Q1 2024 Star Valley Market Report

Q1 Market Report

The Star Valley Market

Welcome to the Q1 2024 Market Report for Star Valley, Wyoming! The real estate market in Star Valley has seen significant activity in the first quarter, overall the market had 62 transactions, an 11% increase over Q1 2023, that totaled $25.6 million in sales.

The single-family home segment has been energetic in Q1 2024, with 22 transactions recorded, marking a 5% increase over the previous period. The total dollar volume surged impressively by 56% to reach $16.94 million, indicating robust activity and increasing property values in the area. The median sale price also saw a substantial uptick, rising by 52% to reach $630,000.

Interestingly, even though we saw a surge in condominium and townhome purchases in 2023, there were no sales in this segment during Q1 2024. This shift in market behavior could be attributed to various factors, including changes in buyer preferences, supply constraints, or a temporary lull in new developments. It will be important to monitor this trend closely in the coming months to understand if this is a temporary fluctuation or indicative of a longer-term change in the market dynamics.

The land segment in Star Valley, Wyoming, experienced a significant uptick in activity, with 38 transactions recorded, representing a remarkable 100% increase over the previous period. Despite the increased number of transactions, the total dollar volume saw a more modest rise, up 12% to $7.8 million, indicating a mix of smaller and larger land parcels changing hands. The median sale price for land, however, experienced a slight decrease of 7% to $190,000.

These shifts across the diverse segments of the Star Valley real estate market present a dynamic environment for both buyers and sellers, offering opportunities and challenges in different property categories.

Understanding the evolving market conditions across all market segments will enable buyers, sellers, and real estate professionals to make informed decisions in this dynamic market.

Compass Real Estate sells more property than any other brokerage in Star Valley.

We are #1 in both dollar volume and transaction volume providing you with a singular insight to the local real estate market.

Sales Distribution by Segment

Single Family Homes

The single family home market in Star Valley, Wyoming has been vibrant in Q1 2024, with 22 transactions recorded, marking a 5% increase over the previous period. The total dollar volume surged impressively by 56% to reach $16.94 million, indicating robust activity and increasing property values in the area. The median sale price also saw a substantial uptick, rising by 52% to reach $630,000.

Despite the increased sales and higher prices, the current inventory levels remained stable, suggesting a balanced market. Notably, Central Star Valley has emerged as a focal point for single-family home activity, witnessing the highest number of sales, indicating a strong demand in this region.

Sold | List Price: $1,995,000 | Southern Star Valley | Represented by Speakman Realty Group

Vacant Land

Sold | List Price: $225,000 | Central Star Valley | Represented by Kendell Foreman

The land segment in Star Valley, Wyoming, experienced a significant uptick in activity, with 38 transactions recorded, representing a remarkable 100% increase over the previous period. Despite the increased number of transactions, the total dollar volume saw a more modest rise, up 12% to $7.8 million, indicating a mix of smaller and larger land parcels changing hands. The median sale price for land, however, experienced a slight decrease of 7% to $190,000.

Current inventory levels increased by 4%, suggesting a growing availability of land for sale in the area. Interestingly, pending transactions decreased by 24%, indicating a potential slowdown in future land sales. Central Star Valley emerged as the hotspot for land sales, with the majority of transactions occurring in this region, highlighting its popularity among buyers.

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