There seems to be no ceiling too high for prices in Jackson Hole, which cleared $2.17 billion in sales for the 2025 calendar year, the highest annual sales figure since the COVID-19 pandemic for an area that is among the wealthiest in the nation, where even a vacant lot often goes for millions.
The dollar volume of Jackson Hole's sales surged 52% year over year and there were 27% more closings than in 2024, for a total of 453, according to the annual Jackson Hole Report, prepared by The Viehman Group in Jackson Hole. The average sales price was $4.79 million.
“One of the reasons we passed $2 billion in real estate this year is there was a development out at Teton Village called the Hoback Club that’s been being built for years,” Viehman Group Associate Broker Devon Viehman told Cowboy State Daily. “It was in lawsuits and all of these things, but all of those units closed this year.
"So, we had like an extra $250 million of real estate close just from that one development.”
The only year higher than $2.17 billion in total sales volume was 2021, when sales topped $2.97 billion with 847 overall sales and an average sales price of $3.5 million.
The luxury market, meanwhile, reported 131% more closings year over year in 2025, including the 22 condo sales in the new Hoback Club in Teton Village, where the luxury market for Jackson is considered to be homes in the $10 million-plus range and condos or townhomes in the $5 million-plus range.
While the Hoback Club was the largest single sale, collectively, it did get a lot of help from more moderately priced Jackson homes in the $1- to $3-million range.
“I know a lot of people think that (Hoback) is propping (the $2.17 billion figure) up, but the million to $3 million range was about half of all our sales,” Viehman said.
There were also plenty of double-digit, million-dollar sales as well, some of them brand-new luxury homes on the market, which are being built on speculation by the Jackson Home Company. Those are typically being listed in the $20 million to $25 million range.
Spec homes all but died out of the Jackson Hole market after the Great Recession but appear to be making something of a comeback.
Three more of Jackson Home Company’s spec homes are already underway, Sotheby’s International Realty's Jake Kilgrow told Cowboy State Daily. Among the most recent of these listings is a ski-in, ski-out home, designed by Ward-Blake Architects, in Teton Village, listing for just shy of $20 million.
Kilgrow said the luxury home market in Jackson Hole is robust so far, and he expects to see Jackson Home Company bring more brand-new luxury spec homes to market soon.
“We’re probably upwards of 25 or 26 homes now,” he said. “And we have two homes (underway) in the Shooting Star subdivision and another one in the RBC Ranch subdivision.”
Jackson Hole’s 2016 Moment
The hashtag 2016 has been trending of late, with more than 2 million posts sporting #2016 on TikTok alone. Seen through rose-tinted glasses, many have suggested that was the last “normal” year. It was at least a time when lots of people took selfies and posted them just because they liked them, not because they’d necessarily get any particular engagement.
“I don’t know where 2016 came up from,” Viehman said. “But I went back and looked at real estate prices from 2016.”
Homes in 2016 had an average sales price of $1.85 million, Viehman said. Flash forward to the end of 2025, and the average sales price for homes is $6.15 million.
“For vacant land, the 2016 average sale price was $1.6 million,” Viehman added. “And by the end of 2025, it was $3.5 million. And then for condos, this one’s wild. The 2016 average sale price was $894,000. By the end of 2025, it’s $3.5 million.”
What Viehman remembers about the 2016 market the most, though, is just how many people were asking the question that she hears all the time, and the question she’s heard a lot this year: Just how much higher will prices in Jackson Hole go ?
Standoff Has Ended With Buyers Blinking First
For a while, it did seem like Jackson Hole had reached something like a plateau, with buyers keeping their wallets closed and sellers standing firm on prices starting back in July of 2024.
“Most of the sellers here don’t have to sell, and most of the buyers don’t have to buy,” Viehman said. “There was this kind of standoff where sellers held firm on prices and buyers were reading the national news saying, ‘Well I’m going to wait, because I think the market’s going to come down and I’m going to be able to get a better deal.”
That was a trend Viehman saw across all price points.
“Prices didn’t really come down,” she said. “The reductions we saw were ones who had really overshot the market. They had priced it 20% higher than the last sale or something like that.”
Buyers got tired of waiting the last quarter of the year, Viehman said, and touched off a buying spree.
“Just watching what’s happening in the MLS these first few weeks of 2026, it seems like that’s continuing,” Viehman said.
Viehman said she’s heard national experts say home prices are going to rebound in 2026, but that the first part of the year will be sluggish.
“We are bucking the national trends again, by picking up sooner than others are,” she said.
High-Net-Worth Buyers Were Selective
Associate Broker Latham Jenkins, with Live Water Properties, saw many of the same trends particularly that well-priced properties moved efficiently, and often, quietly.
“Properties that reached too far on price stalled,” he said. “Sophisticated buyers were extremely disciplined.”
Vacant land and legacy ranches were particularly competitive, Jenkins added.
“Buyers understand that land with scale, water, or conservation adjacency is functionally off-market most of the time,” he said. “When those opportunities surface, they tend to consolidate into long-term ownership.”
Jackson Hole isn’t a typical resort market, and tends to attract buyers thinking in terms of decades, rather than short-term market cycles.
“The $2 billion figure is eye-catching,” he added. “But what mattered more in 2025 was intent. High-net-worth buyers weren’t speculating. They were deploying capital deliberately into irreplaceable assets, particularly land, live water, and properties with long-term scarcity baked in.”
For 2026, Jenkins expects to see fewer, but even larger, transactions.
“Buyers are more selective,” he said. “But when the right property comes to market, especially legacy assets, demand is deep and decisive. Scarcity remains the defining force.”
Outdoor Amenities Driving Up Mountain Town Real Estate Prices
While a few prices were lowered here and there in Jackson, Viehman doesn’t believe that’s an indication that a plateau is nearing. It was more an indication that of over enthusiasm for the market on the part of sellers.
She believes prices in the market still have plenty of room to grow.
“If you look at our prices compared to Aspen, we’re still pretty far behind them,” Viehman said. “We can keep going for sure.”
Among the factors contributing to that is the restricted supply amid rising demand for places with outdoor amenities.
“It just goes back to the fact that we’re 97% public land and the 3% that’s left, half is in conservation easements,” she said. So, 1.5% of our land can never be developed.”
Add to that restricted supply an increased demand for mountain towns, which has been facilitated by technology. More and more people are now able to handle their business affairs remotely. That means they can move to the places where they love to recreate, instead of living where they work. This is a trend that’s happening across America, according to a deep dive analysis by Jackson City Councilman Jonathan Schechter.
In his analysis of the top 10 most wealth-attracting communities, eight of them could boast of great outdoor amenities, and Teton County was leading them all in terms of its wealth attraction.
Teton County doesn’t just have abundant wildlife and outdoor amenities, though. It also has a lot of other amenities, including more than 100 local restaurants, a regional hospital and direct air service to major U.S. cities, all in a charming small western town of about 10,000 people.
Renée Jean can be reached at renee@cowboystatedaily.com.
