As wealthier homebuyers sought a picturesque mountain escape from cities and other higher-density areas amid the coronavirus pandemic, the sales volume of Jackson Hole real estate absolutely skyrocketed in 2020.
Total sales volume was $1.89 billion last year, doubling from the previous record year in 2019.
While 2020 got off to a slow start with the initial uncertainty and lockdowns in response to COVID-19, sales volume was so strong by the fourth quarter ($722.8 million) that it nearly matched sales volume for all of 2019 ($927.8 million).
Luxury real estate in Jackson Hole, particularly homes selling for $5 million or more, was the largest driver of the record volume by far. Seventy-two homes sold for $5 million+ last year, a 157% increase from the 28 units sold in 2019.
Sales volume in Jackson Hole could have been even higher were it not for extremely low inventory across other price and property categories.
For example, sales of relatively more affordable Jackson Hole condos and townhomes fell from 208 units in 2019 to 194 units due to sparse inventory in 2020. Yet, the average sales price of a condo/townhome rose by 46.6% to $1,204,790.
If you’re interested in finding your own mountain getaway, or would like to take advantage of Jackson Hole’s high-demand market by selling your home, please do not hesitate to contact us for a custom market assessment.