Star Valley Real Estate Market Report | Q3 2023

STAR VALLEY

Market Report Third Quarter

2023

Star Valley, Wyoming & Idaho — Q3 2023 Sales Volume Vs. Units Sold 20 0 9-202 2

SA L ES VO LU M E

U N ITS SO LD

U N I TS SO L D

$5 20 M

1 , 3 00

$480M

1 , 200

$4 4 0 M

1 , 100

$400M

1 ,000

$3 6 0 M

900

$3 20 M

800

$280M

700

$ 24 0 M

600

$20 0 M

5 00

$160 M

4 00

$ 120 M

3 00

$8 0 M

20 0

$40M

10 0 20 0 9

20 10

2011

2012

2013

2014

2015

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

2016

2017

2018

2019

2020

2021

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-ofSummer 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.

Sales Volume By Area

Sales Volume By Price Category

Y TD 202 2 VS. 2023

YTD 202 2 VS. 2023

YT D 202 2 $90 M

YT D 2023

U N ITS SO LD

YTD 202 2

187

112

202 2

YTD 2023

UNITS SOLD

$ 1 10 M

51

$ 10 0 M

$8 0 M

$90M $70 M $60 M

Cover Property: #FDEKFJ

$5 0 M

110

$80M 112 77

$70 M

10 9

$60M

2 57

$ 50 M

$4 0 M

$40M

$3 0 M

57

66 163

16

$ 30 M

$20 M

$ 20 M

$10 M

7

NORTH CENTRAL STAR VALLEY STAR VALLEY

SOUTH STAR VALLEY

2

STAR VALLEY IDAHO

$ 10 M

< $500K

$500K-$1M

>$1M

Land & Ranches

Featured Property: # 4S29G4

Sales Volume By Area YTD 202 2 VS. 2023 Y T D 2023

YT D 202 2

U N ITS SO LD

$40M

$35M

$3 0 M

59

106

$25M

59 $20 M

$ 15 M

58 29

$ 10 M

22 $5M

6 2

CUR R E N T A R E A STATS

At A Glance

NORTH STAR VALLEY

CENTRAL STAR VALLEY

SOUTH STAR VALLEY

Following the trend in both Teton County and Teton Valley, Idaho, vacant land sales in Star Valley fell for the first nine months of 2023. Total transactions dropped 51.7 percent by the end of September compared to Q3 2022 (that is, 111 closings in 2023 versus 230 vacant land sales last year). The overall sold dollar volume saw a similar decline, dropping 65.4 percent in the last twelve months to $26.6M. Year-to-date sales range from $46,000 (for a lot in the Star Valley Ranch RV Park) to $2.9M for a parcel at the Alpine Airpark. The median sale in that swath was $142,000 (for a half-acre parcel in Alpine), falling 15.9 percent from the same period in 2022 (where the median sale of $169,000 was for a 4-acre parcel in Etna).

While vacant land listings currently on the market are up 22.3 percent in the last twelve months, the average sale price so far in 2023 is down a sharp 31.8 percent to $239,620.

STAR VALLEY IDAHO

Number of Land & Ranch Sites Sold Q3 2023

% Change in Average Sales Price from Q3 2022

Q3 2023 Average Land & Ranch Sites Sale Price

Average Days on Market

111

-31.8%

$239,620

145

Condominiums/Townhomes

Featured Property: #2CTTPP

Generating 12 of the 16 condo and/or townhome sales so far in 2023, the Buffalo Sage Townhomes in Alpine have driven this segment of the Star Valley market. The new development offering 2-bedroom, 2-bath townhomes with a 2-car garage has generated nearly $5.8M in sales volume and posted a median sale on the year to date of $495,000 (or a metric of $432/sq.ft.).

The highest mortgage interest rates in more than two decades are putting pressure on this segment of the Star Valley market and entry-level buyers. As a possible bellwether for the current market climate, two townhomes in Alpine—both listed for less than $300/sq.ft.—remain on the market.

With limited inventory throughout Lincoln County, this portion of the market seems poised for little change for the remainder of 2023.

Sales Volume By Area

*excludes fractional units

YTD 202 2 VS. 2023 YTD 202 2

YTD 2023

UNITS SOLD

$9M

$8M 14

$7 M

$6M

$ 5M

$4M 5 $ 3M

$2M 2

$1M

1

0

CU R R E N T A R E A STATS

At A Glance

NORTH STAR VALLEY

CENTRAL STAR VALLEY

0

SOUTH STAR VALLEY

0

0

STAR VALLEY I DAHO

Number of Condominiums Sold Q3 2023

% Change in Average Sales Price from Q3 2022

Q3 2023 Average Condominiums Sale Price

Average Days on Market

16

-24.7%

$459,563

272

Single Family Homes

Featured Property: #72HLYE

Sales Volume By Area YTD 2022 VS. 2023 Y TD 2023

YT D 202 2

U N ITS SO LD

76

$60 M $5 5 M

41

$50M $4 5 M $4 0 M

49 46

$35M $30M

31

$ 25 M $ 20 M

33

$ 15 M $ 10 M $5 M

1

CU R R E NT A R EA STATS

At A Glance

NORTH STAR VALLEY

CENTRAL STAR VALLEY

SOUTH STAR VALLEY

0

STAR VALLEY IDAHO

While the 113 home sales in 2023 only account for 46% of all Star Valley transactions through Q3, the corresponding $77.3M generated from these closings represented two-thirds of the overall dollar volume in Lincoln County.

Sales ranged from $210,000 (for a 2,500 sq.ft. manufactured home on 0.25 acres in Afton) to $6.5M (for a 4-bedroom home on 8.5 acres in the Double L Ranch in Freedom).

Over the last 12 months, the average home price in Star Valley fell from $842,117 in 2022 to $684,589 (or an 18.7 percent decline) by the end of Q3 2023.

The median home sale price has fared slightly better, falling only 14.2 percent from $612,000 in 2022 (for a 4-bedroom, 1,800 sq.ft. home on half of an acre in Etna) to $525,000 in 2023 (for a 5-bedroom, 3,200 sq.ft. home on a third of an acre in Thayne).

At the beginning of October, 125 homes were on the market across Lincoln County compared to 110 homes offered for sale at the end of Q3 in 2022 (or a 13.6 percent increase). The increase in inventory coupled with the decreasing pace of sales suggests the remainder of 2023 will continue to be a “buyer’s market.”

Number of Single Family Homes Sold Q3 2023

% Change in Average Sales Price from Q3 2022

Q3 2023 Average Single Family Home Sale Price

Average Days on Market

113

-18.7%

$684,589

126

MAIN OFFICE

FOUR SEASONS RESORT

TETON PINES RESORT

185 WEST BROADWAY JACKSON, WYOMING 83001

7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

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EAST BROADWAY

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110 EAST BROADWAY JACKSON, WYOMING 83001

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10 NORTH MAIN STREET DRIGGS, IDAHO 83422

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ALPINE

168 HWY 89 #B-2 ALPINE, WYOMING 83128

DRIGGS SOUTH JHSIR.COM

ONE SOUTH MAIN STREET DRIGGS, IDAHO 83422

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 .