The mountains, the cultural offerings and the overall appeal of the Jackson Hole area... yes, all these contribute to the desirability of property here. What really makes prices so breathtakingly high is the plain-and-simple law of supply and demand.
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, Nation Park Service, the Elk Refuge, or deeded into conservation easements. What's available for private ownership is actually a very small part of the country's acreage, approximately 2 to 3%, much of which has been developed already.
Property in Jackson Hole truly is a blue-chip investment. Excluding the new development at Jackson Hole Mountain Resort Ð Shooting Star 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. Appreciation has gone from very healthy--15 to 20% annuallyÑto extreme at 20 to 35. This is not a market for buyers looking for foreclosures or deals, though occasionally one shows up.
Still in the game? Purchasers in Jackson Hole face some intriguing choices: to be in the center of town within walking distance of 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 neighborhoods such as the Gill Addition on the edge of the National Elk Refuge, condominiums built at the base of the Jackson Hole Mountain Resort and newer, more luxurious townhomes spaced throughout the town of Jackson all add a different feel to the vast valley. There are also relatively modest homes around the edges of town, as well as multi-million-dollar estates along the Snake River and along the edge of Teton National Park where owners have stunning views of the Teton Range. The newest real estate opportunity lies at the base of the Jackson Hole Mountain Resort with the Shooting Star development- a major development consisting of single-family lots and townhomes along with a world class golf course designed by Tom Fazio.
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 base of Jackson Hole Mountain resort and most of the homes in prestigious Teton Village, Wilson and Westbank areas command the highest prices, from $1.5 million and up.
Within just a 1-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. A few of these subdivisions included , John Dodge, Wilderness Ranch, Willowbrook, and River Hollow. Due to strict county growth controls, these areas remain relatively rural and pristine. Not surprisingly, properties here are highly desirable, with prices to match.