2022 Star Valley
MARKET REPORT
MEET Keller Williams Jackson Hole
As the world's largest brokerage, Keller Williams dominates the landscape in real estate with its global reach. With a marketing platform that touches hundreds of thousands of potential buyers and sellers each day, our clients can be assured that their listings are reaching qualified buyers around the globe.
Yet, what matters most when selling and buying real estate is in-depth market knowledge, market history and trends that only informed, local real estate professionals can provide. We are locally owned with seasoned local leadership and a dedicated support team Our agents all share a passion for empowering their clients with up-to-date information and guidance that allows them to make the best real estate decisions possible.
EXPLORE The Star Valley Market
Our local team has pulled and analyzed the following data, providing insight into the past year and historical data that helps identify trends in the market. For a deeper understanding of these numbers, our local team in Star Valley is always available to discuss further.
MARKET OVERVIEW
2022 Star Valley's real estate market grew tremendously in 2020 and 2021, reaching record transaction and dollar volume levels. The combination of low-interest rates, high demand, and low supply pushed the market to extremes. When the economy started to slow in 2022, the Star Valley real estate market followed suit. While still at historically lower levels, interest rate increases have caused some pullback, mainly in the primary home market. The emerging trends suggest that all buyers are becoming more selective and price-sensitive. A strong demand, however, still exists for listings that are priced appropriately for their location and condition.
Looking at Star Valley as a whole, single-family homes, land, condos, and commercial, transactions were down by 45% in 2022 compared to 2021, and dollar volume decreased by 27%. As a comparison, the number of transactions and dollar volume in Teton County, Wyoming, were down by 51% and 47%, respectively. However, values in Star Valley did not drop in 2022, with the average sales price increasing by 33% and the median sales price increasing by 83%.
Despite the shifting market, the demand for the Star Valley lifestyle remains strong, including spectacular views, wide open spaces, and an exceptional quality of life.
AT A GLANCE YEAR OVER YEAR
Number of Sales
496
45%
Average Sale Price
$551,682
33%
Total Dollar Volume
$273,634,189
27%
Active Listings
179
41%
Keller Williams Jackson HoleAll data is for Lincoln County, WY areas 11A, 11B, and 11C and is sourced through Teton Board of Realtors MLS and internal proprietary data All data is deemed reliable but is not guaranteed Each office is independently owned and operated
RESIDENTIAL 2022
The residential segment of the market - single family homes, townhomes, and condos, did experience a reduction in transactions, down 34% year over year. Dollar volume dropped 29%, yet the average sale price for the residential products in Star Valley increased by 7%.
Buyers of single-family homes and condos still have limited choices as inventory remains flat year-over-year.
AT A GLANCE Number of Sales 220 -34% Avg. Sale Price 778,382 +7% Active Listings 48 (No % Change)
Keller Williams Jackson Hole
*Residential stats include Condo, Condotel, Multi-Family, Single Family and Townhome properties
250 Salt River Ranch Road, List Price: $3,888,000
LAND + RANCHES 2022
Land and ranch transactions dropped by over half in 2022 vs. 2021. Despite the large drop in transactions, the total dollar volume dropped by 19%, a modest decrease propped up by increasing prices. The average and median sale prices jumped significantly year over year, up 73% and 61%, respectively. This can partly be attributed to a higher than normal quantity of transactions over $1 million. Land buyers will have fewer options to choose from after the frenzied market of 2020 and 2021. Active listings in the land category dropped by more than half.
AT A GLANCE
Keller Williams Jackson Hole
Number of Sales 256 -53% Avg. Sale Price 338,936 +73% Active Listings 112 -52%
78 5 ACRES County Road 112, List Price: $2,500,000
Each
is independently owned and operated
Keller Williams Jackson Hole
office
kwjacksonhole.com CONTACT US 155 W. Gill #103 Jackson, WY 83001 307.201.5231
Our new Keller Williams Jackson Hole flagship office coming fall 2023.