Jackson, WY Housing Market: A Detailed Analysis
The Jackson, WY metro area housing market in August 2024 presents a complex landscape characterized by declining prices and shifting sales dynamics. The Median Sales Price has decreased to $1,400,000, marking a 6.4% decline year-over-year. This downward trend is mirrored in the Median List Price, which has fallen by 19.8% to $1,797,000. Despite these declines, the median Price Per Square Foot has increased by 19.4% to $876.38, indicating a potential shift in buyer preferences towards smaller, more affordable properties.
Sales activity in the region has experienced a notable downturn, with the number of Homes Sold dropping by 26.8% to 41 units. However, Pending Sales have risen by 12.5% to 63, suggesting a potential rebound in future transactions. New Listings have increased by 15.8% to 88, contributing to a 7.5% rise in inventory, which now stands at 388 homes. This increase in supply is reflected in the Months of Supply, which has surged by 310% to 9.5 months, indicating a shift towards a buyer's market.
The Median Days on Market have decreased by 16% to 59 days, suggesting that homes are selling more quickly despite the overall decline in sales. The average sale to list ratio remains unchanged at 0.0%, indicating that homes are generally selling at their listed prices. Similarly, the sold above list ratio has not changed, remaining at 0.0%, which suggests that competitive bidding is not a significant factor in this market.
Price Drops have become more prevalent, with 20.9% of listings experiencing reductions, an increase of 18.7% year-over-year. Additionally, 17.5% of homes are going off the market within two weeks, up by 12.1% from the previous year, indicating that some properties are still attracting quick interest from buyers.
Overall, the Jackson, WY housing market in August 2024 is characterized by declining prices and a shift towards a buyer's market, with increased inventory and longer Months of Supply. While sales activity has slowed, the rise in Pending Sales and New Listings suggests potential for future growth. Buyers may find opportunities in the current market conditions, while sellers may need to adjust pricing strategies to attract interest.
