“In 2023, there were 45 real estate contracts at the end of the first quarter, compared to 35 this year.” The report said average sales prices rose 47 percent and reached new records in several categories, including a 55 percent increase in luxury sales, which means homes costing more than $5 million.
Sales in the $1 million to $3 million range continued to account for the majority of sales, accounting for 52 percent of transactions.
Homes sold in the Westbank area accounted for 31 percent, while the City of Jackson accounted for 27 percent of sales. Wichman reflected on the difference in the market now compared to when he moved to the area in 1992. “There were about 1,300 active listings at the time, or about 11 percent of the total properties in the valley,” he said. Pictured: $13.5 million listing in Jackson.
Current listings in the area include an 8,896-square-foot, 5-bedroom, 5.5-bath home on a 5.85-acre lot on Indian Springs Drive that’s on the market for $22.5 million. The residence features floor-to-ceiling windows, an upgraded gourmet kitchen, a 12-seat home theater, a heated pool and sauna, according to Realtor.com. Another 5,820-square-foot, five-bedroom, 5.5-bath home on 1.92 acres in Jackson on Meadowlark Road is on the market for $13.5 million. Pictured: $22.5 million listing in Jackson.
A 7,859-square-foot, six-bedroom, seven-bathroom residence on Dairy Lane in Jackson is on the market for $24 million. On Tucker Ranch Road in Wilson, a 3,656-square-foot single-family home on 4.3 acres with 5 bedrooms and 5.5 bathrooms is on the market for $9.95 million. Sotheby’s International Realty of Teton County’s first-quarter 2024 report showed dollar sales up 31.8 percent to more than $280 million.