Industry News
Jackson Hole’s real estate market continues to soar into rarefied air, with the average listing price for a single-family home reaching $10.7 million as of April 1, according to the Jackson Hole Report released by the Viehman Group. Sales volume rose 16% in Q1 2025 compared to the same period last year, but the average and median sale prices actually dipped slightly—down 18% and 1.5%, respectively, according to the report. Analysts say this reflects a surge in deals under $5 million, which now make up a growing share of total transactions.
Despite that modest softening in mid-tier pricing, Jackson Hole remains one of the most expensive markets in the country. The upper end of the market—homes priced above $10 million—accounted for 11 sales in Q1, with one home on East Gros Ventre Butte listed at $40 million and another property made predominately of glass that was listed for $60 million. These homes are being sold to some of the wealthiest Americans in the country.
Inventory is growing but remains tight. The number of active listings rose 9% year-over-year, yet vacant single-family lots remain in extremely short supply, with fewer than nine months of inventory available at current absorption rates. Luxury real estate now accounts for a majority of Jackson Hole’s market share. Of the 1,216 luxury properties valley-wide, 54% are in the Westbank area. A total of 27 homes listed above $10 million currently represent 38% of all active inventory.
This pricing trajectory mirrors trends in other U.S. resort communities, where second-home buyers—many earning income elsewhere—are pushing out local working-class residents. The result is a town transformed, where the rising cost of living has created a deep disconnect between housing availability and the locals who power the community.
While Jackson Hole becomes increasingly inaccessible to its workforce, more affordable housing markets do exist in the broader region—but not for those looking to stay close to skiing. Towns like Evanston and Rock Springs, Wyoming, located over two hours south of Jackson and far from major ski areas, offer homes priced at just 2.5 times the median income, according to a previous SnowBrains article. Los Alamos, New Mexico, also stands out for affordability, with a price-to-income ratio of 2.77, but it too lies well outside the ski resort economy. For full-time workers hoping to live near the slopes, options are becoming more limited and increasingly out of reach.
And in Jackson Hole, the gap continues to widen. Only 30% of current inventory is priced under $5 million, while the number of homes in the $25 million+ range is growing. And with 79% of 2025 purchases paid in cash, locals relying on mortgages are being increasingly priced out. The long-term concern is that without intervention—such as zoning reform, deed-restricted housing, or employee housing mandates—Jackson Hole’s affordability will continue to erode, potentially damaging the very character that made the ski town iconic in the first place.
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