Star Valley, Wyoming & Idaho — Q2 2024
Sales Volume Vs. Units Sold
While the rest of the region was holding its collective breath following the closure of Teton Pass, June came in like a lion for the Star Valley real estate market with 49 transactions and nearly $24M in complementing sales volume (the biggest month of 2024 on both fronts).
Last month’s performance propelled the Star Valley real estate market to levels well above last year's numbers. For the first six months of 2024, Lincoln County is up 42.6 percent for sales (or 174 closings this year compared to 122 in 2023) and up 37.6 percent for dollar volume (or more than $74M in sales through Q2 2024 compared to $53.8M last year).
Six home sales in excess of $1M were part of driver
Sales Volume By Area
for June’s strong performance. So far in 2024, however, two out of three sales have occurred in Lincoln County’s lower-end of the market (that is, properties with a listing price of less than $500,000).
The uptick in activity also comes in the face of increased inventory. Last year, 328 properties were listed for sale at the beginning of July. This year, that number has grown to 422 active listings across Star Valley (or a 28.7 percent increase).
Nearby Swan Valley has also followed suit. Year-todate sales are up 25 percent in 2024 while dollar volume is up 77.6 percent (thanks in part to two sales in excess of $1M).
Sales Volume By Price Category
Land & Ranches
Vacant land sales saw the largest uptick in activity through Q2 for the region’s different property types, posting 59.6 percent more sales than the first six months of 2023 (or 91 transactions thus far compared to 57 closings through Q2 2023). Dollar volume, however, was only up 1.2 percent to $17.2M.
The disparity between transactions and dollar volume, however, doesn’t seem to suggest values are slipping. In 2023, the median (or mid-point) land sale was $115,000 (for a 1.07-acre parcel in Afton). One year later, that value was up more than 50 percent to $175,000 (for a 5.28-acre parcel in Freedom). A closer look at the data reveals two large transactions in Q2 2023 accounting for more than 40 percent of last year’s dollar volume as the culprit for the skewed stats.
An increase in inventory year over year also doesn’t seem to be stifling sales. At the beginning of July, active listings for raw land were up 27.8 percent (or 248 properties currently on the market compared to 194 last year). Currently, prices range from $49,000 for a 0.69-acre parcel in Star Valley Ranch to $6.995M for a 305-acre ranch in Bedford.
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Single Family Homes
Sales Volume By Area
Based on the year-to-date sales in Lincoln County, home buyers seem to have come to grips with 2024’s lingering higher mortgage interest rates.
Home sales jumped 54 percent for the first six months of 2024 compared to last year, with 77 closings that resulted in more than $54M sales. That year-to-date dollar volume was also up a noteworthy 89.8 percent compared to the same period in 2023.
The Q2 2024 median home price grew to $595,000 for a 3-bedroom, 3-bath, 1750 sq.ft. home on 0.21 acres in Alpine. That value was up 15.5 percent over Q2 2023 (for a 3-bedroom, 2-bath, 1,600 sq.ft. home on 0.3 acres in Star Valley Ranch that sold for $515,000). The average home price for 2024 in Star Valley exceeded $700,000 (up 23.3 percent over last year), driven in part by 11 home sales in excess of $1M (compared to only 2 sales greater than $1M through Q2 2023).
Choices for would-be home buyers grew from 127 active listings at the end of Q2 2023 to 164 properties for sale at the beginning of July, 2024. Prices range from $299,000 for a 3-bedroom, 2-bath, 1,500 sq.ft. fixer upper in Afton to $14M for the one-of-a-kind 9,400 sq.ft. Bedford Castle on 40 acres.
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Swan Valley, Idaho
Sales Volume By Area
Sleepy Swan Valley, Idaho, saw a lot of activity this June when residents of Teton Valley, Idaho, and Alta, Wyoming, were forced to go “around the block” during their commutes to and from Jackson.
The Swan Valley real estate market also saw increased activity for the first six months of 2024 compared to last year. Transactions were up 25 percent and complementing dollar volume was up 77.6 percent year over year, thanks in part to the largest sale to date in 2024 (a 6-bedroom, 5-bath, 4,700 sq.ft. home on more than an acre listed for $2.299M by Jackson Hole Sotheby’s International Realty).
Active listings at the moment range from $129,000 for a 2.1-acre parcel in Palisades Creek Ranch to nearly $5M for a 6-bedroom, 5-bath, 8,000-sq.ft. home on 5.2 acres.
When Teton Pass opened again before July 4th, Swan Valley returned to its bucolic roots, scenic vistas and small-town feel tucked between its resort neighbors of Star Valley, Teton Valley and nearby Jackson Hole.
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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.