Teton Valley Real Estate Market Report | Year End 2021

WEST SID E OF THE TE TONS

Market Report Year End

2021

Teton County, Idaho — Year End 2021 Sales Volume Vs. Units Sold 20 0 9-202 1

SA L ES VO LU M E

U N ITS SO LD

U N I TS SO L D

$ 65 0 M

1 , 3 00

$ 60 0 M

1 , 200

$550M

1 , 100

$5 0 0 M

1 ,000

$450M

900

$400M

800

$350M

700

$300M

600

$250M

5 00

$ 20 0 M

4 00

$ 15 0 M

3 00

$10 0 M

20 0

$5 0 M

10 0 20 0 9

2010

2011

2012

2013

2014

2015

Coming off a record-setting year in 2020, the Teton Valley real estate market managed to outdo itself in 2021.

While transactions were only up slightly year-over-year (1120 total sales in 2020 compared to 1154 transactions for the last 12 months), dollar volume exploded by 72.7% and tallied more than $629M by the beginning of 2022.

More noteworthy is the Teton Valley market posted a nowmodest $181M in 2019. In other words, the real estate market for the “Quiet Side of the Tetons” has grown nearly 250% percent in the last 24 months.

The regions of Victor and Driggs accounted for the majority of the activity in the post-Covid market (three out of four sales occurred in these two regions). Alta, Wyoming, however, generated $60M in dollar volume last

2016

2017

2019

2020

Sales Volume By Price Category

2020 VS. 202 1

2020 VS. 2021 YT D 2021

U N ITS SO LD

YTD 2020

401

$24 0 M

YTD 202 1

UNITS SO LD 136

$ 320 M

464

$280M

$ 20 0 M 526

$ 24 0 M

$ 160 M

$ 20 0 M 255

$120 M

$ 16 0 M

321

892

789

34

242

31

A LTA

229

166

$ 1 20 M

$80M

$4 0 M

202 1

year (a 135% increase over last year). Not to be outdone, Tetonia also saw a sharp uptick in activity with more than $121M in sales volume (a 110% increase over 2020).

Higher-end home sales made headlines (in 2019, 15 homes sold for more than $1m; last year that number grew to 96…), but the Teton Valley real estate market’s true story involves land sales. Two out of three sales in 2021—761 transactions in total—involved a vacant parcel of land.

Lack of inventory and escalating prices provide a challenge for potential buyers in a very strong “Seller’s Market,” but Teton Valley’s success over the last two years suggests Jackson Hole’s neighbor to the west is no longer simply a satellite market of northwestern Wyoming.

Sales Volume By Area Y T D 2020

Cover Property: #Y6G36L

2018

62

$80M $40M

VICTO R

D RIGGS

T ETO NIA

< $500K

$500K-$1M

>$1M

Land & Ranches

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Sales Volume By Area

While inventory has dwindled as the Covid pandemic drags on, vacant land sales somehow managed to tally

2020 VS. 202 1 2020

2021

10.3% more sales in 2021 compared to 2020 (761 sales

U N ITS SO LD

$ 10 0 M

last year vs. 690 twelve months ago). Of all real estate transaction types, vacant land was the only sector that

249

managed to post an increase year-over-year for 2021.

$90 M

206 $8 0 M

The majority of last year’s gains occurred in Driggs, where transactions were up 33.2% to 249 transactions (and with a complementing dollar volume of $95.2M)

$70 M

285

in 2021.

Like all segments of the Teton Valley market, the

$60 M

median land price was up a staggering 91% in 2021. In

$50M

2020, the mid-point sale in the vacant land market was

$40M

208

282 $30M

year later, the middle of the market was a 1-acre parcel

187

21

a 2.5-acre parcel in Victor that sold for $89,000. One in Victor that sold for $170,000.

$ 20 M

Under all is the land—and buyers’ appetites for elbow

$10 M

13

room and sweeping views suggest the vacant land sector will continue to drive the Teton Valley market in

CUR R E N T A R E A STATS

At A Glance

ALTA

V I CTOR

DRIGGS

T E TO NI A

2022.

Number of Land & Ranch Sites Sold 2021

% Change in Average Sales Price from 2020

2021 Average Land & Ranch Sites Sale Price

Average Days on Market

761

+144.7%

$342,873

157

Condominiums/Townhomes

Featured Property: #6WWFF9

CU R R E N T A R E A STATS

At A Glance

For the limited number of homes currently on the market in Teton Valley (35), the average listing price now exceeds $2M. Of those 35 homes, only six have a listing price of less than $1M. Townhomes and condos in Teton Valley are isolated to a finite number of communities around Victor and Driggs, and—again, much like other market sectors—high demand pushed prices higher in 2021 in the face of limited inventory.

Unit sales were down last year 14.1% (79 transactions in 2021 vs. 92 sales the year prior). In 2020, the median sale was a 3-bedroom Buffalo Junction townhome in Driggs for $304,500 (or $198/sq. ft.).

Toward the end of 2021, a similar unit sold for $492,500 (a 61.7% increase equating to $320/sq. ft.).

Sales Volume By Area

* excludes fractional units

2020 VS. 2021 2020

2021

$20 M

UNITS SOLD

41

62

$1 8 M $16 M

38

$14 M $12 M 30 $10 M $8 M $6 M $4 M $2 M 0

0

ALTA

0

VICTOR

DRIG G S

0

T E TO NI A

Number of Condominiums Sold 2021

% Change in Average Sales Price from 2020

2021 Average Condominiums Sale Price

Average Days on Market

79

+40.6%

$438,310

74

Single Family Homes

Featured Property: #VD7VJ6

Sales Volume By Area

With limited choices available for both potential yearround and seasonal buyers, no segment of the market

2020 VS. 202 1

saw more pressure and competition in 2021 than 2020

2021

U N ITS SO LD

residential homes in Teton Valley.

1 29

The total number of sales was down slightly at 7.8%

17 1

$1 20 M

95

(284 sales in 2021 compared to 308 transations in 2020),

$110 M

but the corresponding dollar volume grew 41.7% to more than $300M (and keeping in mind too the entire Teton

$10 0 M

Valley market in 2020 was $364.4M).

$ 90 M

Sales in resort communities like Teton Springs and

$80M

Tributary pushed the average home price to $1.089M, but

$70 M

the median price also increased 30.4% from $575,000

85

$ 60 M

in 2020 (for a 2,300 sq. ft., 3-bedroom home on 2.5 acres in Victor) to $750,000 in 2021 (for a 2,100 sq. ft.,

$50M 47

13

$40M

3-bedroom home on 2.5 acres in Driggs).

While Driggs was one of two areas that saw an

$3 0 M

34

18

increase in unit sales year-over-year (up 11.8% with 95

$ 20 M

transactions in 2021), home sales in Tetonia stood out

$ 10 M

with 47 transactions in 2021 (a 38.2% increase) and a complementing dollar volume of $39.6M (a 68.6%

CU R R E NT A R EA STATS

At A Glance

A LTA

VICTO R

D RIGGS

TETONIA

increase over 2020).

Number of Single Family Homes Sold Q4 2021

% Change in Average Sales Price from Q4 2020

Q4 2021 Average Single Family Home Sale Price

Average Days on Market

284

+53.6%

$1,089,305

94

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A lth o u gh th e fo rego ing data has been co m piled from sources deemed reliable, Jackson Hole Sotheby ’s Internationa l Rea l ty d o es n o t gu a ra ntee its authenticity. It is intende d for informational purposes only, is s ubject to prior sale, error, rev i si o n , a n d ca n ce l l a t i o n witho ut no tice, and sho uld be independently verified with the source of s uch information. Source d a ta is p rov i d e d by Teto n Board of Realto rs MLS for areas one throug h ten, and s upplemented with proprietar y sa l es d a ta fo r $ 0 sa l es. ® , ™ and SM are licensed tradem arks to Sotheby ’s International Realty Affiliates LLC. An Equal Opp o r t u n i ty Co mpa ny. Eq u a l H o using Oppo r tunity. J ackso n Hole Sotheby ’s International Realty is Independently Owned and Op e ra te d .