2022 Teton Valley
MARKET REPORT
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EXPLORE The Teton Valley Market
Welcome to our 2022 year-end market report for Teton Valley. 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 here in Teton Valley is always available to discuss further.
MARKET OVERVIEW 2022
The Teton Valley real estate market experienced incredible growth in 2020 and 2021, reaching unheard-of levels in both transaction and dollar volume. The combination of low-interest rates, high demand, and low supply pushed prices up substantially.
In 2022, as the economy started to slow, the Teton Valley real estate market followed suit. Interest rate increases, while still at historically lower levels, have caused some pullback, mostly in the primary home market While vacation and second-home buyers are less affected by rising rates, trends show that all buyers have become more price-sensitive and more selective. For sellers, listings that are priced correctly to location and condition, still experience strong demand.
Overall in Teton Valley, transactions were down 36% in 2022 compared to 2021, and dollar volume decreased by 22%. As a comparison, neighboring Teton County, Wyoming, was down 51% in transactions and 47% in dollar volume. Yet, values in Teton Valley did not drop in 2022 with the average sales price up 20% and the median up 52%. The number of active listings at year-end 2022 was down slightly in land and ranch compared to the prior year, yet residential listings were up, partially driven by an increase in available townhome product. Although the market is shifting to a more realistic level, the demand for the Teton Valley lifestyle, with its spectacular views, wide open space, and exceptional quality of life will always remain.
750
36%
20%
Total Dollar Volume $493,977,479
22%
Active Listings 252
8%
AT A GLANCE YEAR OVER YEAR $658,637 All data 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
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Number of Sales Average Sale Price
RESIDENTIAL 2022
CONDOS + TOWNHOMES
The condo and townhome subcategory was on fire in 2022 evidenced by sales of condos and townhomes rising 18%.
Developers have responded to Teton Valley's demand for this product by bringing more listings to the market. This pivot resulted in higher inventory, a dramatic increase in dollar volume and higher average sales price over 2021.
18% 39% 211%
Number of Sales
Avg. Sale Price Active Listings
The residential segment of the market - single-family homes, townhomes, and condos, did experience a reduction in transactions but fared better than the land segment. The number of transactions was down 19% year over year yet prices in residential products in Teton Valley held strong with a 7% increase in average price to $1,014,867. Buyers in the residential category will have more options than a year ago with active inventory up 33%.
Number of Sales 300 -19% Avg. Sale Price 1,014,867 +7% Active Listings 64 +33%
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AT A GLANCE
1449 Buckskin Loop Victor, ID List Price: $1,395,000
*Residential stats include Condo, Condotel, Multi-Family, Single Family and Townhome properties
LAND + RANCHES 2022
The vacant land segment of the market experienced a significant drop in transactions, down 44% compared to 2021. Land prices, however, remained stable and even posted an increase of 15% to $397,072. After the frenzied years of 2020 and 2021 when sellers were keen to put their property on the market, buyers in the land market will have less to choose from with inventory down 11%.
GLANCE Number of Sales 431 -44% Avg. Sale Price 397,072 +15% Active Listings 184 -11%
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AT A
293 Acres W 5500 S S 2000 W Victor, ID List Price: $6,900,000
CONTACT US 155 W. Gill #103 Jackson, WY 83001 14 E. Little Avenue Driggs, ID 83422 307.201.5231
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