Local zoning laws, designed to limit growth, have made property here more valuable than anyone could have predicted back in Jackson Hole's early days. Also consider that much of the land you see around Jackson Hole is publicly owned, controlled either by the U.S. Forest Service or the Bureau of Land Management (BLM). What's available for private ownership is actually a very small part of the country's acreage.
Property in Jackson Hole truly is a blue-chip investment. Excluding the new development at Jackson Hole Highlands, a few townhomes at the base of Ajax, and an occasional custom home, major new construction of any consequence is unlikely in Jackson Hole's future. This means existing properties, particularly vacant land, will become increasingly valuable over the long term. Except for the most expensive of properties (over $5 million), real estate inventory had been shrinking for many years; the economic slump drove inventory up for awhile, but it is shrinking again. Appreciation has gone from very healthy--15 to 20% annually--to moderate or flat over a two year period, to acceleration again. This is not a market for buyers looking for foreclosures or deals, though there are a few to be found now.
Still in the game? Purchasers in Jackson Hole face some intriguing choices: to be in the center of town within walking distance of the gondola, shops and restaurants, or to settle in a quieter area on the periphery, perhaps within earshot of the summer Music Festival or high on a hillside.
Jackson Hole's neighborhoods are surprisingly varied. Residential properties include 100-year-old remodeled Victorian homes in the West End, condo-miniums built in the '60's and '70's circling the city center, and newer, more luxurious townhomes within a block or two of the gondola. There are also relatively modest homes around the edges of town, as well as multi-million-dollar estates on Red Mountain and in nearby Starwood, where owners have views of the city lights, the ski runs and distant peaks. The newest real estate opportunities lie a couple of miles west of town around the Maroon Creek Club- major developments consisting of single-family lots and townhomes that were years in the city's notoriously difficult planning process.
Sadly, for many, it is now unusual to find a home of quality in Jackson Hole price under $1.5 million, though there are plentiful choices around $2 to $3 million. Condominiums or duplexes can be purchased for half that amount or less and are very popular with buyers looking for a more modest investment in the community. Spacious new townhomes near the mall and most of the homes in prestigious Pitkin Green and Red Mountain areas command the highest prices, from $3 million and up.
Within just a 10-minute drive of Jackson Hole (and Teton Village) lie beautiful ranches and parcels of undeveloped land, five to forty acres in size, often with mountain views or streamside privacy under the cottonwood trees. Due to strict county growth controls, these areas remain relatively rural and pristine. Not surprisingly, properties here are highly desirable, with prices to match.