Star Valley Real Estate Market Report | Year End 2023

STAR VALLEY & SWAN VALLEY

Market Report Year End

2023

Star Valley, Wyoming & Idaho — Year End 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 2010

20 1 1

2012

2013

2014

2015

2016

Despite a strong Q4 that saw an uptick in both transactions and overall sales dollar volume (up 16.7 percent and 56.2 percent, respectively), the 2023 Star Valley real estate market ended down on the year compared to 2022, posting 31.5 percent fewer transactions and 34.2 percent less volume than the previous twelve months.

Much like the Teton County market, the upper end of the Lincoln County market (that is, properties with a listing price greater than $1M) outperformed lower price points. Thirty-two properties (or 9.3 percent of the total 344 closed transactions in 2023) accounted for $66.6M in sales (or 37 percent of Star Valley’s $180M total dollar

2018

2019

2020

2021

2022

Sales Volume By Price Category

Y TD 202 2 VS. 2023

YTD 202 2 VS. 2023

$ 110 M

YT D 2023

146

U N ITS SO LD

YTD 202 2

58

$ 10 0 M

1 13

133

$90M

$80M $70 M

UNITS SOLD

$ 1 10 M

$ 10 0 M $ 90 M

YTD 2023

$ 1 20 M

2 20

2023

volume last year).

Home sales and vacant land sales represented the lion’s share of the transactions, accounting for 92.4 percent of all sales. Nearly half of all Star Valley sales last year involved an existing residence.

Despite the lackluster year, the average transaction price only fell slightly in 2023 down to $523,492 (compared to $545,452 in 2022). And while higher interest rates dampened would-be buyer’s purchasing power over the last twelve months, inventory remains low, which has helped to keep prices in check.

Best wishes in 2024 from all of us at Jackson Hole Sotheby’s International Realty!

Sales Volume By Area YT D 202 2

147

$80M 128

311

96

$70 M

$ 60 M Cover Property: #HPBX42

2017

$60M

$50M

32

216

$ 50 M

$40M

$40M

82

$30M

$ 30 M

$ 20 M

$ 20 M 8

$ 10 M

NORTH CENTRAL STAR VALLEY STAR VALLEY

SOUTH STAR VALLEY

2

STAR VALLEY IDAHO

$ 10 M

< $500K

$500K-$1M

>$1M

*Based on the Teton Board of Realtors MLS, Areas 11A, 11B, 11C & 11D for 2022 and 2023.

Land & Ranches

Featured Property: # FDEKFJ

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

YT D 202 2

U N ITS SO LD

$40M

72

$35M

$3 0 M

118

$25M

64 $20 M

$ 15 M

42

71 35

$ 10 M

7

$5M

2

At A Glance

CUR R E N T A R E A STATS

NORTH STAR VALLEY

CENTRAL STAR VALLEY

SOUTH STAR VALLEY

STAR VALLEY IDAHO

While the 150 transactions last year involving raw land represented 43.6 percent of all sales in Star Valley, that total is a precipitous fall from 2021 when 558 properties sold (and where land sales represented 60.6 percent of all closings two years ago).

Prices last year ranged from $46,000 for a lot in Star Valley Ranch to $2.9M for a parcel in the Alpine Airpark. While the average sale price remained stable for the last twelve months ($535,375 in 2022 compared with $532,526 in 2023), the median price between years saw greater volatility.

In 2022, the mid-point sale for the vacant land market in Lincoln County was $166,000 (for a 2.7-acre parcel in Southbrook Ranches). Last year, that number fell to $145,000 (for a 0.25acre parcel in Lakeview Estates).

Inventory was up at the beginning of 2024 with 192 listings on the market. That number represents a 35.2 percent increase from the start of 2023 when only 142 properties were listed for sale.

Number of Land & Ranch Sites Sold 2023

% Change in Average Sales Price from 2022

2023 Average Land & Ranch Sites Sale Price

Average Days on Market

150

-27.3%

$241,622

141

Single Family Homes

Featured Property: #MV7VH9

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

YT D 202 2 $75M

U N ITS SO LD

96

$70 M $ 65 M $60 M

52

$5 5 M

50

74

$50M $4 5 M $4 0 M

56

$35M $30M $ 25 M

44

$ 20 M $ 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

While a macro view of the 2023 Star Valley home market saw an 18 percent drop in transactions from last year (168 sales this year compared to 205 transactions in 2022), both average and median home prices remained relatively constant year over year.

The average sale price dropped slightly from $795,579 in 2022 to $757,142 for the last twelve months.

The median sale price also remained stable in the past year, falling from $598,000 in 2022 (for a 5-bedroom, 3,300 sq.ft. home on 0.52 acres in Star Valley Ranch) to $588,00 in 2023 (for a newer 3-bedroom, 1,500 sq.ft. home on an acre in Star Valley Ranch).

Limited inventory may have played a part to keep home prices level for 2023. At the beginning of 2024, 68 homes were listed for sale across Lincoln County, which is two fewer than the number of homes on the market in January, 2023. The current inventory relative to the pace of sales in 2023 puts the market climate slightly in the “Seller’s Market” category at the moment.

STAR VALLEY IDAHO

Number of Single Family Homes Sold 2023

% Change in Average Sales Price from 2022

2023 Average Single Family Home Sale Price

Average Days on Market

168

-4.8%

$757,142

127

Swan Valley, Idaho

Micro-Market Spotlight

Featured Property: #R8LTGQ

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

YT D 202 2

U N ITS SO LD

26

$7. 5 M $7M

18

$ 6. 5 M $6M

8

$ 5. 5 M

16

$5M $ 4. 5 M

10

$4M $ 3. 5 M $3M

5

$2.5M $2M $1.5M $1M

Offering convenient access to all the Rocky Mountain lifestyle activities in a small-town setting, Swan Valley, Idaho is located approximately 1 hour from the Idaho Falls Regional Airport and 90 minutes from the Jackson Hole Airport.

In the last two years, vacant land sales have driven the Swan Valley market, accounting for 55 percent of all sales in 2022. In 2023, that number fell slightly to 49 percent. The median price for vacant land last year was $175,000 (for a 3.75-acre parcel in South Fork Ranch) while the average price for raw land was $341,910 (up 17.2 percent from 2022).

Current homes on the market range from $249,000 (for a 2-bedroom cabin on 0.4 acres) to $1.45M (for a newly-constructed, 3-bedroom, 2,650-sq.ft home on 2.8 acres). The median home sale for 2023 was $540,000 (for a 3-bedroom, 1,700- sq.ft. home on 4.1 acres).

$.5M

CU R R E NT A R EA STATS

At A Glance

SINGLE FAMILY HOMES

CONDOS

LAND

Number of Sales 2023

% Change in Average Sales Price from 2022

2023 Average Sale Price

Average Days on Market

37

35.8%

$428,348

177

*Based on the Teton Board of Realtors MLS, Area 20 for 2022 and 2023.

MAIN OFFICE

FOUR SEASONS RESORT

TETON PINES RESORT

185 WEST BROADWAY JACKSON, WYOMING 83001

7680 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

3415 NORTH PINES WAY WILSON, WYOMING 83014

EAST BROADWAY

TETON MOUNTAIN LODGE

110 EAST BROADWAY JACKSON, WYOMING 83001

3385 WEST CODY LANE TETON VILLAGE, WYOMING 83025

HOTEL TERRA

DRIGGS NORTH

3335 WEST VILLAGE DRIVE TETON VILLAGE, WYOMING 83025

10 NORTH MAIN STREET DRIGGS, IDAHO 83422

SNAKE RIVER LODGE & SPA 7710 GRANITE LOOP ROAD TETON VILLAGE, WYOMING 83025

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 .