Star Valley Market Report | Q1 2024

Star Valley, Wyoming & Idaho — Q1 2024

Sales Volume Vs. Units Sold

The Star Valley real estate market had a bit of a reset in 2023. The year-end sales (344) and complementing sales dollar volume ($180.1M) was a return to the preCovid activity of 2019 (when 507 transactions accounted for $129.1M in dollar volume).

The first three months of 2024, however, hold promise for the upcoming summer season. Q1 sales this year were up 21.6% compared to the same period in 2023 and were accompanied by a 11.6 percent jump sales volume. Closings ranged from $48,000 (for a vacant parcel in Star Valley Ranch) to $1,975,000 (for a 5-bedroom home on more than 50 acres in Bedford).

Home sales led the way for a strong Q1 2024. Twenty-

Sales Volume By Area

three transactions generated $17.6M in sales volume, which represented a 65 percent increase year over year. Not to be outdone, Swan Valley also experienced a strong Q1 2024, posting 10 transactions for $4.4M in dollar volume (up 25 percent and 77 percent, respectively, compared to Q1 2023).

Inventory has increased slightly in 2024, with 236 properties currently listed for sale across Lincoln County (up from 231 listings in April, 2023). While ample inventory exists to handle the current demand of Star Valley buyers, high mortgage interest rates and patient sellers clinging to lofty listing prices may prove to be the biggest challenge for the Lincoln County market in 2024.

Sales Volume By Price Category

Land & Ranches

Land sales in Star Valley saw a strong uptick in Q1 2024, with 37 transactions totaling $7.7M in sales dollar volume. While the volume of these sales was only a 9.6 percent increase over Q1 2023 (which saw $7.1M in volume), the 37 closings for the first three months of 2024 represented a 76.2 percent increase over the 21 sales in Q1 2023. Land transactions also accounted for 60 percent of all closings in Lincoln County for Q1 2024. The average land sale price fell 37.8 percent to $209,247 (down from $336,439 in Q1 2023). The median (or mid point) sale rose, however, to $199,000 (for a 5-acre parcel in Thayne), representing a 20.6 percent increase over the Q1 2023 median sale price of $164,900 (for a 2-acre parcel in Etna).

Inventory increased slightly compared to properties for sale one year ago. In April, 2023, 149 vacant parcels of land were listed for sale in Lincoln County. One year later, that number has grown slightly to 158 active listings as of April 1, 2024.

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Single Family Homes

While the 23 home sales in Star Valley for the first three months of 2024 only tallied 37.1 percent of all Lincoln County sales, the complementing dollar volume of $17.6M was more than two-thirds of the year-to-date dollar volume for the entire Star Valley market.

At the beginning of April, 75 homes were listed for sale across Star Valley. Given the current pace of sales, the existing inventory places the climate squarely in the category of a “Buyer’s Market.” In looking more closely at the properties listed for sale, however, suggests the upper end of the Lincoln County home market may be an even more favorable climate for buyers.

In Q1 2024, only 3 of the 23 home closings were for $1M or more. In April, 21 homes—or nearly two years of upper-end home inventory—were actively listed for sale.

Despite the glut of higher-priced inventory, buyers’ appetite for higher-priced homes rose 40.6 percent in the last 12 months. In 2023, the median home sale in Lincoln County was $480,000 (for a 3-bedroom, 1,500 sq.ft. home on 0.3 acres in Star Valley Ranch). One year later, that value had jumped to $675,000 (for a 3-bedroom, 1,400 sq.ft. home on nearly 5 acres in Etna).

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Swan Valley, Idaho

Micro-Market Spotlight

Sales Volume By Area

Bridging the gap geographic between Lincoln County, Wyoming, and Teton Valley, Idaho, Swan Valley lies at the north end of the Palisades Reservoir and features many of the same amenities and lifestyle opportunities as its resort-community neighbors.

For the first three months of 2024, Swan Valley was up 25 percent compared to Q1 2023 on transactions and up 77.6 percent on dollar volume to nearly $4.4M. Residential and land sales were balanced with five transactions each. The median land sale closed at $160,000 (for a parcel in South Fork Ranch subdivision), while the median residential sale closed at $500,000 (for a 3-bedroom, 1,735-sq.ft. townhome).

At the start of April, 2024, fifteen properties were listed for sale in and around Irwin, Idaho, ranging from $129,000 (for a 2.1-acre parcel in Palisades Creek Ranch) to just under $2.9M (for a 5-bedroom, 7,200 sq.ft. home on 5.3 acres in Swan Valley Meadows).

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Although the foregoing data has been compiled from sources deemed reliable, Jackson Hole Sotheby’s International Realty does not guarantee its authenticity. It is intended for informational purposes only, is subject to prior sale, error, revision, and cancellation without notice, and should be independently verified with the source of such information. Source data is provided by Teton Board of Realtors MLS for areas one through ten, and supplemented with proprietary sales data for $0 sales. ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.