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The booming mountain town dubbed the 'new Aspen' where homebuyers are getting nervous
Jackson Hole, Wyoming, once a quaint mountain retreat, has transformed into one of America's wealthiest counties and a playground for the ultra-rich.
The so-called 'new Aspen,' nestled in the mountains of Teton County, has long been a popular vacation spot for celebrities including Ryan Gosling, Eva Mendes and Matthew McConaughey.
Its soaring popularity and a recent real estate boom means that homes under $1 million are now virtually non-existent in the area, according to the latest Jackson Hole Real Estate report from the Viehman Group.
But experts are warning that buyers may be getting nervous, causing sales to stagnate as sellers refuse to reduce their prices, Cowboy State Daily reported.
The average single-family home in Jackson and Teton County costs more than $7 million. Pictured: a $22.5 million listing in Jackson
Jackson Hole, Wyoming, once a quaint mountain retreat, has transformed into America's wealthiest county and a playground for the ultra-rich
The so-called 'new Aspen,' nestled in the mountains of Teton County, is experiencing a real estate boom that's pushing even millionaires out of the market
Sales in the $2-3 million market are currently the most stagnant, the report showed.
Overall sales have dropped 6 percent, while inventory has risen 5 percent. Still, only 21 percent of listed properties have lowered prices in 2024.
'Buyers aren't coming up (to that) is what we're seeing,' Devon Viehman, a local real estate expert, told Cowboy State Daily. 'But I don't think that (sellers) are going to lower their prices enough that we will ever see a huge inventory of less than a million again. It just doesn't really exist anymore.'
Currently, there are only 10 condo or townhomes under $1 million available on the market and just six single-family homes under $2 million.
Despite the slowdown, Jackson Hole's unique position as the epicenter of an outdoor recreation boom is keeping prices sky-high.
Many sellers are still clinging to pandemic-era pricing, hoping to cash out for retirement.
The presidential election year is also playing a role, with buyers showing hesitancy typical of election cycles.
However, Viehman cautions against waiting too long to enter the market.
'Buyers get nervous for whatever reason,' she said. 'And then just the overall economy right now. Inflation and everything just costs so much more right now, so it's making people really hesitant.'
But as of now, homes under $1 million are virtually non-existent and those in the $2-3 million market segment are currently the most stagnant
Overall sales have dropped 6 percent, while inventory has risen 5 percent. Still, only 21 percent of listed properties have lowered prices in 2024
Some properties are appraising lower than contract prices, forcing sellers to renegotiate, Viehman explained.
'We're seeing some appraisals coming in lower than properties are under contract for,' she said. 'Sellers are having to renegotiate, so they might come down a little bit. But I don't foresee a big market correction.'
Despite this, Viehman doesn't expect a major market correction. Reasonably priced properties are still selling quickly.
'Things that are priced to the market are still selling quickly,' she said.
Viehman suggests that sellers adjust their expectations, as 'pandemic pricing is done.'
'If sellers can get that out of their mind and realize that was just this little blip in time,' Viehman said.
'If you go back to 2019, their property values now are still so much higher than they were in 2019, even without COVID. So, sellers who are serious about selling have to come to terms with the fact that pandemic pricing is done. People aren't paying that anymore.'
Many sellers are long-time residents, Viehman told the outlet, who are cashing out for retirement as they try to maximize their returns while managing high property taxes
But homeowners with no urgency to sell are holding out, waiting to see if prices improve
Many sellers are long-time residents, Viehman told the outlet, who are cashing out for retirement as they try to maximize their returns while managing high property taxes.
'This was their retirement plan,' she said. 'They lived here for 30-plus years, and now they're cashing out. They're gong to live closer to wherever their kids or grandkids are, so they're trying to get the most they can, while still holding on and trying to cover the cost of these high property taxes now.'
But homeowners with no urgency to sell are holding out, waiting to see if prices improve.
'It's not like they're moving because they have a job somewhere else,' Viehman said. 'Or they're buying a different home here because their lifestyle has changed. They can hold onto these properties.'
Viehman advises patience, suggesting sellers wait 30 days before considering price reductions.
'They're going to wait another month before they think about lowering their price,' she said. 'They were like, 'What would you do?' And I was like, 'Well, I mean it's for retirement. I'd probably give it another 30 days and see how you feel.' There's no urgency.'
Viehman advises patience, suggesting sellers wait 30 days before considering price reductions
Comparing Jackson Hole to the notoriously expensive Aspen, Colorado, Viehman said 'it's happening'
'We still have a 50-year low for our inventory,' she said. 'Supply and demand are still going to keep pushing things here. They're just not pushing them at the pandemic pricing that we once saw. With no new development, and no significant new development on the horizon, things are not going to change here.'
Comparing Jackson Hole to the notoriously expensive Aspen, Colorado, Viehman said 'it's happening.'
'But just look at Aspen, their prices,' she adds. 'We're not even close to them yet. That can happen here, and it is happening.'
'We're going to have some sellers get realistic about what they're going to sell for,' she said. 'And I feel like that will shake a few loose in different neighborhoods. But again, it's still way higher than what it was just five years ago in 2019. This is not some big market correction going on.'
As Jackson Hole continues its ascent as the 'new Aspen,' affordable mountain living in this slice of Wyoming paradise are long gone.
Jessica Sell Chambers, a town council member and mayoral candidate, told CBS that the lack of affordable options for multi-family housing is unsustainable.
'This is beyond gentrification. This is super gentrification,' Sell Chambers told the outlet in July.
'It's unsustainable, too,' she added. 'Who's gonna run the place? Who's gonna work and be the backbone of all these services?'
An influx of wealthy people sent house prices sky-rocketing and forced ordinary workers to live on the other side of the mountain on the Idaho-Wyoming border
In early July, millionaires once accused of ruining the gorgeous town in Wyoming complained that they are now being driven out of the area by billionaires
In early July, millionaires once accused of ruining the gorgeous town in Wyoming complained that they are now being driven out of the area by billionaires.
An influx of wealthy people sent house prices sky-rocketing and forced ordinary workers to live on the other side of the mountain on the Idaho-Wyoming border.
But these same millionaires are being priced out by billionaires looking to buy multiple vacation homes and house prices have risen even further.
The median income in Teton County is $108,000 a year while the average listing price for a single-family home sits at more than $7million.
'The billionaires are buying out the millionaires,' construction worker John Smaellie told CBS News.
'You're making a great wage anywhere else in the country. But here? You're poverty-stricken.'
The median income in Teton County is $108,000 a year while the average listing price for a single-family home sits at more than $7million
Town council member Jessica Sell Chambers said: 'This is beyond gentrification. This is super gentrification... It's unsustainable, too. Who's gonna run the place? Who's gonna work and be the backbone of all these services?'
He is only able to live on the other side of the mountains near Driggs in Idaho having been priced out of Jackson.
'A family like mine can't live here, not even an inkling of a chance,' Smaellie said.
It takes him an hour to drive to downtown Jackson and the inequality in the area is easily visible on his commute.
Town council member Jessica Sell Chambers said: 'This is beyond gentrification. This is super gentrification.'
'It's unsustainable, too. Who's gonna run the place? Who's gonna work and be the backbone of all these services?'
She is running to be mayor and says she would like to see more affordable options for multi-family housing.