2023 Q1 Star Valley
MARKET REPORT
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EXPLORE
The Star Valley Market
Our real estate experts have pulled and analyzed the following data, providing insight into the past quarter 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
2023 Q1
Star Valley is located about 30 minutes south of Jackson Hole and has become a thriving and desirable mountain town in which to live. The real estate market experienced incredible growth in the last few years, reaching record levels in both dollar volume and transactions. With low-interest rates, hot demand, and a low supply of housing, the Star Valley real estate market hit unheard-of levels. However, in 2022 and into the first quarter of 2023, the economy slowed, impacting real estate nationally and the Star Valley market was not exempt. Interest rate increases have impacted buyer demand, while at the same time, more sellers are introducing their properties to the market, which could result in the dynamic shifting towards a buyer's market.
As the market adjusted to the new norm, Star Valley transactions were down nearly 60% in Q1 2023 compared to Q1 2022, and dollar volume decreased by 66%. As a comparison, neighboring Teton County, Wyoming, was down 8% in transactions and 22% in dollar volume in the same timeframe. Star Valley property values remained stable in Q1 of 2023 with the average sales price down only 14% and the median up 24%. Supply has increased steadily with a 35% increase in active listings compared to the same period a year ago.
Number of Sales
50
60%
Average Sale Price
14%
Total Dollar Volume $23,381,710
66%
Active Listings
253
35%
Keller Williams Jackson HoleAT A GLANCE YEAR OVER YEAR $467,634 All 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
As buyers become more tentative due to interest rates and national economic uncertainty, the residential segment of the market experienced a reduction in transactions and dollar volume. Because of this, and with no reported sales over $1M in Q1 of 2023, the average sales price was lowered by 37% to $501,482. The median sales price fared better, down 23% to $464,250.
Overall in the residential category, more sellers are coming to the table, and more new builds are happening in Star Valley, opening up a better selection for buyers with inventory up 60%.
AT A GLANCE
2023 Q1 Keller Williams Jackson Hole
Number of Sales 28 -36% Avg. Sale Price 501,482 -37% Active Listings 88 +60%
*Residential stats include Condo, Condotel, Multi-Family, Single Family and Townhome properties
250 Salt River Ranch Road, List Price: $3,888,000
LAND + RANCHES 2023 Q1
As building costs continue to fluctuate, and are still higher than pre-pandemic levels, the vacant land segment of the market experienced a significant drop in transactions, down 74% in Q1 2023 vs. Q1 2022 and a 77% drop in total dollar volume. This, combined with higher interest rates on construction loans and longer permitting processes in Star Valley, land deals have taken a hit. Land continues to hold its value, with the median price up 36% and the average sales price down only 14% Sellers are still holding onto their land and watching the market with an increase in inventory of only 21% compared to a year ago.
Keller Williams Jackson Hole AT A GLANCE Number of Sales 20 -74% Avg. Sale Price 349,010 -14% Active Listings 142 +21%
Lot 9 Dick Casull Loop, List Price: $199,000
Each
is independently owned and operated
Keller Williams Jackson Hole
office
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