May 24, 2023 Real Estate News

Elevated Living & Views Atop Jackson Hole’s Buttes

  by Staff Writers

Jackson Hole is renowned for its natural beauty and iconic landscapes, and many of the region’s best views are enhanced from an elevated position. Properties atop the nearby buttes offer a unique living experience in an area where the rugged topography otherwise dictates that the majority of residential properties occupy the valley floor. These gently rolling butte-top properties are among some of the most desirable for homeowners for the views and privacy they afford.

In a region lauded for its vistas and iconic skyline, the properties atop these features provide breathtaking panoramic vistas of the Tetons and Gros Ventre mountain ranges. Position and sightlines from above yield unobstructed views of not only the surrounding mountains, but also often include the the Snake River corridor and the broad valley that gives the region its name.

The sense of privacy and seclusion are unrivaled among these properties. Elevated above the surroundings, they offer a respite from the buzz of the town below. Larger lot sizes and decreased density between residences further enhance these feelings, allowing homeowners to better appreciate the beauty and expansiveness of the landscape. These geographic features can also present an opportunity for stewardship and conservation, in addition to wildlife viewing. They serve as desirable habitat, with many species utilizing the features for wintering, or as a part of their migration routes.

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Star Valley Real Estate Market Report | Q1 2023

Star Valley, Wyoming & Idaho — Q1 2023

Following the trends in the overall Jackson Hole region, Star Valley saw a precipitous fall in the first quarter of 2023 compared to one year ago. Transactions fell from 126 sales in the first three months of 2022 to just 50 sales twelve months later (or a 60.3% decline). Sales volume followed suit, dropping 64.4% for the same period (or $65.7M in Q1 2022 vs. $23.4M in Q1 2023).

Despite the average transaction price dropping from $521,252 in Q1 2022 to $467,634 one year later, the median sale price actually jumped from $299,000 (for a 3.78-acre parcel near Alpine) to $370,000 (for a 6-acre parcel in Thayne) year over year.

Some of the disparity in the statistics is found in the upper end of the Star Valley market (or properties with a listing price of more than $1M). For the first three months of 2022, 16 properties sold in Star Valley with a complementing dollar volume of $32.3M (or nearly half of all dollar volume in the market). One year later, this segment of the market only posted 3 sales accounting for $5.3M.

The 23.7% increase in the median sale price for Q1 2023 suggests market demand is still strong heading into the summer season. And while inventory has increased since the height of the Covid frenzy (that is, 141 properties on the market at the end of Q1 2022 vs. 231 active listings this year), the looming busy summer season has the potential to absorb the level of properties currently on the market.

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