WEST SID E OF THE TE TONS
Market Report Year End
2021
Teton County, Idaho — Year End 2021 Sales Volume Vs. Units Sold 20 0 9-202 1
SA L ES VO LU M E
U N ITS SO LD
U N I TS SO L D
$ 65 0 M
1 , 3 00
$ 60 0 M
1 , 200
$550M
1 , 100
$5 0 0 M
1 ,000
$450M
900
$400M
800
$350M
700
$300M
600
$250M
5 00
$ 20 0 M
4 00
$ 15 0 M
3 00
$10 0 M
20 0
$5 0 M
10 0 20 0 9
2010
2011
2012
2013
2014
2015
Coming off a record-setting year in 2020, the Teton Valley real estate market managed to outdo itself in 2021. While transactions were only up slightly year-over-year (1120 total sales in 2020 compared to 1154 transactions for the last 12 months), dollar volume exploded by 72.7% and tallied more than $629M by the beginning of 2022. More noteworthy is the Teton Valley market posted a nowmodest $181M in 2019. In other words, the real estate market for the “Quiet Side of the Tetons” has grown nearly 250% percent in the last 24 months. The regions of Victor and Driggs accounted for the majority of the activity in the post-Covid market (three out of four sales occurred in these two regions). Alta, Wyoming, however, generated $60M in dollar volume last
2016
2017
2019
2020
Sales Volume By Price Category
2020 VS. 202 1
2020 VS. 2021 YT D 2021
U N ITS SO LD
YTD 2020
401
$24 0 M
YTD 202 1
UNITS SO LD 136
$ 320 M
464
$280M
$ 20 0 M 526
$ 24 0 M
$ 160 M
$ 20 0 M 255
$120 M
$ 16 0 M
321
892
789
34
242
31
A LTA
229
166
$ 1 20 M
$80M
$4 0 M
202 1
year (a 135% increase over last year). Not to be outdone, Tetonia also saw a sharp uptick in activity with more than $121M in sales volume (a 110% increase over 2020). Higher-end home sales made headlines (in 2019, 15 homes sold for more than $1m; last year that number grew to 96…), but the Teton Valley real estate market’s true story involves land sales. Two out of three sales in 2021—761 transactions in total—involved a vacant parcel of land. Lack of inventory and escalating prices provide a challenge for potential buyers in a very strong “Seller’s Market,” but Teton Valley’s success over the last two years suggests Jackson Hole’s neighbor to the west is no longer simply a satellite market of northwestern Wyoming.
Sales Volume By Area Y T D 2020
Cover Property: #Y6G36L
2018
62
$80M $40M
VICTO R
D RIGGS
T ETO NIA
< $500K
$500K-$1M
>$1M
Land & Ranches
Featured Property: #8M6WWK
Sales Volume By Area
While inventory has dwindled as the Covid pandemic drags on, vacant land sales somehow managed to tally
2020 VS. 202 1 2020
2021
10.3% more sales in 2021 compared to 2020 (761 sales
U N ITS SO LD
$ 10 0 M
last year vs. 690 twelve months ago). Of all real estate transaction types, vacant land was the only sector that
249
managed to post an increase year-over-year for 2021.
$90 M
206 $8 0 M
The majority of last year’s gains occurred in Driggs, where transactions were up 33.2% to 249 transactions (and with a complementing dollar volume of $95.2M)
$70 M
285
in 2021. Like all segments of the Teton Valley market, the
$60 M
median land price was up a staggering 91% in 2021. In
$50M
2020, the mid-point sale in the vacant land market was
$40M
208
282 $30M
year later, the middle of the market was a 1-acre parcel
187
21
a 2.5-acre parcel in Victor that sold for $89,000. One in Victor that sold for $170,000.
$ 20 M
Under all is the land—and buyers’ appetites for elbow
$10 M
13
room and sweeping views suggest the vacant land sector will continue to drive the Teton Valley market in
CUR R E N T A R E A STATS
At A Glance
ALTA
V I CTOR
DRIGGS
T E TO NI A
2022.
Number of Land & Ranch Sites Sold 2021
% Change in Average Sales Price from 2020
2021 Average Land & Ranch Sites Sale Price
Average Days on Market
761
+144.7%
$342,873
157
Condominiums/Townhomes
Featured Property: #6WWFF9
CU R R E N T A R E A STATS
At A Glance
For the limited number of homes currently on the market in Teton Valley (35), the average listing price now exceeds $2M. Of those 35 homes, only six have a listing price of less than $1M. Townhomes and condos in Teton Valley are isolated to a finite number of communities around Victor and Driggs, and—again, much like other market sectors—high demand pushed prices higher in 2021 in the face of limited inventory. Unit sales were down last year 14.1% (79 transactions in 2021 vs. 92 sales the year prior). In 2020, the median sale was a 3-bedroom Buffalo Junction townhome in Driggs for $304,500 (or $198/sq. ft.). Toward the end of 2021, a similar unit sold for $492,500 (a 61.7% increase equating to $320/sq. ft.).
Sales Volume By Area
* excludes fractional units
2020 VS. 2021 2020
2021
$20 M
UNITS SOLD
41
62
$1 8 M $16 M
38
$14 M $12 M 30 $10 M $8 M $6 M $4 M $2 M 0
0
ALTA
0
VICTOR
DRIG G S
0
T E TO NI A
Number of Condominiums Sold 2021
% Change in Average Sales Price from 2020
2021 Average Condominiums Sale Price
Average Days on Market
79
+40.6%
$438,310
74
Single Family Homes
Featured Property: #VD7VJ6
Sales Volume By Area
With limited choices available for both potential yearround and seasonal buyers, no segment of the market
2020 VS. 202 1
saw more pressure and competition in 2021 than 2020
2021
U N ITS SO LD
residential homes in Teton Valley.
1 29
The total number of sales was down slightly at 7.8%
17 1
$1 20 M
95
(284 sales in 2021 compared to 308 transations in 2020),
$110 M
but the corresponding dollar volume grew 41.7% to more than $300M (and keeping in mind too the entire Teton
$10 0 M
Valley market in 2020 was $364.4M).
$ 90 M
Sales in resort communities like Teton Springs and
$80M
Tributary pushed the average home price to $1.089M, but
$70 M
the median price also increased 30.4% from $575,000
85
$ 60 M
in 2020 (for a 2,300 sq. ft., 3-bedroom home on 2.5 acres in Victor) to $750,000 in 2021 (for a 2,100 sq. ft.,
$50M 47
13
$40M
3-bedroom home on 2.5 acres in Driggs). While Driggs was one of two areas that saw an
$3 0 M
34
18
increase in unit sales year-over-year (up 11.8% with 95
$ 20 M
transactions in 2021), home sales in Tetonia stood out
$ 10 M
with 47 transactions in 2021 (a 38.2% increase) and a complementing dollar volume of $39.6M (a 68.6%
CU R R E NT A R EA STATS
At A Glance
A LTA
VICTO R
D RIGGS
TETONIA
increase over 2020).
Number of Single Family Homes Sold Q4 2021
% Change in Average Sales Price from Q4 2020
Q4 2021 Average Single Family Home Sale Price
Average Days on Market
284
+53.6%
$1,089,305
94
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