2023 Q1 Teton Valley
MARKET REPORT
MEET Keller Williams Jackson Hole
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EXPLORE The Teton Valley Market
Welcome to our Q1 2023 Teton Valley Market Report. 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 2023
Q1
Like most of the country, 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 market activity to extreme levels. The economy slowed in 2022 and into the first quarter of 2023, and the Teton Valley real estate market cooled off substantially. While still at historically lower levels, interest rate increases have caused a pullback on the market Buyers have become more price-sensitive and selective, while sellers are introducing more properties to the market than in the past year.
In Teton Valley, overall transactions were down 59% in Q1 2023 compared to Q1 2022, and dollar volume decreased by a significant 47%. As a comparison, neighboring Teton County, Wyoming, was down 8% in transactions and 22% in dollar volume. Yet, values in Teton Valley increased in Q1 of 2023 with the average sales price up 30%, due to several high-end transactions, and the median price up 5%. The number of active listings in Q1 2023 vs. Q1 2022 was up, both in land and residential.
Although the market is shifting, the demand for the Teton Valley lifestyle, with its spectacular mountain views, vast open space, and exceptional quality of life will always remain.
Number of Sales
99
59%
30%
Total Dollar Volume $71,597,870
47%
Active Listings
294
37%
AT A GLANCE YEAR OVER YEAR $723,211 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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Average Sale Price
CONDOS + TOWNHOMES
The condo and townhome subcategory has slowed dramatically since 2022, down 80% in transactions Q1 2023 vs. Q1 2022, and down 85% in total dollar volume. Average sales prices have held with only a 10% reduction to $ 495,929. Product in this category is increasing with several new developments to choose from, consequently inventory is up 67%
RESIDENTIAL 2023 Q1
The residential segment of the market did experience a reduction in transactions and total dollar volume. The number of transactions was down by half in Q1 2023 vs. Q1 2022, yet prices did increase. The average sales price popped up 26% in residential properties in Teton Valley to $1,075,287. The median price increased 32% to $787,500. Buyers looking for homes will have more options than a year ago with active inventory up 26%.
AT A GLANCE Number of Sales 43 -53% Avg. Sale Price 1,075,287 +26% Active Listings 80 +26%
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1449 Buckskin Loop Victor, ID List Price: $1,395,000
80% 10% 67% Number
Avg.
Active Listings *Residential stats include Condo, Condotel, Multi-Family, Single Family and Townhome properties
of Sales
Sale Price
LAND + RANCHES 2023 Q1
The vacant land segment of the market experienced a significant drop in transactions, down 65% in Q1 2023 vs. Q1 2022, and a 65% drop in total dollar volume. Land prices, however, remained stable with the average price flat at $361,451. The median price was down only 13% to $168,750. With an increase in inventory of 42%, land buyers will have more to choose from in the coming months.
Kelle
Number of Sales 50 -65% Avg. Sale Price 361,451 No Change Active Listings 208 +42%
AT A GLANCE
2404 Moose Path Tetonia, ID 83452 List Price: $325,000
CONTACT US 155 W. Gill #103 Jackson, WY 83001 14 E. Little Avenue Driggs, ID 83422 208.354.2222
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