The Jackson Hole, WY, housing market has surpassed traditional luxury levels and entered ultra-luxury territory.
The ultra-high-end market—defined as homes selling for $10 million or more and condos, townhomes, and single-family lots selling for $5 million or more—reported 131% more closings in 2025, according to the Jackson Hole Real Estate Report.
The number of $10 million homes sold reached a new annual high in 2025.
“We typically define luxury as the top 10% of listing prices in a market, but that threshold can look very different in smaller resort areas like Jackson Hole where a large share of homes are already high-end,” says Anthony Smith, senior economist at Realtor.com®. “In Teton County, the top 1% of listings now reach roughly $41.6 million, placing it among the most expensive luxury segments in the country.”
Jackson Hole real estate agent Devon Viehman of Engel & Völkers—who grew up in the exclusive enclave—tells Realtor.com, “post-pandemic, we really saw our prices across the board go up. Prices went nuts. There are $25 million spec homes here.”
The median listing price in Teton County reached $3.21 million in February 2026, down 3.5% from a year ago, but still dramatically higher than the $1.78 million in February 2019, illustrating how much the market has appreciated over the last several years.
“Prices in the luxury side of the market have trended upward for years,” says Smith. “Listing prices for the top 10% of homes in Teton County were already rising steadily before the pandemic, and despite some seasonal fluctuations, that broader growth trend has persisted.”
Ultra-wealthy drawn to Jackson Hole
The ultra-wealthy have been drawn to the area for decades.
“Wyoming doesn’t have state income tax, so you see people establishing residency for that reason,” Viehman says. “You have to live here for six months and a day, and then you’re a Wyoming resident.”
Wyoming also has no corporate income tax, estate tax, or real estate transfer tax—another financial advantage for buyers.
Beyond that, the exclusive ski town features many services and amenities that attract affluent buyers—including fine dining restaurants and art galleries.
“You can be in a valley that still feels wild and protected, with world-class skiing, fishing, hiking, and a national park ecosystem at your doorstep, and still have a commercial airport 15 minutes from town,” real estate agent Latham Jenkins of Live Water Properties tells Realtor.com.
According to Jenkins, Jackson Hole is popular year-round. “It is a four-season destination,” he says. “Winter brings skiing and the full resort energy. Summer is the classic Jackson Hole dream: rivers, wildlife, long days, and space. Shoulder seasons have increasingly become a feature for buyers who want less visibility and more quiet.”
Buyers arrive from around the country and internationally, though Viehman says most last year came from New York, Texas, and California.
The types of clients Viehman has seen in her 21 years as a real estate agent in Jackson Hole has evolved. “We’ve seen a big shift,” she explains. “When I became a Realtor®, it was more retirees looking for legacy homes. We still have those buyers, but we are seeing more buyers in their 40s who are younger tech people. They have made their money and want to enjoy life. It’s easy for them to have their families here, and commute in and out of Jackson Hole when they need to.”
Jenkins agrees. “A new class of buyer now benchmarks Jackson against the most expensive global resort markets, and they’re willing to pay for the combination of a premier mountain resort with a protected landscape,” he says.
Jenkins says due to a tight inventory of buildable land—because so much of the region is public or conserved—the market has become scarcity driven. “That combination of lifestyle, access, and limited supply is what keeps pulling high-net-worth and ultra-high-net-worth buyers here,” he says.
“Luxury ski markets tend to be some of the most supply-constrained housing markets in the United States,” Smith explains. “Mountain terrain limits buildable land, and strict zoning and environmental protections further restrict development. When demand from affluent buyers rises, that limited supply can push prices higher very quickly.”
Differences between Aspen and Jackson Hole
Jackson Hole has been compared to Aspen, CO, but Viehman says there’s a key difference. “We have a saying that people go to Aspen to be noticed, and people come to Jackson Hole to go under the radar,” she says. “It’s more laid-back here.”
Jackson Hole is popular with A-listers seeking privacy, including Harrison Ford, Sandra Bullock, and Julia Louis-Dreyfus, who all own property there.
“Aspen is a high-density location where owning is linked directly to your social capital,” Jackson Hole real estate agent Andria Clancy of Trinity Real Estate Group tells Realtor.com. “It is the ultimate destination for global brands, world-class amenities, and a year-round social calendar. Jackson Hole, on the other hand, is a completely different experience with limited land availability, privacy, and the ability for high-net-worth families to hide in plain sight.”
As Aspen’s median listing price sits near $3,550,000, Viehman notes that Jackson Hole still comes in at a lower price point—for now. “We are behind Aspen and other high-end markets like Manhattan in terms of pricing,” she notes, “but we still have room to grow.”
