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Shaped by both its unique history as a frontier town, and by the majestic Grand Teton Mountains that loom around it, Jackson, Wyoming still is an old western town at heart. But since it was settled more than 120 years ago, it has undergone some significant changes to its exterior at least. First off, as one of the preeminent winter wonderlands in North America, Jackson pulls in about 3 million tourists a year, on top of the 8,000 or so locals. Obviously, these locals love the area enough to invest money, but many of these tourists fall in love and come back with a down payment.

No wonder the real estate market is red-hot in Jackson. First, many people are plopping money into the area just to shake out a quick profit. Case in point is Snow King Resort. The resort has built a development of moderate to ultra-luxury condos, called Jackson Hole Rental Condos, which investors sweep up to rent out to tourists.

Part of the allure of Jackson real estate is that there is so little of it. In the whole Jackson Hole region, less than 5 percent of the land is actually deeded property. The rest is owned by the National Forest service, is under conservation easement, or otherwise inaccessible to the public. That handful percentage, though, is prime property. Just check out the so-called "Park-in Holding" property, some of the finest land you'll find out West. These properties are private land that's actually within the Grand Teton National Park. How neat is that?

There are also excellent real estate opportunities outside of the national forest areas. East Jackson, with its older developments, is possibly the cheapest area to buy. The south area of Jackson is also prime-time real estate for many of the locals, which is a sure sign that it is one of the most reasonable sections of town. For those willing to invest seven figures, the so-called West Bank has become privileged real estate, some of it selling for $2 million an acre. And for scenery, head back toward the parks and North Jackson. There many properties actually border national parks, along with the mountains and the beautiful vistas they provide.

Another growth area is near the Miller Park Lodge, which, going back another generation, was the Prospector Hotel. Now, however, the old has made way for the new, and developers are swarming into the area as they once did in Aspen in the 1970s right before the Colorado market skyrocketed. There's a new Hilton Hotel in the area, and another new hotel, the Grand Victorian Lodge, was also recently built here.

All of these areas, though, took off like gangbusters in 2004, especially toward the end of the year. That doesn't mean Jackson is all out of space. It just means you should expect average home prices from $500,000 to $1 million and average condo prices in the $200,000 to $300,000 range.

Search for real estate in Jackson, Wyoming