Q2 Market Report
The Teton Valley Market
Welcome to the 2024 market report for Teton Valley, Idaho, where we explore the latest trends and developments in the real estate landscape. In the first half of 2024, the market has showcased intriguing dynamics across various property types. There were 282 sales, that totaled $180 million, representing a 4% increase when compared to Q2 2023.
The single-family home market saw a decline in transactions by 12%, with 69 transactions recorded, and a 15% decrease in total dollar volume, totaling $88.4 million. Despite this, there was a 6% decrease in median sale price to $998,000, and an 11% increase in current inventory. Pending transactions dropped by 29%, with Victor leading in sales activity.
In the condo and townhome market, transactions surged by 43%, reaching 33 transactions, with total dollar volume up by an impressive 63% to $19.7 million. The median sale price increased by 3% to $589,000, and current inventory rose by 53%. Pending transactions showed a remarkable 230% increase, indicating strong future market activity.
The vacant land market experienced a robust 42% increase in transactions, totaling 169 transactions, and a 63% rise in total dollar volume, reaching $52.8 million. The median sale price increased by 6% to $220,000, despite an 11% decrease in
current inventory. Pending transactions surged by 81%, while properties spent 15% more time on the market. Victor remained the primary area for land sales.
In the commercial sector, transactions decreased by 57%, with only 3 transactions recorded, and total dollar volume decreased by 22% to $4.2 million. However, there was a significant 68% increase in the median sale price to $1.5 million, and current inventory increased by 29%. Pending transactions remained unchanged, while days on market increased by 55%.
Lastly, the farm and ranch market showed stability with 3 transactions, maintaining a total dollar volume of $12.7 million. The median sale price decreased by 16% to $1.4 million, with no change in pending transactions or current inventory. Days on market increased by 12%, but the maximum price sold rose by 33% to $9.9 million, highlighting demand for high-value properties.
Understanding the evolving market conditions across all market segments will enable buyers, sellers, and real estate professionals to make informed decisions in this dynamic market.
Providing,
Sales Distribution
Segment
Alta: 6
Victor: 133
Driggs: 78
Tetonia: 65
Single Family Homes
The single-family home market in Teton Valley, Idaho, has experienced notable shifts recently. With 69 transactions, marking a 12% decrease, the market is showing signs of cooling off. The total dollar volume has also seen a decline, dropping 15% to $88.4 million. The median sale price has decreased by 6%, settling at $998,000.
Interestingly, the current inventory has risen by 11%, indicating more options for potential buyers. However, pending transactions have plummeted by 29%, suggesting a slowdown in market activity. Despite these trends, Victor remains the hot spot for most sales, maintaining its appeal within the valley.
Sold | List Price: $1,300,000| Driggs | Represented by Fally Line Realty Group
Market Stats
All of Teton Valley
Number of Transactions
Total Dollar Volume
Minimum Price Sold
Average Days on Market
Pending Transactions
Inventory
Market Stats by Area
Number of Transactions
Condo + Townhomes
The condo and townhome market in Teton Valley, Idaho, is experiencing significant growth and vitality. With 33 transactions, reflecting a substantial 43% increase, the market is buzzing with activity. The total dollar volume has surged by 63%, reaching $19.7 million, highlighting strong demand and investment interest. The median sale price has seen a modest 3% increase, now standing at $589,000.
Inventory levels have also risen, with a 53% increase, providing more options for buyers. Pending transactions have skyrocketed by an impressive 230%, indicating robust future market activity. This vibrant market showcases the growing appeal of condos and townhomes in Teton Valley.
Sold | List Price: $775,000 | Victor, ID | Represented by Mountain Standard Realty
Market Stats
All of Teton Valley
Number of Transactions
Total Dollar Volume
Minimum Price Sold
Maximum Price Sold
Average Sale Price
Median Sale Price
Average Days on Market
Pending Transactions
Inventory
Market Stats by Area
of Transactions
Vacant Land
The vacant land market in Teton Valley, Idaho, is experiencing a notable upswing. With 169 transactions, reflecting a significant 42% increase, and a total dollar volume surge of 63% to $52.8 million, the market demonstrates strong investor confidence and interest. The median sale price has risen by 6%, reaching $220,000. Despite these positive trends, current inventory has decreased by 11%, indicating a tightening supply. However, pending transactions have seen an impressive 81% increase, signaling sustained future activity.
It’s worth noting that properties are spending 15% more time on the market, suggesting buyers are taking longer to make decisions. Victor remains the focal point, with most land sales occurring in this area.
Sold | List Price: $1,179,000 | Victor, ID | Represented by Mountain Standard Realty
Market Stats
All of Teton Valley
Number of Transactions
Market Stats by Area
The commercial market in Teton Valley, Idaho, is currently facing some challenges. With only 3 transactions, marking a significant 57% decrease, the market activity has notably slowed. This is reflected in the total dollar volume, which has decreased by 22% to $4.2 million. Despite these declines, the median sale price has surged by 68%, reaching $1.5 million, indicating that higher-value properties are being transacted.
The current inventory has grown by 29%, providing more options for potential buyers. There has been no change in pending transactions, suggesting a steady but slow pace of future activity. Additionally, properties are spending 55% more time on the market, reflecting a more cautious approach from buyers.
Active | List Price: $1,615,000 | Driggs, ID | Represented by Fall Line Realty Group
Market Stats
All of Teton Valley
Number of Transactions
Total Dollar Volume
Minimum Price Sold
Maximum Price Sold
Average Sale Price
Median Sale Price
Average Days on Market
Pending Transactions
Inventory
Market Stats by Area
Victor Driggs
Number of Transactions
Total Dollar Volume
Median Sale Price Average Sale Price
Farm + Ranch
The farm and ranch market in Teton Valley, Idaho, remains stable yet shows intriguing shifts. With 3 transactions and a total dollar volume unchanged at $12.7 million, the market maintains a consistent level of activity. However, the median sale price has decreased by 16%, now at $1.4 million, indicating a potential shift towards more moderately priced properties.
There is no change in pending transactions or current inventory, suggesting a balanced market with steady supply and demand. The days on market have increased by 12%, reflecting a slightly slower pace of sales. Notably, the maximum price sold has risen by 33%, reaching $9.9 million, highlighting the continued demand for high-value properties.
Sold | List Price: $1,100,000 | Victor, ID | Represented by Fall Line Realty
Market Stats
All of Teton Valley
Number of Transactions
Total Dollar Volume Minimum Price Sold
Pending Transactions Inventory Number of Transactions
Market Stats by Area
Talk To An Expert
Experience the Compass Real Estate difference by working with Teton 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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307.733.6060
80 West Broadway Jackson, WY 83001
Snake River Sporting Club Jackson, WY 83001
46 Iron Horse Drive Alpine, WY 83128
307.216.3171
235 S Main Street Thayne, WY 83127
307.883.7575
8 North Main St. Victor, ID 83455
65 S Main Street
Driggs, ID 83422
307.216.3176