Ultra-Luxury Market Heats Up in Jackson Hole—Here’s Why People Flock to Ski Town Year-Round
The Jackson Hole, WY, housing market has surpassed normal comfort levels and entered luxury territory.
The high-end market—defined as homes selling for $10 million or more and condos, townhomes, and single-family homes selling for $5 million or more—reported 131% more foreclosures by 2025, according to a Jackson Hole Real Estate report.
The number of 10 million homes sold reached an annual high in 2025.
“Typically we define luxury as the top 10% of listing prices in the market, but that threshold can look very different in smaller resorts like Jackson Hole where the majority of homes are already high end,” he said. Anthony Smithchief economist at Realtor.com®. “In Teton County, the top 1% of listings now average about $41.6 million, placing it among the most expensive luxury categories in the country.”
Jackson Hole real estate agent Devon Viehman of Engel & Völkers—who grew up in a private neighborhood—tells Realtor.com, “after the pandemic, we really saw our prices go up. Prices went down. There are $25 million homes here.”
The median listing price in Teton County reached $3.21 million in February 2026, down 3.5% from last year, but still significantly higher than the $1.78 million in February 2019, showing how much the market has appreciated over the past few years.
“Prices on the luxury side of the market have been going up for years,” Smith said. “Listing prices for the top 10% of homes in Teton County were already rising slightly before the pandemic, and despite some seasonal fluctuations, that broad growth has continued.”
A very rich man is attracted to Jackson Hole
The super rich have been drawn to this area for decades.
“Wyoming doesn’t have a state income tax, so you see people setting up residence for that reason,” Viehman said. “You must live here six months and a day, and you are a citizen of Wyoming.”
Wyoming also has no corporate income tax, estate tax, or property transfer tax—another financial benefit for consumers.
In addition, the exclusive ski town has many services and amenities that attract affluent consumers—including fine dining and art galleries.
“You can be in a village that still feels rugged and protected, with skiing, fishing, hiking, and a national park area right next to you, and you still have a commercial airport 15 minutes from downtown,” the real estate agent. Latham Jenkins of Live Water Properties tells Realtor.com.
According to Jenkins, Jackson Hole is popular year-round. “It’s a four-season place,” he said. “Winter brings skiing and the full potential of tourism. Summer is the classic Jackson Hole dream: rivers, wildlife, long days, and space. The shoulder seasons are increasingly a feature for buyers who want to look smaller and more peaceful.”
Buyers come from all over the country and abroad, although Viehman said last year’s majority came from New York, Texas and California.
The types of clients Viehman has seen in his 21 years as a real estate agent in Jackson Hole have changed. “We’ve seen a big change,” he explains. “When I became a Realtor®, it was mostly retirees looking for value homes. We still have those buyers, but we’re seeing a lot of buyers in their 40s who are young tech people. They’ve made their money and they want to enjoy life. It’s easy for them to have their families here, and move in and out of Jackson Hole when they need to.”
Jenkins agrees. “A new class of buyer is now measuring Jackson against the world’s more expensive resort markets, and they are willing to pay for the combination of a premier mountain resort with a secure location,” he said.
Jenkins says that because of the tight inventory of buildable land—because much of the region is either public or foreclosed—the market has suffered from shortages. “That combination of lifestyle, access, and limited supply is what continues to draw high-end and high-end buyers here,” he says.
“Luxury ski markets tend to be some of the most constrained real estate markets in the United States,” Smith explains. “The mountainous terrain limits built-up land, and strict zoning and environmental protection also limit development. If demand from wealthy buyers increases, that limited supply can drive prices up very quickly.”
The difference between Aspen and Jackson Hole
Jackson Hole has been compared to Aspen, CO, but Viehman says there are important differences. “We have a saying that people go to Aspen to be seen, and people come to Jackson Hole to go under the radar,” he says. “It’s very organized here.”
Jackson Hole is popular with A-listers who seek privacy, incl Harrison Ford, Sandra Bullockagain Julia Louis-Dreyfusall who own property there.
“Aspen is a community where ownership is directly tied to your social capital,” Jackson Hole realtor. Andrea Clancy of Trinity Real Estate Group tells Realtor.com. “It’s the ultimate destination for global brands, world-class amenities, and a year-round social calendar. Jackson Hole, on the other hand, has a completely different experience with limited space availability, privacy, and the ability for high-net-worth families to hide in plain sight.”
With Aspen’s median price hovering near $3,550,000, Viehman notes that Jackson Hole still comes in at a low price—for now. “We trail Aspen and other high-end markets like Manhattan in terms of prices,” he notes, “but we still have room to grow.”
