Second Quarter
2024 WEST SIDE OF THE TETONS
Teton Valley, Idaho — Q2 2024
As the unofficial start of summer in Teton Valley, Memorial Day came and went without any fanfare. Just one week later, however, Highway 22 over Teton Pass suffered a partial collapse and the future of the busiest time of the year in the region was thrown into jeopardy.
June was a nervous month in Teton Valley, Idaho and Alta, Wyoming, as the region awaited daily updates on when the major artery to Jackson might reopen. The anxiety was reflected in last month’s real estate stats, as transactions fell 27 percent compared to June, 2023.
With Teton Pass open again, the Teton Valley market is poised to continue its otherwise strong start to 2024. By the end of Q2, overall transactions were up 17.5% compared to the first six months of last year (or 282
Sales Volume By Area
closings in 2024 vs. 240 in 2023). Dollar volume was also up year over year, albeit a slight 2.2 percent to $178.4M by the end of June.
Condo and townhome sales saw the greatest leap through Q2. The 35 closings in this market segment were a 45.8 percent jump compared to last year. Properties with a listing price of less than $500,000 also dominated the transactions with 58.5 percent of all sales (or 165 closings of the year-to-date overall tally of 282).
Jackson Hole Sotheby’s International Realty is also excited to announced it purchased the renowned Buffalo Building on the corner of Main Street and Ski Hill Road, ensuring our iconic brand will be a staple on the Teton Valley landscape for years to come.
Sales Volume By Price Category
YTD 2023 VS. 2024
Condominiums/Townhomes
While high mortgage interest rates continue to limit the purchasing power of some would-be buyers, the Teton Valley condo and townhome segment saw 35 closings by the end of June (or a 45.8 percent increase compared to Q2 2023) totaling more than $20.5M in complementing dollar volume (a 56.9 percent jump over last year).
Multiple sales in the newer developments of Moraine Square, Stone Peak, and Table Rock helped to bolster 2024’s sales. The 2024 median sale price fell slightly to $573,000 (or $372/sq.ft.) for a 3-bedroom, 2-bath, 1,537sq.ft. unit at Moraine Square, down from the Q2 2023 median (or mid-point) price of $579,000 (or $418/sq.ft.) for a 2-bedroom, 2-bath, 1,383-sq.ft. Stone Ridge unit. The Q2 2024 average sales was up 7.6 percent to just over $588,000.
Inventory is also up year over year. In 2023, 33 condos and townhomes were listed for sale in Victor and Driggs. One year later, that number has grown to 53, mostly due to the introduction of condos at The Flats at Teton Peaks in Driggs.
Sales Volume By Area
Single Family Homes
Sales Volume By Area
YTD 2023 VS. 2024
Teton Valley home values have been on a steady incline since before the global pandemic. The momentum continued through Covid and well into 2023. At the end of last year, the average home price topped out at $1.342M.
This year, however, home sales have slipped by the end of Q2 2024 compared to the same period in 2023, down 12.7 percent (or 69 transactions so far this year vs. 79 sales in 2023). The corresponding dollar volume also fell 16.5 percent to $87.9M for the first six months of 2024.
The median home sale thus far in 2024 was $1.05M (for a 5-bedroom, 3-bath, 3300 sq.ft. home on 0.64 acres in Victor) which was a on par with 2023’s median price of $1.06M (for a 3-bedroom, 2-bath, 1,830sq.ft. home on 0.38 acres in Teton Reserve). To put these values in perspective, the median home sale in Q2 2019–or just before the pandemic–was $445,000 for a 4-bedroom, 2-bath, 2,600-sq.ft. home on 4.6 acres outside of Driggs.
Available homes across Teton Valley also fell slightly compared to last summer. In July 2024, 94 homes were listed for sale around the region compared to 91 active listings in July 2023.
Featured Property: #95KC6G
Sales Volume By Area
Vacant land sales were strong for the first six months of 2024.
172 closings this market segment represented 61 percent of all sales in Victor, Driggs, Tetonia and Alta, and posted $64.M in overall sales volume on the year to date. Those totals represent a 36.5 percent and 41.8 percent increase for transactions and volume compared to last year.
Sales ranged from a 1.2-acre parcel outside of Driggs listed for $50,000 to the 613-acre Badger Creek Canyon Ranch in Tetonia listed for $9.89M. The median sale through Q2 was a commercially zoned 0.16-acre property in the town of Victor that sold for $235,000. That number is up 12.4 percent over the median sale price in Q2 2023.
While land sales have seen a strong uptick in the last six months, vacant land inventory is down year over year. At the beginning of July last year, 243 properties were listed for sale. Twelve months later, that number has slipped to 205 active listings.
Featured Property: #W2ENL4
MAIN OFFICE
185 WEST BROADWAY AVENUE
JACKSON, WYOMING 83001
EAST BROADWAY
110 EAST BROADWAY AVENUE
JACKSON, WYOMING 83001
HOTEL TERRA
3335 WEST VILLAGE DRIVE
TETON VILLAGE, WYOMING 83025
SNAKE RIVER LODGE & SPA
7710 GRANITE LOOP ROAD
TETON VILLAGE, WYOMING 83025
FOUR SEASONS RESORT
7680 GRANITE LOOP ROAD
TETON VILLAGE, WYOMING 83025
TETON MOUNTAIN LODGE
3385 WEST CODY LANE
TETON VILLAGE, WYOMING 83025
JHSIR.COM
TETON PINES RESORT
3415 NORTH PINES WAY WILSON, WYOMING 83014
ALPINE
168 HIGHWAY 89, #B-2 ALPINE, WYOMING 83128
DRIGGS
10 NORTH MAIN STREET DRIGGS, IDAHO 83422