Jackson Hole housing report forecasts growth
The bi-annual report on Jackson Hole’s housing market has reassuring news for local property owners as the area continues to make its recovery from the national housing crisis. Sales are expected to increase, and the number of properties available for sale will continue to decrease.
The total housing inventory for Jackson Hole is down. Properties costing less than 1 million dollars make up almost half the available inventory, but Jackson’s inventory rate is less than half the national average.
Report co-author and real estate broker, David Viehman, says it’s still very much a seller’s market. “At one point we were actually having homes that were at 3 to 4 hundred thousand. Those are almost gone now. There’s just a handful under 5 hundred thousand. Based on the law of Supply and Demand, we’re going to see an increase in values.” noted Viehman.
The report also predicts continued increases in property values through the rest of the year.
Viehman’s report showed that the area needs more affordable housing for the town’s workforce. Fewer than 2 percent of apartments in Jackson are available, leaving few choices for working class families.