Teton Village real estate: State of the market 2023

In 2008, local snowboarding legend Travis Rice’s latest movie title assured “That’s It, That’s All.” I thought of that phrase when taking a look at Teton Village real estate activity in 2022, when a total of just 31 new, pending and sold residential properties were reported to Teton County Multiple Listing Service. As for vacant land, as of New Year’s Day there were three active listings and two sales in the last 12 months.

Among those 30 MLS listings there are currently 11 active, one pending and 19 sold properties since January 1, 2022. That’s it, that’s all. (This report excludes fractional ownership properties. If fractional condos are of interest, contact me and I will send you a detailed fractional market round-up.).

Beyond the public-facing information on properties at the base of Jackson Hole Mountain Resort, however, is a very active, high-demand, low-inventory market with many listings and sales not reported publicly. Properties in Shooting Star, a private community with dozens of homes and more than 100 building sites, for example, are often uncounted. The Hoback Club is under construction with 28 new high-end condos coming online, but those properties are not publicly listed or reported on. Individual property owners also often sell without the use of the MLS.

Cody Bowl partially obscured by clouds as seen from atop Rendezvous Peak.

All that said, it is still possible to learn a good deal by looking at what has been reported. Highlights among the active listings include:

  • The least-expensive full ownership property in Teton Village is a 2-bed, 760-square-foot Tensleep condo built in 1972, listed by Compass Real Estate for $1.575 million, now on market for 76 days.
  • The highest-priced active listing is a 6-bed, 8,577-square-foot home built in 1990 on a half acre in the Old Village now on market for 365 days, listed by Jackson Hole Sotheby’s for $13.95 million. (Since the new year a Shooting Star home was listed for $23 million.)
  • Under contract is a Timbers at Granite Ridge townhouse with 3 beds, 3,222 square feet built in 2008, listed by Jackson Hole Sotheby’s for $6.295 million.
  • The condo-tel market is highlighted by a 2-bed, 1,133-square-foot condo with premier Rendezvous Peak views, listed by Jackson Hole Sotheby’s for $2.475 million.
  • An “Old” village home with 4 beds, 6,380 square feet built in 1982 on .63 acres is listed by Jackson Hole Sotheby’s for $4.995 million. This home is architecturally significant, but also may be more suitable as a building site as it approaches functional obsolescence.
Teton Mountain Lodge offers condo-tel ownership.

Sold Teton Village residential property highlights include:

  • A Snake River Lodge & Spa studio with 400 square feet listed by Compass Real Estate for $595,000 was the least-expensive transaction in 2002.
  • A Shooting Star 4-bed, 3,507-square-foot home built in 2017 on .22 acres listed by Clear Creek Group for $11.5 million was the top sale reported to MLS.
  • A Tram Tower Townhouse with 4 beds and 4,174 square feet built in 1991 in the most desirable slopeside location in the subdivision sold after 42 days on market after being listed by Compass Real Estate for $7.6 million.
  • A Nez Perce 2-bed, 925-square-foot condo built in 1980 listed by Jackson Hole Sotheby’s for $1.795 million sold after just 33 days on market.
  • An Eagle’s Rest townhome with 3 beds, 1,687 square feet and a 2-car garage listed by Jackson Hole Sotheby’s listed for $3.195 million sold after 127 days on market.

Turning to building sites in Teton Village, the story is even shorter as vacant land in this hamlet has been almost entirely developed in the nearly 60 years Jackson Hole Mountain Resort has operated. The main exception is Shooting Star, established in 2009, but as mentioned above those sales are not generally reported.

The home at 3580 Morley Drive on .63 acres.

Building site activity in Teton Village highlights include:

  • A 1.81-acre building site in Shooting Star is listed for $16.45 million by Clayton Andrews Real Estate. Yes, that is correct: this premier perimeter lot is price well above the highest reported residential sale in Teton Village.
  • The aforementioned home listed at $4.995 million is right on land value, per the above comparable sale.
  • A .9-acre lot on McCollister Drive is listed by Prugh Real Estate for $4.95 million after being on market for 166 days.

A few notes on the Teton Village market:

  • While there is a dearth of market activity that can be reported publicly, and sales prices are not public information in Wyoming, I am aware of several unreported sales and can pass along sales prices directly to clients. So please contact me for a deeper dive into comparable sales in your target market segment.
  • You will notice that Jackson Hole Sotheby’s holds a significant percentage of the listings, where I have been licensed since 2008. JHSIR is Jackson Hole’s largest brokerage in terms of agents and sales volume. But this advantage is even more pronounced in Teton Village where we have four sales offices – in Hotel Terra and Teton Mountain Lodge, where I have been on the sales teams for more than 10 years, and in Four Seasons Jackson Hole and Snake River Lodge & Spa.
  • At this time last year, the listed inventory was even sparser. the main difference between this year and last is that the demand for properties has lessened for several reasons, namely a softening economy that has not been matched my moderating prices.
  • When I published my annual Teton Village report two years ago, we were in the depths of the pandemic.
  • In 2020, I looked back on the phenomenal growth in Teton Village over the previous 10 years, when we went from the depths of the Great Recession to unforeseen heights in terms of real estate values and options.
In addition to the best in-bounds skiing in North America, Jackson Hole Mountain Resort offers lots of backcountry access.

Cheers to a happy, healthy and prosperous year in 2023! Please contact me with questions about individual listings or the broader market, Teton Village and beyond. I am also licensed in Idaho.

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