A home can be any dwelling from a studio condominium to a sprawling mansion, but most people’s idea of a home, and the meat of the Jackson Hole residential market is a freestanding single-family house.
There are currently 285 single-family homes listed in Teton County Multiple Listing Service, or about 62 percent of the 455 residential properties. Active condo listings, for comparison, number 125, followed by 42 townhouses and just three multi-family homes.
On the sales side, single-family home sales accounted for 127 of the 234 sales during the last 12 months, or 54 percent.
A closer look inside the numbers on the listing side reveals:
- The median list price is $1.5 million dollars, with six homes listed at $1.495 million or $1.5 million. Typical of the home in this range is a 3,600+ square foot, 4-bed home in the Gill Addition of Jackson built in 2005.
- The two least-expensive single-family homes in Teton County are in Hoback Junction (about 10 miles south of Jackson) and are the only two listed for below $400,000.
- There are 27 homes listed between $700,000 and $800,000, the densest concentration of homes within a $100,000 range. Typical of this segment are homes in Melody Ranch (5), Town of Jackson (6), and equestrian properties south of Jackson (6).
- There are 20 homes listed below $500,000. The largest of these includes more than 3,000 square feet, but half of that is a finished basement. The next largest is a 2,100 square foot home in East Jackson listed at $495,000.
- The two highest sales prices during the last 12 months were not reported. Teton Valley Ranch was listed for $25 million prior to closing and a home in Crescent H was listed at $10.7 million.
Highlights among the 127 sales of single-family homes during the last 12 months include:
- The least-expensive sale was for a 536-square-foot, 1-bed house built in 1947 on an AR-zoned lot in the town of Jackson that went for $350,000.
- There were 14 sales of less than $500,000. Cottonwood Park led this category with five sales.
- Cottonwood Park also recorded four of the 11 sales between $500,000 and $600,000, with Rafter J close behind in this price range with three sales.
- The median sales price was $1.3 million. The median sale was for a 4-bed, 2,564-square-foot home on .88 acres in Wilson Meadows originally listed at $1.495 million and sold after 247 days on market.
Which price range is seeing the most activity? Has the lower end bottomed out? Are there still some great deals in the upper end? Will the mid-market between $500,000 and $1 million see more activity in the next six months?
To discuss these and other burning questions about the single-family home market, contact me. (Or we can talk condos, townhouses and building sites if you prefer! : – > )