First Quarter
2025 WEST SIDE OF THE TETONS
Teton Valley, Idaho — Q1 2025
The Teton Valley real estate market came out of the gate strong in 2025 by posting 15 percent more transactions than Q1 2024 and generating 44 percent more dollar volume with $102.7M in sales.
While 2024 will be remembered for the failure of Teton Pass, the aftershocks of that chaos weren’t felt in the real estate market until mid-to-late summer. And while the upheaval surely contributed to a lackluster year for the Teton Valley real estate market, early indicators for 2025 point toward a busy summer season in Idaho and Alta, Wyoming.
An active condo and townhome segment saw a 200 percent jump in activity with 30 closings in Q1. Home sales also outpaced last year with 38 transactions (up 26.7
Sales Volume By Area
percent over 2024) and a complementing sales volume of $63.9M (or a 69.6 percent rise compared to last year).
Upper-end home sales (that is, properties with a listing price of more than $1M) contributed to the strong showing for the first three months of 2025. Last year, 16 upper-end homes sold in Q1 accounting for more than $28M in sales volume. One year later, this segment of the market saw a 50 percent rise in transactions and a doubling of the corresponding dollar volume to more than $50M.
While indicators point toward a robust summer, an increase in inventory may keep prices in check. At the beginning of April, 2024, 224 properties were listed for sale across Victor, Driggs, Tetonia and Alta. One year later, that number has grown to 304.
Sales Volume By Price Category
YTD
Condominiums/Townhomes
As has been the case with the Teton Valley condo and townhome market for the last few years, Q1 activity was driven by sales in new developments. Of the 30 total transactions, half occurred at The Flats at Teton Peaks in Driggs. Other newer developments like Moraine Square and Stone Peak also posted closings in the first three months of 2025.
Despite high mortgage interest rates and other economic headwinds, Teton Valley condos and townhomes continue to remain attractive to buyers. The average price-persquare-foot of a Teton Valley condo in Q1 2025 was $450. In contrast, the average price-per-square-foot for a Teton Valley home was closer to $600/sq.ft.
While the pace of sales in this portion of the market is a strong bellwether for the busy summer season, the increase in inventory coupled with the cooling off of the Covid boom has put downward pressure on individual property values.
For example, a 3-bedroom, 1,400 sq.ft. townhome in Moraine Square sold in February, 2025 for the equivalent of $405/sq.ft. Toward the tail end of the global pandemic, similar units were selling for closer of $450/sq.ft.
Sales Volume By Area
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Single Family Homes
Sales Volume By Area
While the 38 Teton Valley home sales for the first three months of 2025 only represented 29.5 percent of the total 129 closings for the entire market, the complementing dollar volume accounted for more than 60 percent of valley’s $100M-plus year-to-date tally.
Five sales in Tributary with an average price of nearly $4.5M helped push the average home price in Teton Valley to nearly $1.7M (and up from $1.25M in Q1 2024). The median home sale also jumped 22 percent to $1.2M in 2025 (for a 4-bedroom, 2,700 sq.ft. home on 6 acres in Tetonia).
One potential cloud on the horizon for the Teton Valley home market is a slight decline in properties under contract at the end of Q1 coupled with an increase in properties available for sale.
Listings under contract at the beginning of April dipped slightly compared to last year. Homes currently for sale rose from 36 one year ago to 81 active listings on the market at the beginning of April, 2025.
Current choices for potential home buyers range from $625,000 for a 4-bedroom, 2,000 sq.ft. home on half an acre in Tetonia to $15M for a fly-fishing retreat on 160 acres bordering the Teton River.
Land & Ranches
Sales Volume By Area
For the first quarter of 2025, only 58 of the 129 total transactions involved a vacant parcel (or 45 percent of all sales). The year-to-date activity represents a 14.7 percent decline in closings from Q1 2024. One often-cited culprit involves rising construction costs around the region and/ or fears of global tariffs impacting the cost of lumber and drywall.
Bucking the valley-wide trend, Victor’s 23 land sales in Q1 were a 35 percent increase compared to 2024. The uptick in sales also came with a 72.8 percent increase in dollar volume (or $7.6M).
Year-to-date sales range from $110,000 (for a 0.23-acre parcel in Valley Vista Estates between Victor and Driggs) to more than $1.75M (for more than 80 acres in Tetonia). Given the current trend in this segment of the market, it’s also not surprising that the median price fell from $230,000 in 2024 (for 2.5 acres in Tetonia) to $222,000 for Q1 2025 (for more than an acre in Driggs).
Vacant land inventory has risen slightly over the last twelve months increasing from 158 active listings in April, 2024, to 175 vacant parcels for sale in the spring of 2025.
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