Jackson Hole Realtor on why homebuyers are migrating to mountain towns
September 3, 2020
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Today’s Daily Download episode features an interview with Latham Jenkins, associate broker at Live Water Jackson Hole. In this episode, HousingWire digs deeper into a recent article that indicates mountain towns like Aspen, Colorado and Jackson Hole, Wyoming are heating up, as home buyers flee to luxury mountain towns.
During the podcast interview, Jenkins discusses the ongoing migration trend he’s seen in Jackson Hole. According to Jenkins, the urban flight to mountain towns began years ago, and was essentially accelerated due to the novel COVID-19 pandemic. Jenkins added that variables like densely populated cities, tax structures and working remotely have been driving factors in prompting people to seek out housing markets in mountain towns.
Jenkins, who has lived in the Jackson Hole for more than 25 years, said he’s never seen this level of demand in his region before, stemming primarily from buyers he’s coined as “COVID refugees.”
“They’re fleeing an urban market and coming here desiring to buy places that have elbow room and generally speaking, buying single-family properties with acreage,” Jenkins said. “When you look at what has happened since June 1 in our market, over 109 listings have either gotten closed or are pending that are worth $3 million or more at an average price of $5.5 million.”
Though it’s unclear what this level of demand means for the future in the region’s housing inventory at large, Jenkins said he’ll continue responding to market demand.
“We went into this being in an inventory shortage, and COVID only exacerbated that as well, so what’s left? Well, a lot of pressure on pricing as we look forward,” Jenkins said. “I think that Jackson Hole will continue to see a lot of upward pricing pressure with very low inventory, and a demand that just continues.”
The Daily Download examines the most compelling articles reported by the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode:
