Jackson, WY Housing Market: A Complex Landscape in November 2024
The Jackson, WY metro area housing market in November 2024 presents a complex landscape characterized by significant shifts in pricing and sales dynamics. The Median Sales Price has surged to $1,922,500, marking a substantial year-over-year increase of 47.0%. This sharp rise in sales price contrasts with the Median List Price, which has decreased by 6.0% to $1,499,000, indicating a potential disconnect between seller expectations and buyer willingness.
Price Per Square Foot metrics further highlight the market's volatility. The median Price Per Square Foot has escalated by 58.4% to $1,005.99, while the Median List Price per square foot has seen an even more dramatic increase of 67.9%, reaching $816.48. These figures suggest a strong demand for premium properties, despite the overall decrease in list prices.
Sales activity has notably declined, with only 28 Homes Sold, representing a 24.3% drop from the previous year. Pending Sales have plummeted by 51.0%, with only 25 transactions in the pipeline. This downturn in sales activity is mirrored by a 25.6% decrease in New Listings, totaling 29 for the month. Despite these declines, inventory has increased by 20.7% to 251 homes, contributing to a significant rise in the Months of Supply, now at 9.0 months, a 340.0% increase year-over-year. This suggests a shift towards a buyer's market, with more options available and less urgency to purchase.
The Median Days on Market have decreased by 56.0% to 53 days, indicating that while fewer homes are selling, those that do are moving more quickly. This could reflect a more discerning buyer pool, focusing on well-priced or particularly desirable properties. The average sale to list ratio remains unchanged, suggesting stable negotiation dynamics, while the percentage of Homes Sold above list price also remains static.
Price Drops have increased slightly by 2.6%, affecting 10.8% of listings, which may indicate sellers adjusting expectations in response to market conditions. Additionally, the percentage of homes going off-market within two weeks has decreased by 17.4% to 12.0%, further emphasizing the slower pace of transactions.
Overall, the Jackson, WY metro area housing market in November 2024 is characterized by rising prices amidst declining sales and increased inventory. This environment presents both challenges and opportunities for buyers and sellers, with strategic pricing and timing becoming crucial factors in successful transactions.
