Jackson Hole Market Update: September 2026

TLDR

Jackson Hole prices are at record highs, even as mortgage rates cross 7% for the first time since early 2025. The median sale price in the valley hit $2.995 million in the latest quarterly report, and sales were slightly up from last year.

Nationally, the Fed raised rates this month and more hikes may be coming. Locally, a property tax measure on the November ballot and a few big housing projects are worth watching. Here's what's going on and what it means if you're buying or selling here this fall.

Prices and inventory

The most recent Jackson Hole Real Estate Report from the Viehman Group covers the first half of 2026. The headline numbers:

A few things stand out to me.

Single-family homes drove the year. Home sales jumped 38%, while condo sales slowed even as condo prices set new highs. Luxury deals ($10 million and up for homes, $5 million and up for condos, townhomes and lots) were only 15% of sales but about 45% of the dollar volume. The $10 to $20 million range alone had 17 closings.

The entry point keeps rising. At the time of the report, there were no homes listed under $1 million in the valley. The least expensive one was listed at $1.43 million.

A lot of the market is invisible. The report found that 41% of sales were either not publicly listed or didn't disclose a final price. If you're only watching Zillow, you're missing a big share of what's actually trading.

The town of Jackson looks a little different. Redfin's data for the town itself shows a $1.9 million median sale price in August, down about 15% from a year ago, with 35 sales and a median of 61 days on market. None of those homes sold over asking. That's a smaller slice of the valley with more condos and townhomes, so it isn't a direct comparison, but it's a good sign buyers have a bit more room to negotiate on in-town properties right now.

Rates and the Fed

Freddie Mac's weekly average for a 30-year fixed mortgage was 7.03% on Sept. 24, up from 6.95% the week before and 6.30% a year ago. The 15-year was 6.42%. That's the first time the 30-year has been above 7% since January 2025.

The jump follows the Fed's Sept. 16 decision to raise its benchmark rate to a range of 3.75% to 4%, its first hike since July 2023. The next meeting is Oct. 27 to 28, and many officials expect another increase before the end of the year.

So what does 7% mean here? Less than you'd think for much of the market, and more than you'd think for some buyers.

A big share of Jackson Hole purchases, especially at the high end, are made in cash, so rate moves don't hit this market the way they hit most towns. That's part of why prices held up even as rates climbed.

Where financing does matter is condos, first homes, deed-restricted units, and properties over the pass in Idaho. For those buyers, a jump from 6.3% to 7% adds real money to the monthly payment. If you're in that group, it's worth getting pre-approved now and talking to your lender about rate locks before the October meeting.

Local news worth watching

The property tax initiative. Wyoming voters will decide in November on a measure that would exempt 50% of the assessed value of a primary residence from property tax. It covers the house only, not the land. To qualify, you'd need to have lived in Wyoming for at least a year, live in the home at least six months a year, and file a claim with the assessor by the fourth Monday in May.

The Teton County assessor's examples: a median condo around $1.3 million would see its bill drop from about $7,000 to about $4,000. A home around $6.1 million would go from nearly $40,000 to about $24,000. Teton County could lose more than $27 million in residential tax revenue in the first year. One detail to know before you vote: a blank vote on the measure counts as a no.

Deed-restricted housing. Two projects made news this month. Habitat for Humanity estimates it will take about 10 years to build 193 homes in South Park, part of the Gill family's larger 557-home development. Downtown, the Planning Commission approved Arts District South, 35 condos at Simpson and Millward, though commissioners questioned how much of its workforce housing square footage went to hallways and storage. It goes to Town Council in early November.

Teton Pass. Starting Oct. 1, RVs, anyone towing a trailer, and vehicles over 10,000 pounds need to complete WYDOT's online safety certification before crossing. It doesn't affect regular commuters, but it's worth knowing if you're moving over the pass with a trailer or a large truck.

What it means for you

If you're buying: Inventory is up 8%, and in-town properties aren't selling over asking, so there's a bit more room to negotiate than a year ago. If you're financing, get pre-approved and keep an eye on the Oct. 27 to 28 Fed meeting. And ask about off-market options, since so much of this market never hits the MLS.

If you're selling: Valley-wide prices are at a record, and single-family homes are moving. Condo sellers may need to be more patient and price carefully. If you're a full-time resident, keep the property tax vote in mind, since it could lower carrying costs for your next primary home.

FAQ

Are Jackson Hole home prices still going up? Valley-wide, yes. The median sale price hit a record $2.995 million in the first half of 2026, up 27% from a year earlier. In-town prices in August were softer, so it depends on the property type and location.

Do higher mortgage rates affect the Jackson market? Less than most markets, because many high-end purchases are made in cash. Rates matter most for condo buyers, first-time buyers, and people buying in Teton Valley, Idaho.

Would the property tax initiative lower my taxes? Only if the home is your primary residence and you meet the residency rules. It applies to the value of the house, not the land. It passes only with more than half of all votes cast, and blank votes count against it.

Questions about the market?

Whether you're thinking about buying, selling, or just want to know what your home might be worth right now, I'm happy to talk it through. Reach out anytime at sophie.dolan@evrealestate.com.

---

Sources: Jackson Hole Real Estate Report, Redfin: Jackson, WY, Freddie Mac via GlobeNewswire, CNBC, and the Jackson Hole News&Guide stories linked above.