The Yellowstone effect! House prices in these rural Wyoming towns have soared to an all-time high

House prices have soared in rural Wyoming as wealthy Americans flock to the area drawn by outdoor activities and an escape from city life.

The average single-family home in Jackson and Teton County costs more than $7 million, reported Cowboy State Daily.

According to the 2024 Quarter 1 Jackson Hole report, put out by the Viehman Group, sales in Jackson are up by 10 percent year over year and dollar volumes are up 62 percent. 

Inventory is up 14 percent year over year at 150 listings, but that is the third lowest inventory recorded in the market indicating demand for homes in the area is outpaced by supply.

'Today (in Jackson), we have 1.2% of our properties on the market. We have almost 13,000 deeds, but we only have 150 listings,' David Viehman said in his podcast about the report.

The average single-family home in Jackson and Teton County costs more than $7 million. Pictured: a $22.5 million listing in Jackson

Inventory is up 14 percent year over year at 150 listings, but that is the third lowest inventory recorded in the market. Pictured: a $9.95 million listing in Wilson, Wyoming

'In 2023, there were 45 properties under contract at the end of Q1 versus 35 this year.'

The report said average sales prices were up 47 percent and reached new records in several categories, including a 55 percent increase in the number of luxury sales, meaning homes above $5 million.  

Sales in the $1 million to $3 million range remained in the majority of sales, accounting for 52 percent of transactions.

Homes sold in the Westbank area accounted for 31 percent, while the town of Jackson made up 27 percent of sales.

Viehman reflected on the differences in the market now compared to when he moved to the area in 1992.

'At that time, there were approximately 1,300 active listings, or about 11 percent of the overall number of properties in the valley,' he said.

Current listings in the area include a 5 bed, 5.5 bath 8,896 square foot home on a 5.85 acre lot on Indian Springs Drive listed at $22.5 million.

There is a 55 percent increase in the number of luxury sales, meaning homes above $5 million. Pictured: a $13.5 million listing in Jackson

Hit TV series Yellowstone helped contribute to a boom in the state that saw housing prices soar. Pictured: A $24 million listing in Jackson

The residence has floor-to-ceiling windows, a modernized gourmet kitchen, a 12-seat home theater, heated pool and sauna, according to Realtor.com. 

Another five bed, 5.5 bath 5,820 square foot home 1.92 acre lot in Jackson in Meadowlark Road is listed for $13.5 million.

A six bedroom, seven bathroom 7,859 square foot residence on Dairy Lane in Jackson is listed at $24 million.

On Tucker Ranch Road in Wilson there is $9.95 million listing for a 5 bed, 5.5 bath 3,656 square feet single family home on a 4.3 acre lot.

Jackson Hole Sotheby's International Realty Teton County first quarter of 2024 report found dollar volume of sales is up 31.8 percent to more than $280 million.

This includes four large sales, including two guest ranches, represented a listing price volume of nearly $160 million.

They found the median sale price for the first quarter was $2.15 million for a 2-bedroom home with a guest house on Fall Creek Road.

Kevin Costner stars as rancher John Dutton the TV series that brought in an estimated 2.1 million visitors and $730 million in tourist dollars to Montana

The show has been a monster hit for the network, and tells the story of the Dutton family, and their battles over their gigantic Montana ranch

'Low inventory is arguably partly to blame for the slowdown in activity; at the beginning of April 2024, only 61 homes were listed for sale across Teton County which squarely places this segment of the valley in the "Seller's Market" category,' Sotheby's report said.

'While fewer homes have sold compared to last year, individual home prices remain strong and upper-end buyer appear to be less concerned about high mortgage rates.' 

Hit TV series Yellowstone helped contribute to a boom in the area that saw housing prices soar.

The Kevin Costner starring cowboy drama brought in an estimated 2.1 million visitors and $730 million in tourist dollars to Montana, according to a report last year.

The show has been a monster hit for the network, and tells the story of the Dutton family, and their battles over their gigantic Montana ranch.