Jackson Hole’s real estate market continues to defy broader housing slowdowns, with median home-sale prices now reaching $3.4 million—double what they were in 2019. The dramatic surge in prices is a lasting effect of the pandemic-era migration trend, when affluent buyers sought out scenic, low-density locations amid the rise of remote work.
Despite the price boom, homeowners who bought during the peak of that migration wave are holding onto their properties, leading to a chronic shortage of listings. This limited turnover is helping to maintain high price levels, even as other luxury markets begin to cool. Real estate agents in the region note that demand remains strong from both primary homebuyers and those seeking seasonal or investment properties.
Adding to the pricing pressure is Jackson Hole’s unique geographic constraint: approximately 97% of land in Teton County is federally protected. With very little space available for new development, the region’s housing inventory remains among the tightest in the country. This scarcity of supply has created a high barrier to entry for prospective buyers and continues to support long-term price resilience.
Even with rising interest rates and broader economic uncertainties, the area’s property values remain largely unaffected. The market’s strength is bolstered by its appeal to high-net-worth individuals drawn to Jackson Hole’s combination of natural beauty, outdoor recreation, and tax-friendly policies.
Developers and planners have few opportunities to ease the supply crunch, given the region’s strict land protections. As a result, any new housing stock entering the market is quickly absorbed—often by all-cash buyers. With limited room to build and consistent demand, Jackson Hole appears positioned to remain one of the most exclusive and expensive housing markets in the U.S.
For now, the region’s real estate market continues to reflect a broader shift toward lifestyle-focused investment, where location quality and long-term scarcity outweigh near-term market fluctuations. As inventory remains tight and demand steady, price stability—or even further appreciation—looks likely in the near future.
