchise

Best Franchise for Culture

$22.8 B

$802,467

19.3 B

Sales Volume (2025)

Average Sales Price (YTD)

Media Impressions (2025)

$350,969,316

attributed to in-network referrals

$875,235 ASP of referrals

Engel & Völkers Americas

@evamericas

Engel & Völkers

@evamericas

evrealestate.com

Global Recognition. Local Ownership. Jackson Expertise. At Engel & Völkers, we are committed to exceeding your expectations through exceptional service, personalized guidance, and a genuine passion for real estate. As part of a distinguished global network of real estate professionals, we connect our clients with opportunities and buyers locally, nationally, and around the world.

At Engel & Völkers Jackson Hole, we are more than real estate advisors—we are trusted advisors in your real estate journey. We bring in-depth knowledge of the Jackson Hole area, firsthand local insight, and a deep connection to the communities we call home. We combine this expertise with attentive, personalized service and a touch of fun to make your experience as seamless and rewarding as possible. We believe exceptional real estate service begins with relationships. By taking the time to understand your goals and priorities, we provide thoughtful guidance and valuable insights tailored to your unique needs. We are dedicated to making every step of your buying or selling experience feel informed, effortless, and well supported. We look forward to building a relationship with you and helping you make the most of your real estate journey in

ENGEL & VÖLKERS · JACKSON HOLE 155 W. BROADWAY, JACKSON, WY +1 (307) 201-8800 JACKSONHOLE.EVREALESTATE.COM

Jackson Hole.

Our decades-deep knowledge of the valley combined with the international reach of Engel & Volkers Jackson Hole makes us your Local Real Estate Experts. Whether you are pricing your property to sell in this competitive market or weighing the right time to buy, rest assured that when you are our client, you have the upper hand via access to current market statistics and our impeccable level of service and personal attention. For a free comparative market analysis, please contact us by calling 307-201-8800. The JACKSON HOLE REPORT is published semi-annually with additional email updates for the first and third quarters. While other Realtors attempt to report on our local market with MLS statistics only (MLS historically tracks 65-70% of the market), we track every single transaction in Teton County. This data-driven report is the oldest, most accurate and trusted real estate news source in Teton County, Wyoming. We are your “True North” of valley real estate reporting. If you would like to sign up for quarterly email updates or need more detailed information about our local real estate market, feel free to either call or email your Engel & Volkers Real Estate Advisor. We hope this report has given you a snapshot of market trends and, as always, we would be glad to discuss the details with you. If you would like a complete analysis of specific areas, back issues of the Jackson Hole Report, or if you are scouting a professional Realtor to represent you in your next real estate transaction. We look forward to working with you. Sincerely, The Engel & Völkers Team (307) 201-8800 jacksonhole.evrealestate.com

*While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call Engel & Völkers Jackson Hole - 307.201.8800. *All statistics are supplied by sources that have been deemed reliable but are not guaranteed. *All statistics quoted in this newsletter are based on sales in 2026 compared to sales in 2025. *Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale. *Average sale price is the total combined dollar volume divided by the number of sales. *In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, and ranch), not including Alta, WY. *The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value. © Copyright 1995 - 2026 by David E. Viehman and Devon Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.

JACKSON HOLE REPORT Q3 2026