E&V - Jackson Hole Real Estate Report - Q2 2026

What We’ve Learned from 30 Years of Listing History

Jackson Hole is truly one of a kind in America, particularly when it comes to real estate. While resort communities across the country experience seasonal fluctuations in active listings similar to ours, Jackson Hole stands apart because of its extraordinary scarcity of developable land. Less than 3% of the valley is privately owned, creating a unique supply-and-demand dynamic that has shaped property values for decades.

In our 2025 Mid-Year Market Report, we examined active listings over the past 30 years, seasonal inventory trends, shadow inventory, future supply prospects, and the characteristics of a healthy real estate market.

In this report, we take a deeper look at property values and how they have changed over the last three decades. To evaluate long-term appreciation, we utilized a paired-sales analysis, a method that compares similar properties sold during different periods. We reviewed our database and identified more than 100 comparable properties that sold between 1995 and 1999 and then sold again between 2024 and 2025.

Although we have tracked the Jackson Hole market for over 30 years, some of the results were still surprising.

Single Family Home Values

Amongsingle-familyhomes,thelowestappreciationwas320%,recordedin SpringCreekResort Thishomesoldfor$1 595millionin1999andresoldfor $5.1millionin2025.Interestingly,thehighestappreciationwasalsofoundin SpringCreekResort Thatpropertyappreciated2,085%,increasingfrom $525,000in1996to$10.95millionin2024.Althoughbothproperties underwentimprovementsovertime,theirsquarefootageremained unchanged.Thiswasconsistentthroughoutouranalysis,asallhomesincluded inthestudyhadreceivedupdatesorrenovations,whilemaintainingtheir originalsize.

TheTownofJacksonrecordedthehighestaverageappreciationat1,299%, whiletheWestBankrankedsecondat1,056%,representingmorethana tenfoldincreaseinvalueoverthesameperiod.

Acrossthevalley,single-familyhomesappreciatedbyanaverageof1,118%, meaningvaluesarenowapproximately11timeshigherthantheywere30years ago.

Toevaluatelong-term appreciation,we utilizedapaired-sales analysis,amethod thatcomparessimilar propertiessoldduring differentperiods.

SingleFamilyHome Values

Homevaluesarenow approximately11timeshigher thantheywere30yearsago

Condominium & Townhouse Values

The lowest appreciation among condominiums and townhomes was 504%, recorded in Teton Pines. The highest appreciation was 980% for a Cache Creek townhome in the Town of Jackson. That property sold for $125,000 in 1998 and resold for $1.225 million in 2024. While improvements had been made to the property over time, its square footage remained unchanged. In fact, all the condominiums and townhomes included in this analysis had undergone upgrades since their original sales while maintaining their original size.

The Town of Jackson recorded the strongest average appreciation among condominium and townhome markets at 824%. The Racquet Club in the Aspens ranked second at 721%, followed closely by Teton Village at 705%.

Across the valley, condominium and townhome values appreciated by an average of 742%, representing a 7.4-fold increase over the past 30 years.

Residential Vacant Land Values

The lowest appreciation identified was 426%, meaning the property sold for more than four times its original value over a 30-year period This parcel was located north of the Town of Jackson The highest appreciation was 1,982% for a 5 43-acre parcel on the West Bank along the Snake River The property sold for $275,000 in 1997 and resold for $5 45 million in 2025, despite no improvements being made during that time

Across the valley, residential vacant land appreciated by an average of 896%, meaning land values are now approximately nine times higher than they were 30 years ago

Key Takeaway

The results of this 30-year paired-sales analysis highlight the remarkable longterm performance of Jackson Hole real estate. While appreciation varied by property type and location, every segment of the market experienced substantial value growth. Limited land supply, strong demand, and the valley’s unique desirability have combined to create one of the most resilient and appreciating real estate markets in the United States.

Condominium& TownhouseValues

Condo/Townhousevalues arenowapproximately7.4 timeshigherthantheywere 30yearsago.

ResidentalVacant LandValues

1,982%

896%

Landvaluesarenow approximatelyninetimes higherthantheywere30 yearsago.

Landmark Sale in Teton Village

Inalandmarktransaction,theFourSeasonsResortand ResidencesJacksonHolechangedhandsaspartofatwo-resort saleinFebruary2026 Whiletheexactallocationbetweenthetwo propertieshasn’tbeenofficiallydisclosed,industrysources estimatetheTetonVillageassetalonewasvaluedatapproximately $650million.Weexcludedthissalefromthetotalsalescountand dollarvolumereportedintheoverallstatisticsbelow.

Overall Market

When compared to the first six months of 2025, the overall market increased with 3% more sales. Following suit, the dollar volume was up 2%. The median sale price came in at a recordbreaking $2.995 million (up 27%). While the single-family homes and vacant lot segments of the market experienced an increase in sales, the condo/townhome segment sales were down 26% when compared to Q2 2025.

While inventory levels are still at historic lows, the lack of inventory under $2 million will continue to slow the number of sales in the second half of 2026. NOTE: 21 of the sales were above $10 million up 11% from 2025.

Geographically, the Town of Jackson experienced the most activity (65 sales), accounting for 35% of all sales in the valley, but only accounting for 11% of the total dollar volume ($93 million). All areas of the valley experienced an increase in the number of sales, except for the Town of Jackson and the Racquet Club (Aspens).

The overall number of properties under contract has increased with 67 properties currently in negotiations (up 29%) Following suit, the dollar volume and the average list price were up 64% and 27%, respectively The single-family home, vacant lot, and condo/townhome segments all experienced an increase in the number of properties under contract The increases across the board are directly related to Sellers adjusting their expectations

Lookingahead,weexpect continuedappreciationinallprice ranges,especiallyinthelowerend. Whileinventoryremainshistorically low,Sellerswhotrulywanttoclose in2026mayneedtoadjusttheir expectationswithoutmoreBuyers steppingintothemarket.

Overall inventory of active listings increased 8% when compared to Q2 2025. Listings over $3 million (19) made up 87% of the increase. Of the overall inventory, single-family homes and vacant residential lots increased 5% and 33%, respectively, but condo/townhomes went down 11%. Homes for sale under $1 million are nonexistent. The least expensive home is currently priced at $1.43 million. NOTE: On July 1, 2011, there were 104 homes listed for under $1 million with an average list price of $2.795 million versus today’s average list price of $8.8 million .

OVERALL FACTS:

• There are currently 12,428 free-market deeds (not deedrestricted or timeshare) in Jackson Hole They break down as follows: Westbank (3,744); Town of Jackson (4,144); North of the Gros Ventre River (1,450); and South of the Gros Ventre River to the County Line (3,090)

• There are currently 1,283 deeds that qualify as Luxury properties in Jackson All vacant residential lots (325) and condo/townhomes (247) priced at $5+ million qualify as Luxury, as well as the 656 single-family homes priced at more than $10 million The other 55 deeds that qualify as Luxury are local ranches and large, undeveloped tracts

• Since the Great Recession, overall inventory peaked in 2010 at 842 available properties We have experienced a continued decline in inventory since then with overall available properties showing 279 listings In 2020, prior to COVID, overall active listings hovered around 375

T H E A S P E N R E S E R V E

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—condo/townhomes and vacant residential lot sales priced at $5+ million and home sales priced at $10+ million—registered 30 sales (up 15%) The hottest segment overall was between $10 and $20 million in which 17 sales closed Single-family homes claimed 47% of Luxury sales (14 transactions) with 43% of those residing on the Westbank Luxury listings under contract are up 10% with 11 sales pending NOTE: There are 67 properties on the market in the $5+ million price range down 4% from Q2 2025 The most expensive overall listing is a home located South of Wilson priced at $48 5 million The main house, built in 2023, has 10,440 sq ft with six bedrooms and seven baths The home sits on 36 14 acres with Fish Creek and the Snake River running through

GROS VENTRE

DesignedbyacclaimedJacksonHolearchitect BruceHawtin,thistimeless4,158sq.ft.mountain residenceembodieshissignatureapproachof blendingarchitecturewiththesurrounding landscapethroughnaturallight,framedviews,and intentionalsightlines.Builtin1980thehomeoffers fivebedrooms,2.5baths,withdrysauna,vaulted ceilings,twowood-burningfireplaces,andexpansive windowscapturingstunningTetonviews.Hawtin’s thoughtfulwindowplacementcreatesauniquevisual connectionfromoneendofthehometotheother, drawingtheoutdoorsintoeveryspace

Seton2 58rare,levelacres,thepropertyincludesa heatedattachedgarage,maturelandscaping,anda remarkablelocationwithinanestablishedwildlife migrationcorridor.Moose,elk,muledeer,foxes, coyotes,bears,andabundantbirdliferegularlypass through,offeringanextraordinaryopportunityto experienceJacksonHole’snaturalbeautyfromyour ownbackyard,justminutesfromtown.

LIST PRICE: $5,900,000 MLS# 26-1312

Single Family

Homes

Demand for single-family homes increased 38% with 94 sales so far in 2026. Following suit, the dollar volume was up 30%. In contrast, the average and median sale prices were down 6% and 7%, respectively, when compared to 2025. The increase in overall home sales can be directly linked to sales between $2 and $3 million, up 47%. NOTE: In the first six months of 2026, 33 homes (35%) sold for over $5 million. Also noteworthy: Two homes sold in this timeframe for under $1 million. Compare that to 2018 when 42 homes sold for under $1 million in the first six months.

The number of single-family homes under contract increased 28%. Following suit, the dollar volume and average list price for homes under contract are up 70% and 32%, respectively (both record breaking), and the median list price is up 20% when compared to Q2 2025. While little inventory is available under $2 million, it’s currently the most active in the valley; 28% of the homes currently under contract fall into this segment. NOTE: There are eight homes currently under contract for over $10 million up 100% from 2025.

SINGLE FAMILY HOMES FACTS:

The inventory of listed homes increased 5% to 121 listings, with none listed for less than $1 43 million Following suit, the dollar volume and average list price decreased 4% and 9%, respectively The decrease in the average list price is due in part to current Luxury listings (priced at over $10 million) decreasing 31% when compared to Q2 2025 NOTE: The median list price hit another record high for Q2 at $5 75 million

Current available inventory breaks down as follows: Five homes between $1 and $2 million (down 59%); 19 homes between $2 and $3 million (up 12%); 29 homes between $3 and $5 million (up 21%); 37 between $5 and $10 million (up 28%); and 31 over $10 million (down 12%).

$1M-$2M

$2M-$3M

$3-$5M

$5-$10M

$10M+

Currently, there are 6,183 free-market, single-family homes (not deed-restricted or timeshare) in Jackson Hole They break down as follows: Westbank (1,790); Town of Jackson (1,430); North of the Gros Ventre River (975); and South of the Gros Ventre River to the County Line (1,988)

There are 676 Luxury, single-family homes worth at least $10 million throughout the valley, of which 44% are located on the Westbank

There are 190 homes in the valley situated on 35+ acres

Currently, the least expensive single-family home, located in Hoback Jct , is listed for $1.429 million The 23-acre parcel features a 1,188 sq ft , three-bedroom, one-and-ahalf-bath home built in 1984

Listed by Andria Clancy with Trinity Real Estate

The most expensive home, located South of Wilson, is listed for $48 million The main home, built in 2023, has 10,440 sq ft with six bedrooms and seven baths

Designed by renowned architect Wallace Cunningham, this living sculpture sits on 36 14 acres with Fish Creek and the Snake River running through

Listed by Spackman & Associates with Sotheby's

If you are looking for a home in today’s tight inventory market, you need to hire us as your advocates We will find what you are looking for, and then educate and prepare you to win at today’s real estate bidding wars

Condos & Townhomes

Condo/townhome sales have decreased in the first six months of 2026 with 49 sales (down 26%). In contrast, the average and median sale prices increased 37% and 35%, respectively, when compared to 2025. NOTE: The median sale price increased due to an increase in sales over $3 million (up 45%).

FACTOIDS:

• Currently, there are 3,309 free-market condos/townhomes (not deed-restricted or timeshare) in Jackson Hole. They break down as follows: Westbank (1,173, with 708 in Teton Village); Town of Jackson (1,754); North of the Gros Ventre River (92); and South of the Gros Ventre River to the County Line (290).

• There are 248 Luxury condos/townhomes worth at least $5 million throughout the valley. Most are within Teton Village, except for 29 in the Town of Jackson and three in the Snake River Sporting Club

The hot spot was Teton Village with 38% more sales In contrast, the Town of Jackson saw 27 sales (down 33%), while still capturing 55% of the sales valley-wide

The number of condos/townhomes under contract has increased 27% with 19 properties currently in negotiations In contrast, the average and median list prices decreased 40% and 30%, respectively, and the dollar volume decreased 27% The decrease in the average and median list prices reflects an increase in listings under contract for under $1 million (up 400%)

Available inventory of condos/townhomes has seen a decrease of 11% (70 listings) NOTE: In 2009 the market peaked with 214 available listings Except for 2021 and 2022 (COVID) from 2015 to 2026 the average number of listings mid-year was 72 Based on mid-year results, current inventory offers only nine months of condo/townhome stock

NOTE: Of the current available inventory, 16% is listed for less than $1 million, with the least expensive at $595,000: An 826 sq ft two bedroom, two bath in South Park

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

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: $2,625,000

MLS#26-212

Vacant Land

Single-family vacant lot sales inched up 3% in the first six months of 2026 with 29 sales. In accelerated contrast, the dollar volume increased 30% and the average and median sale prices increased 26% and 55%, respectively, when compared to mid-year 2025. NOTE: The Luxury market ($5+ million) had ten sales over $5 million (up 67%).

Vacant Land Facts

• In the last five years the median sale price of a single-family lot has increased 63%.

• Currently, there are 1,031 platted and vacant residential single-family lots under 35 acres in Jackson Hole. Of those, only 349 (34%) are located on the Westbank.

• Currently, there are 229 platted and vacant residential single-family lots over 35 acres in Jackson Hole that are not under any type of a conservation easement.

Single-family vacant lots under contract: Ten properties are currently in negotiations (up 25%), with the least expensive listed for $1.495 million and the most expensive listed for $8.75 million.

Available inventory of listed lots increased by 33%, and dollar volume was up 26% from Q2 2025 In contrast, the average and median list prices decreased by 5% and 10%, respectively, when compared to 2025 The decrease in the average list price reflects the 33% increase in inventory under $2 million Based on mid-year results, there are currently 13 months of available inventory

Current available inventory breaks down as follows: Eight lots under $1 million; 28 lots between $1 and $2 million; seven lots between $2 and $3 million; eight lots between $3 and $5 million; nine lots between $5 and $10 million; and four lots over $10 million

Under$1M

$1M-$2M

$2-$3M

$3-$5M

$5-$10M

HIRE US AS YOUR ADVOCATES.

If you are looking for a single-family vacant lot in today’s tight inventory market, you need to hire us as your advocates We will find what you are looking for, and then educate and prepare you to win at today’s real estate bidding wars.

AFront-RidgeRarityatSpringCreekRanchForthe firsttimeintwodecades,acovetedfront-ridge homesiteonSpringCreekRanchcomestomarket-1 18acresinElkDanceEstates,perchedhighabove thevalleyfloorwithunobstructed,protectedviews oftheTetonRangeandtheSleepingIndian Thisis thefrontline.Tuckedintoanestablishedcul-de-sac ofcompletedestates,thelotdeliversthequiet seclusionbuyersseekinJacksonHolewithout sacrificingconvenience:pavedroadsandfullaccess toSpringCreekRanch'sresortamenities:pool,spa, tennis,andon-sitedining,allwithinoneofthevalley's mostestablishedluxurycommunities.

Thelotisalsoafewminutes'walktoasecondresort, Amangani,oneofthemoststoriedresortsinthe AmericanWest.Allutilitiesarestubbedandready (water,sewer,electric,cable,andphone)with multipledrivewayconfigurationsavailable.

Front-ridgeinventoryinSpringCreekalmostnever trades.Withashrinkingpoolofvacantlandin JacksonHoleandviewsofthiscaliberpermanently preserved,thisisagenerationalopportunity, whetherthevisionistobuildalegacyresidencenow ortoacquireoneofthevalley'smostdefensible parcelsasalong-terminvestment

COMMUNITY HOUSING FUND

CREATING AFFORDABLE HOUSING

OPPORTUNITIES FOR TETON COUNTY’S ESSENTIAL EMPLOYEES.

TheTetonBoardofREALTORS®Community HousingFundallowseveryagentandsellerto designateproceedsoraportionoftheir commissiontofundaffordablehousinginTeton Countyateverytransaction.

Withconcernabouttherapidlychanging characterofJacksonHoleandtheabilityfor essentialemployeestoaffordstable,secure housing,DevonViehmanpartneredwiththeTeton BoardofREALTORS®tocreateTheCommunity HousingFund.TheTBORCommunityHousing Fundallowseveryagentandsellertodesignate proceedsoraportionoftheircommissiontofund affordablehousinginTetonCountyatevery transaction

Learnmoreatcommunityhousingfund.com.

$728,259 RAISEDTODATE

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 o ket), we track every single transaction i state news source in Teton County, Wyo n up for quarterly email updates or nee r email your Engel & Volkers Real Es

We hope this report has given you th you. If you would like a complete analys professional Realtor to represent y

Sincerely,

The Engel & Völkers Team (307) 201-8800

jacksonhole evrealestate com

*WhileotherlocalRealEstateBrokersattempttoreportonthelocalrealestatemarket,wearetheonlyonestotrackeverysingletransaction Therefore,ifyouwantthemost accurateinformationtohelpguideyouthroughyournextrealestatetransaction,pleasecallEngel&VölkersJacksonHole-307 201 8800

*Allstatisticsaresuppliedbysourcesthathavebeendeemedreliablebutarenotguaranteed

*Allstatisticsquotedinthisnewsletterarebasedonsalesin2025comparedtosalesin2024

*Mediansalepriceisthecostofapropertythathasanequalnumberofsalesaboveandbelowitonthepricescale

*Averagesalepriceisthetotalcombineddollarvolumedividedbythenumberofsales

*Inthisreport,“overall”referstoallsalesinTetonCountycombined(homes,lots,condos,commercial,andranch),notincludingAlta,WY.*Theterm“MarketValue”meansthe valueofpropertyintermsofwhatitcanbesoldforontheopenmarket;currentvalue

©Copyright1995-2026byDavidE ViehmanandDevonViehman Allrightsreserved Nopartofthispublicationmaybereproducedortransmittedinanyformorbyany meanswithoutexplicitlywrittenpermissionfromDavidE Viehman