To call the last couple of years of the Jackson Hole real estate market “interesting” would be a gross understatement. Trepidation during the early days of Covid was quickly displaced by the frenetic pace that endured the next two years as droves of visitors and part-time residents sought refuge in northwestern Wyoming. With historically low mortgage interest rates and the uncertainty of a global pandemic, a higher-than-normal percentage of visitors and locals purchased real estate in and around Teton County.

Today–as interest rates climb upward and as equity markets correct–the summer Jackson Hole real estate market appears to have two major forces shaping the remainder of 2022: the inventory of property available for sale is slowly creeping upward for the first time in two years and the number of sales is seeing a decline from the record-setting stats of 2020 and 2021.

By most accounts, a mediocre ski season did little to slow the pace of the Jackson Hole real estate market for the first three months of 2022. A lack of inventory, however, resulted in 56.9% decrease in transactions and a 48.4% drop in overall dollar volume compared to the same period in 2021.

The 2020 Jackson Hole real estate market was a tough act to follow.