Star Valley Real Estate Market Report | Q3 2023

Star Valley, Wyoming & Idaho — Q3 2023

Faced with the highest mortgage interest rates in more than two decades and also with an increase in properties listed for sale, the 2023 Star Valley real estate market fell precipitously by the end of September compared to 2022. Year-over-year transactions are down 41.4 percent compared to the first nine months of 2022 (that is, 418 closings through Q3 2022 vs. 245 closings in 2023), and the complementing dollar volume is down more than 50 percent ($233M last year vs. $116M in 2023).

In October, 2022, 313 properties were listed for sale in Lincoln County. One year later, that number jumped 22.3 percent to 383 properties for sale.

One bright note as summer wore down was September’s performance. Fifty-one closings represented the busiest month to date in 2023 for Lincoln County and generated $20.3M in overall dollar volume.

Another highlight as summer came to close was Jackson Hole Sotheby’s International Realty’s End-of-Summer party at Melvin Brewing. While it was a great excuse to raise a glass together before winter, it was also an opportunity to celebrate the first year of operations at our sales office in Alpine. The newest Jackson Hole Sotheby’s International Realty office is located in the Northstar Building, next to Driftwood Pizza. Stop in for current offerings and the latest information on the Star Valley real estate market.

October 21, 2023October 27, 2023

Teton Valley Real Estate Market Report | Q3 2023

Teton Valley, Idaho—Q3 2023

With three months left in 2023, it seems doubtful the Teton Valley real estate market will reach the symbolic $500M mark for its year-end dollar volume. Through Q3, year-to-date transactions are down 32 percent and the complementing dollar volume from those sales is down 23.4 percent when compared to the same period in 2022.

While vacant land sales have been the driver for the Teton Valley market in recent years, home sales are carrying the day in 2023. The 137 home sales thus far in 2023 (out of a total 420 closings for all property types on the year to date) generated more than $180M in closed sales volume (or 58.6 percent of the $308M closed in the first nine months of 2023). And while higher mortgage interest rates have diminished the buyer pool in 2023, the upper end of Teton Valley market (that is, properties with a listing price of >$1M) is outperforming the overall market with only an 11.7 percent decline in year-to-date upper-end sales compared to 2022.

215 vacant land sales also generated nearly $80M in sales for the first nine months of 2023. Those sales represent 51.2 percent of all transactions in 2023. For the same period in 2022, vacant land transactions accounted for 59.9 percent of all closings.

Of the areas of Victor, Driggs, Alta and Tetonia, Driggs saw the largest decline in transactions for the last twelve months. Transactions are down 42.5 percent and dollar volume is down 37.8 percent compared to the same period in 2022. Alta has fared the best thus far in 2023, down 20 percent on sales compared to 2022, but up 26 percent on dollar volume.

October 21, 2023October 27, 2023

Jackson Hole Real Estate Market Report | Q3 2023

Teton County, Wyoming — Q3 2023

Despite facing the highest mortgage interest rates in more than two decades, the Jackson Hole real estate market managed to eke ahead of 2022 levels for the first nine months of 2023. While transactions in Teton County were nearly flat (203 closings through Q3 in 2022 compared to 204 closings this year), overall dollar volume increased 11.8 percent to more than $770M.

The most active segment of the market on the year to date was the $1.5M to $3M swath, where more than one-third of all closings occurred. The lion’s share of the dollar volume activity, however, posted in the upper end of the market (i.e., properties with a listing price of more than $5M); this high-end segment—which tallied only one-fifth of all transactions in Jackson Hole—accounted for more than 50 percent of 2023’s current dollar volume.

The strong performance of the market stands in contradiction for individual property values, where anecdotal evidence suggests values are down 5%-10%—and in some cases more—from 2022.

During this softening of the Teton County market, Jackson Hole Sotheby’s International Realty has outperformed its peers in the brokerage community by increasing its market share to 48.6% (based on overall sold dollar volume). To put that into perspective, the No. 2 brokerage in the region only enjoys 15.0% of the year-to-date dollar volume in Teton County.

The brokerage’s success thus far in 2023 was particularly noteworthy in the >$5M price bracket, where Jackson Hole Sotheby’s International Realty agents represented the buyer and/or seller in 48.8% of these higher-end transactions and where the complementing dollar volume market share grew to 60.4%.

Whether you’re looking to buy or sell in this challenging market, let the valley’s most successful sales force help you with your real estate needs in 2023.