The Star Valley Market

Star Valley has experienced notable growth in its population and economy over the past few years, with its scenic mountain views, outdoor recreation opportunities, and low cost of living. It has become an increasingly attractive destination for those seeking a quieter, more rural lifestyle. New businesses have opened in the area, including restaurants, shops, and hotels.

At the end of Q1 2023, the market is continuing to readjust. Overall, Star Valley saw a 54% decrease in the number of sales, leading to a decrease in the total sales volume, which totaled $23.3M, a decrease of 65% compared to Q1 of 2022. The impacts of higher interest rates that started Q3 of 2022 have continued into Q1 of 2023, fueled by volatility in the regional banking markets has caused this dramatic drop in deal flow. Now, more than ever, it is crucial to work with a trusted advisor and talk to the right lender.

Historically, a huge driver for the Star Valley market has been sales in the vacant land segment, in Q1 of 2023, the number of single family homes and vacant land sales are vying for the top spot and, together, make up over 80% of the total number of the first quarter transactions.

The single family home segment has seen a decrease in total sales in Q1 2023 compared to Q1 2022. The median sales price has decreased by 33%, making single family homes more affordable in Star Valley after the banner years of 2020-2022.

Condominium and townhome sales increased exponentially in Q1 of 2023 due to new construction and increased demand. Inventory has been historically low, and the addition of Buffalo Sage Townhomes proved to be a worthy investment. Total sales volume in this segment saw a dramatic increase to over $3.2M.

Active listings are still on the rise as we head into spring, totaling 259, a 67% increase compared to 2022. Average days on market increased, indicating that the demand for property is shifting and allowing more buyer influence to the market.

The following pages provide a more detailed look into the Q1 2023 top segments of the Star Valley market.