Trusted Real Estate Experts in Jackson Hole, Wyoming
Brad Andrews
Responsible Broker
Brad@Andrews2.com
(307) 413-5846
Barbara Andrews
Associate Broker
Barb@Andrews2.com
(307) 413-6620
© 2024 Copyright – Andrews Real Estate
Welcome to Andrews2 Real Estate
Brad and Barb have been in the valley since 1990. While they come from opposite corners of the United States, Brad from Florida and Barb from Montana, they both fell in love with Jackson Hole. They married and knew that they wanted to raise a family in this unique area and always call it home. Together they have formed Andrews2 Real Estate. Brad and Barb are part of a management team that encompasses offices that are scattered throughout the surrounding areas. Barb has extensive experience in property management and together they bring a large skill set and personality to the family at Keller Williams Jackson Hole. They are actively involved in the community and enjoy the many facets and activities that Jackson Hole has to offer. Please contact them with any of your real estate questions or needs.
NEW TO THE MARKET
Q3 2024
Jackson Hole Market Report
As summer fades into fall, we reflect on the Jackson Hole real estate market. The summer months were active, with many potential buyers closely examining available properties, monitoring interest rates, and waiting for the right moment to act on their dream properties. Sellers, meanwhile, remained patient, trusting that the right buyer would recognize the value of their property. This cautious approach on both sides resulted in a continuation of the trend seen over the past two years—stagnant transaction levels and minimal movement in sale prices.
The number of sales dipped slightly overall, down 3% from the previous year, while inventory in most market segments remained tight, even decreasing by 2%. However, as the season shifted to fall, some sellers began adjusting their asking prices and the Fed lowered interest rates. This led some buyers to act, leading to a 36% year-over-year increase in listings under contract as of the end of September. That said, different market segments have shown varied results.
As we approach the year’s end, we don’t expect any significant shifts in Jackson Hole’s real estate market. While prices are softening in some segments, others remain strong. Last quarter, we predicted that lower interest rates would spur buyer activity, increasing demand and competition and maintaining higher price levels. Now on the cusp of possible rate changes, we will watch closely to see what the remainder of the year brings. With a presidential election on the horizon, uncertainty may influence the market in the short term. But historically, post-election clarity often restores confidence, prompting more decisive moves from buyers and sellers.