Subsequent to a run-up in price and sales volume number during the Covid-19 pandemic, Teton County real estate saw contracting sales numbers in 2022 and 2023. This trend reversed in 2024, with the number of real estate transactions (single-family homes, attached homes, and single-family homesites – exclusive of ranches) increasing for the first time since 2020 with a 5.5% increase. The calendar year 2025 saw sales numbers remain level, with an increase in average price for the properties in which sales prices were reported for this year. Analysis of sales and resales of properties that sold in 2025 (when compared to previous sale dates since 2021) indicated that pricing has either increased or remained level in all but the most interest rate-sensitive market segments. Removing anomalies from consideration, the rate of observed annual rate of appreciation for detached single-family homes (3.3%) and attached homes (4.6%) are both below the 20-year average for appreciation rate (7.33%). This is viewed as an indication that the market is now growing at a sustainable rate, one that is indicative of equilibrium having returned to the market. Similar data was observed for vacant land sales as well, with examples including a lot in River Hollow that sold in 2025 at a price indicative of a 5.8% annual rate of growth over its 2023 sale price and a lot in Stilson Ranch that sold at a price showing growth at an annual rate of 3.3% over its 2021 sale price.
Single-Family Homes
Single-family home sales stayed relatively level in volume, with ten less sales being recorded in 2025 than the previous year. Coupling this change with an over 8% increase in average price, the total sales volume netted an essentially even result, with an approximate 2% increase in that measure. The market’s upper end was the drive of this segment, with thirty-six home sales, with a listing price of $10M or more generating $578M in sold dollar volume of sales (and the average price of home sales for this upper echelon of the market being in excess of $16M). However, strength was also seen in the lower to mid-tier segments of the market with the median price of all single-family homes increasing by 25% from $3,000,000 to $3,750,000.
Attached Homes
The number of attached home sales in Teton County increased by over 4.5% for the calendar year of 2025, with a larger driver of this being the closing of a majority of the Hoback Club, an ultra-amenitized development described by some to be Teton County’s version of the Yellowstone Club. While specific pricing of this development was not reported, it is known that these sales accounted for over $400M in sales volume. These units were placed under contract in 2021, and their current closing date was due to an extensive construction delay. As such, an argument could be made that these sales are indicative of market dynamics from a time previous to the current market. As a counter to this reasoning, it has anecdotally been reported that there are now pending resales which support pricing at or above the most recent closed price. Notably, with the exclusion of the Hoback Club sales the attached home market showed a decrease in sales volume of 14% and average price contracted by 12%. However, with the inclusion of these sales, the number of sales for this market segment increased by 4.65% and the average price of attached home over doubled from the 2024 reporting.
Vacant Land Sales Trends
Vacant land sales showed an increase in volume and average price, resulting in a nearly 10% increase in the dollar volume of sales. Examining sales and resales of vacant land, it appears that there is still upward pressure on land pricing, with high-end homesites showing compound appreciation rates generally in the 5% – 6% range. An exception to this has been the Snake River Sporting Club, which had two paired sales that both showed some loss in value. Viewing the homesite market as a whole, it is noted that the number of sales increased by over 6% which, when considered in conjunction with an increase in the average price approaching 10%, yielded increase in dollar volume of sales approaching 20%. Contributions to the uptick in 2025 were noted in both the luxury and local market, with the former having two sales at Shooting Start and one Snake-River-fronting lot that combined for a total of nearly $48M, while the sales of four homesites in the residential developments of Melody Ranch, Karns Hillside, and Aspen Highlands combined for an average price per lot of $1,340,000.
Active Inventory
Beginning in 2022, the pressure on Teton County’s real estate market from the urban flight during the Covid Pandemic had a noticeable impact on available inventory, with a January snapshot in 2022 only showing a combined tally of 106 available homes, attached homes, and homesites. The lack of options for buyers contributed to price growth occurring at unsustainable levels in the eyes of many. An early January snapshot for this year returned the count of 180 available residential properties east of Teton Pass, with this number contributing to more moderate and sustainable price growth as previously discussed in this report. Notably, some areas are still showing relatively lower inventory levels with examples being Teton Village only increasing by one active listing from the previous year (eight single-family homes at the January counting) and the remainder of the West Bank market actually contracting by six active listings.
Summary
After upward price pressure resulting from inventory shortages resulting from urban flight during Covid, the Teton County Real Estate market has settled into an apparent equilibrium, with continued demand capitalizing on less-constricting levels of inventory. The result has been moderate levels of appreciation occurring in most market segments at levels that are less than the 20-year average in price growth and speak to sustainable market trends.