Star Valley, Wyoming & Idaho — Q2 2023

June, 2023 was an anemic month for the Star Valley real estate market that saw only 27 closings and $8.7M in complementing dollar volume (down 57.8 percent and 79.3 percent respectively compared to June, 2022). And as weak as last month’s sales numbers were, however, they are also on par with the general market performance for the first six months of 2023.

For the first six months of 2022 as the Covid real estate boom started to taper off, Lincoln County saw 277 transactions totaling $142.9M in sales volume. One year later and through Q2 2023, closings fell to 118 (or a 57.4 percent decline) with $52.3M in overall sales volume (or a 63.4 percent drop).

The decline in activity was also matched by a drop in average transaction price. Last year, the average closing price across all property types was $516,005. This year, that stat fell to $442,890 (or a 14.2 percent decline year over year).

Fewer buyers and an increase in inventory may be partially to blame as Star Valley shifts squarely into a “Buyer’s Market.” In July, 2022, 263 properties were actively listed for sale across Lincoln County. This year, 328 properties are on the market (representing a 24.7 percent increase).

While the busy summer season typically drives the Lincoln County real estate market, higher mortgage interest rates may prove to make the second half of 2023 a challenging time for Star Valley.

Continue reading “Star Valley Real Estate Market Report | Q2 2023”