There are now 20 active residential listings in the Town of Jackson listed below $300,000, which is 20 more than were available in 2008. However, until today, when a bank-owned 3-bed, 1,400 square foot townhouse in West Jackson was reduced to $299,000, not one of them included an enclosed garage.
So what is a garage in Jackson worth? Well, most off-the-cuff answers might depend on how far below zero the temperature is at the moment, how much extra “stuff” their family has or if their band needs somewhere to practice.
The short answer is, like everything else in the Jackson Hole real estate market, a garage is worth much less than just a few years ago when the spread between comparable properties put the value at north of $50,000. And getting a straight answer from available data is tricky, considering today’s market is much more stratified – similar properties are now priced much further apart than when the market was humming – and subdivisions almost without exception do not offer inventory with and without garages.
However, a quick look at the active listings in Town of Jackson suggests sellers can no longer expect to garner much more than a few thousand dollars for their garage and perhaps just more showings and interest than those without. For example, a 2-bed, 1,100+ square foot townhouse without garage near the Rodeo Grounds is priced at 289,000, just $10,000 less than the aforementioned bank sale of a larger unit of similar quality.
Additional examples abound (all information taken from Teton County Multiple Listing Service):
- A 3-bed, 1,000+ square foot single-family home in West Jackson without a garage is listed for $420,000; this week a townhouse in East Jackson with 3 beds, 1-car garage and nearly 2,000 square feet was listed for $415,000.
- Several 1-bed, less than 600 square foot condos that are not even complete near Town Square are listed right around $350,000, no garage.
- A 3-bed, single-family home in East Jackson is listed at $424,500 with no garage; a 3-bed townhouse near Snow King with a 2-car garage is listed for $382,000.
Please contact me for a detailed analysis of the entry-level market in Jackson Hole. This is a dynamic segment with a wide variety of pricing and inventory.