Q2 2023 Star Valley Market Report

THE COMPASS REPORT

Q2 2023 STAR VALLEY

REAL ESTATE MARKET

Q2 Market Report

The Star Valley Market

The real estate market in Star Valley, Wyoming witnessed contrasting trends across its segments in the first half of 2023. In this post pandemic era, it is important to remember the significant spikes the area experienced as more people were searching for open spaces. While we are seeing noteworthy decreases across most segments, these numbers are still considerably higher than before the pandemic.

The single family home market faced a significant decline with a 49% decrease in transactions, totaling only 48. This decline was accompanied by a substantial drop in total dollar volume, dipping by 63% to $27.1M. Additionally, the median sale price for SFHs experienced a decline of 20%, reaching $497K. However, amidst these challenges, there was a positive development as the current inventory saw a promising increase of 23%, offering prospective buyers a wider range of options.

On the other hand, the condo and townhome market experienced a surge in activity with a remarkable 225% increase in transactions. This surge can be attributed to the previous low inventory levels, and despite a 20% decline in median sale price to $485K, the total dollar volume skyrocketed by 137% to $6M. The increase in inventory in this segment

indicates opportunities for buyers and sellers alike.

The vacant land market faced a significant decline with only 53 transactions, representing a notable 65% decrease compared to the same period last year. The median sales price for vacant land dropped by 28% to $115K. However, it is worth noting that the minimum price at which land was sold increased by 88%, possibly indicating that higher-priced properties were driving the market. The vacant land segment saw a 26% increase in inventory, offering more options for prospective buyers, but properties took longer to sell, with the average days on market rising by 50%.

The commercial segment of the market in Star Valley has experienced a lack of sales activity recently. Despite this, there are currently 21 active listings available, indicating ongoing interest in this particular segment. Additionally, there are 4 pending listings, further demonstrating potential transactions in the near future. While the lack of recent sales activity may raise some concerns, the presence of active and pending listings suggests a sustained interest in the commercial market.

Despite these challenges, the overall increase in inventory presents investment opportunities in the Star Valley market.

Compass Real Estate sells more property than any other brokerage in Star Valley.

We are #1 in both dollar volume and transactions providing you with a singular insight to the local real estate market.

Sales Distribution by Segment

North Star Valley: 37

Central Star Valley: 51

Southern Star Valley: 29

Single Family Homes

The single family home market in Star Valley, Wyoming experienced a significant decline in activity in the first half of 2023, with only 48 transactions recorded, representing a notable 49% decrease compared to 2022. This decline in transactions was accompanied by a substantial drop in total dollar volume, which dropped by 63% to $27.1M. Additionally, the median sale price in the area also experienced a decline, falling by 20% to $497K.

However, amidst these challenging market conditions, there was a silver lining as the current inventory saw a promising increase of 23%, offering prospective buyers a wider range of options to choose from. Despite the declines in transactions and sale prices, the rise in inventory could indicate an opportunity for buyers.

Sold | List Price: $595,000 | Central Star Valley

Market Stats

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Market Stats by Area

Condo / Townhomes

The condo and townhome market in Star Valley, Wyoming experienced a surge in activity, as evidenced by a 225% increase in the number of transactions. This surge can be attributed to the previous low inventory levels. It is crucial to keep in mind that any shift in this particular segment may seem dramatic due to the relatively low number of properties available. This increase in transactions also led to a in total dollar volume, which soared by 137% to reach $6M. However, despite the increased activity, the median sale price for condos and townhomes in the area experienced a decline of 20%, dropping to $485K.

Additionally, there was a notable increase in inventory, providing buyers with a wider selection to choose from. Nonetheless, the condo and townhome market in Star Valley, Wyoming continues to show signs of growth and presents potential opportunities for both buyers and sellers in the area.

Market Stats

All of Star Valley

Total Dollar Volume

Minimum Price Sold

Maximum Price Sold

Average Sale Price

Median Sale Price

Average Days on Market

Pending Transactions

Market Stats by Area

Vacant Land

Although the vacant land segment in Star Valley takes up the most market share. It experienced a significant decline in activity, with only 53 transactions recorded, representing a notable 65% decrease compared to the first half of 2022. This decline in transactions was accompanied by a decrease in the median sales price, which fell by 28% to $115K.

However, it is worth noting that there was a substantial increase in the minimum price at which land was sold, rising by 88%. This could indicate that higher-priced properties were driving the market despite the overall decline. The inventory in the vacant land segment saw a promising increase of 26%, providing prospective buyers with more options to choose from. However, the average number of days on the market also increased by 50%, suggesting that properties took longer to sell. Despite the challenges faced by the vacant land market, the increase in inventory could present opportunities for those looking to invest in land.

Sold | List Price: $469,000 | Central Star Valley

Market Stats

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Market Stats by Area

Talk To An Expert

Experience the Compass Real Estate difference by working with Star Valley’s leading real estate experts. We are a team of trusted advisors working collaboratively to leverage our collective knowledge and expertise to deliver fundamentally different service. For us, nothing matters more than creating legacy of excellence that honors and celebrates our people and the exceptional place we call home.

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80 West Broadway Jackson, WY 83001

3200 McCollister Drive Teton Village, WY 83025

Snake River Sporting Club Jackson, WY 83001

46 Iron Horse Drive Alpine, WY 83128

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235 S Main Street Thayne, WY 83127

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