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.