COMPASS.COM 1 MARKET REPORT Q1 2024 TETON VALLEY
Q1 Market Report
Welcome to the 2024 market report for Teton Valley, Idaho, where we explore the latest trends and developments in the real estate landscape. In the first quarter of 2024, the market has showcased intriguing dynamics across various property types. In Q1 2024, there were 110 sales, that totaled $70.3 million, representing a 2% decrease when compared to Q1 2023.
Vacant land sales made up the majority of sales completed, followed by singlefamily homes, and then condominium and townhome sales. Pending transactions in Teton Valley have surged by 42%, indicating strong buyer interest, while active listings have declined by 25%, indicating a tightening of available inventory.
The market for single-family homes has experienced a 15% decrease in transactions, with 29 homes sold. Despite this, the median sale price has surged by 15% to $998,000, indicating robust demand and potentially higher-end transactions. However, the total dollar volume has decreased by 12% to $36.9 million, possibly a result of limited supply. Most singlefamily homes were sold in Victor during this period, and the current inventory is down by 15%.
The condo and townhome market in Teton Valley has shown significant growth and activity, with 10 transactions marking a substantial 25% increase compared to the
same period last year. This increase in transactions translated to a notable 48% increase in total dollar volume, reaching $5.8 million. The median sale price also rose by 20% to $570,000, as a result of new construction units coming to market.
The vacant land segment has seen a substantial 37% increase in transactions, with 67 plots sold in Q1 2024. This surge in transactions translated to a remarkable 128% increase in total dollar volume, reaching $24.2 million. The median sale price also saw a healthy 30% increase, rising to $220,000, indicating growing demand, buyers wanting entry into market, and lack of residential pushing buyers into building.
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.
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Q1 / 2024 COMPASS.COM 3 Total Transactions 11% Increase YOY 110 Total Dollar Volume 2% Decrease YOY $70.3M Avg SFH Sales Price 3% Increase YOY $1.3M Median SFH Sales Price 15% Increase YOY $998K Active Listings 25% Decrease YOY
232
COMPASS X TETON VALLEY Commercial 1
2024 Data 2023 Data $80M $70M $60M $50M $40M $30M $20M $10M $5M Jan. Feb. Mar. April May June July Aug. Sept Oct. Nov. Dec.
Sales Volume Year-to-Date Sales Distribution by Segment
Alta: 4
Victor: 39
Driggs: 35
Tetonia: 32
Q1 / 2024 COMPASS.COM 5 4 39
32 35 Transaction Distribution by Location
Single Family Homes
In Teton Valley, Idaho, the real estate market for single-family homes has seen some notable shifts in Q1 2024. With 29 transactions, there’s been a 15% decrease compared to previous periods. Despite this, the median sale price has surged by 15% to reach $998,000, likely due to new constructio homes and lack of inventory.
However, the total dollar volume has decreased by 12% to $36.9 million.. The current inventory is down by 15%, which is a factor contributing to the rise in median prices as buyers compete for limited available homes.
Sold | List Price: $839,000 | Driggs | Represented by Fally Line Realty Group COMPASS X TETON VALLEY
Number of Transactions Market Stats
of Teton Valley Total Dollar Volume Minimum Price Sold Maximum Price Sold Average Sale Price Median Sale Price Average Days on Market Pending Transactions Inventory Number of Transactions Total Dollar Volume Median Sale Price Average Sale Price Victor Driggs Alta Tetonia Market Stats by Area Q1 / 2024 COMPASS.COM 7 12% 15% 14% 19% 3% 15% 24% 33% 15% % Change 14 $18.6M $1.3M $1.1K 7 $8.9M $1.3M $900K 1 7 29 $36.9M $460K $5.1M $1.3M $998K 152 28 29 $998K $8.4M $998K $1.2M $998K $982K
All
Condo + Townhomes
The condo and townhome market in Teton Valley, Idaho, has shown significant growth and activity in Q1 2024. There were 10 transactions, marking a substantial 25% increase compared to Q1 2023. The increase in transactions translated to a notable 48% increase in total dollar volume, reaching $5.8 million. The median sale price also rose by 20% to $570,000, due to new condo developments and construction.
Moreover, the current inventory is up by 35%, because several new developments have come to market this year.
Sold | List Price: $712,500 | Victor | Represented by Mountain Standard Realty COMPASS X TETON VALLEY
of Transactions
Stats
of Teton Valley Total Dollar Volume Minimum Price Sold Maximum Price Sold Average Sale Price Median Sale Price Average Days on Market Pending Transactions Inventory Number of Transactions Total Dollar Volume Median Sale Price Average Sale Price Victor Driggs
Number
Market
All
5 $2.9M $589K $573K 5 $2.9M $583K $566K Q1 / 2024 COMPASS.COM 9 48% 25% 52% 4% 17% 20% 67% 162% 35% % Change 10 $5.8M $499K $712K $575K $570K 154 34 27
Market Stats by Area
Vacant Land
Vacant land continues to be the most traded property type in Teton Valley. With 67 transactions, there has been a substantial 37% increase compared to Q1 2023. This surge in transactions translated to a remarkable 128% increase in total dollar volume, reaching $24.2 million. The median sale price also saw a healthy 30% increase, rising to $220,000, indicating growing demand. Possibly a result of decreased inventory of single-family homes.
Sold | List Price: $675,000 | Alta, WY | Represented by Fall Line Realty Group COMPASS X TETON VALLEY
Number of Transactions
Stats
of Teton Valley Total Dollar Volume Minimum Price Sold Maximum Price Sold Average Sale Price Median Sale Price Average Days on Market Pending Transactions Inventory Number of Transactions Total Dollar Volume Median Sale Price Average Sale Price Victor Driggs Alta Tetonia
17 $4.4M $259K $180K 22 $6.4M $291K $220K 3 25 $4.5M $8.9M $1.5M $356K $775K $229K Q1 / 2024 COMPASS.COM 11 128% 37% 3% 317% 66% 30% 22% 6% 21% % Change 67 $24.2M $79K $3.1M $361K $220K 180 38 147
Market
All
Market Stats by Area
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