Third Quarter
Star Valley, Wyoming & Idaho — Q3 2024
Sales Volume Vs. Units Sold
The end of Q3 pushed Lincoln County’s real estate market well above levels from one year ago, with 28.5 percent more closings in 2024 (or 316 sales this year compared to 246 for the same period in 2023) and with 32.7 percent more in complementing dollar volume (for a year-to-date market-wide total of nearly $155M).
As the Teton County and Teton Valley, Idaho, markets remain relatively flat in 2024 compared to last year, Star Valley has bucked the trend as the lone regional standout through Q3.
While all price segments saw an increase in activity year over year, the upper end of the Star Valley market (that is, properties with a listing price of more than $1M) saw the largest spike in velocity.
For the first nine months of 2023, only 16 properties sold
Sales Volume By Area
across Lincoln County for more than $1M. Twelve months later, that number had increased to 27 transactions (or a 69 percent increase) and was coupled with an overall dollar volume of more than $51M (or a 50 percent increase from 2023). It should be noted too that these 27 upper-end sales represented only 8.5 percent of all transactions in Star Valley so far in 2024, but the dollar volume from these handful of sales was approximately one-third of the total for all of Lincoln County on the year to date.
Inventory has also remained relatively constant for the last year (that is, 393 properties were listed for sale at the beginning of October, 2024, compared to 383 active listings last year). Limited inventory combined with an increase in transactions points to a potential return to a “Seller’s Market” climate in Lincoln County heading into 2025.
Sales Volume By Price Category
YTD 2023 VS. 2024
Land & Ranches
Sales Volume By Area
Of the different property types in Star Valley, vacant land sales saw the greatest uptick in activity through Q3 2024.
Transactions jumped 45 percent year over year (or 161 closings for the first nine months of 2024 compared to 111 sales for the same period in 2023), and the complementing sold dollar volume increased 36.4 percent to more than $36M.
The lower end of the market (that is, properties with a listing price of less than $500,000) saw the lion’s share of the activity for the first nine months of 2024. Of the total 161 sales in this market segment, 152 (or nearly 95 percent) had a listing price of less than $500,000.
The median–or mid-point–sale so far in 2024 was $156,000 for a 5-acre parcel near Star Valley Ranch. That number is up nearly 10 percent from 2023, when the Q3 median sale posted at $142,500 (for a 0.5-acre parcel in Alpine).
Current vacant land inventory has also seen a slight decline in the last twelve months. Last October, 247 properties were listed for sale across Lincoln County. One year later, that number has fallen 8.9 percent to 225 vacant land listings currently on the market.
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Single Family Homes
Sales Volume By Area
Of the $154M in sold dollar volume across Star Valley through Q3 2024, nearly $112M of that total (or 72.4 percent) involved the sale of single-family homes.
The 143 home transactions on the year to date represented a 25 percent increase over sales for the first nine months of 2023, and a 44 percent uptick in complementing dollar volume year over year. Sales in 2024 have ranged from a $120,000 for a 1-bedroom, 478 sq.ft. residence in Star Valley Ranch to nearly $5M for a 4-bedroom, 5,000 sq.ft. home on 35 acres in Thayne.
While the average home price came in at more than $782,000, the year-to-date median – or midpoint – home sale through Q3 2024 was $680,000 (for a 2-bedroom, 2,000-sq.ft. home in Alpine). That value is up nearly 30 percent over 2023’s median sale of $525,000 (for a 5-bedroom, 2,600-sq.ft. home in Thayne).
The upper end of the 2024 Lincoln County home market has been particularly noteworthy with 23 sales posting at $1M or more. That number is up substantially compared to 2023 when only 10 homes in excess of $1M had sold in the valley.
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Swan Valley, Idaho
Sales Volume By Area
Much like neighboring Star Valley, Swan Valley’s story through Q3 2024 has been one of upper-end home sales.
With only nine homes currently on the market, Swan Valley’s inventory is typically much more limited than larger Lincoln County, Wyoming. It seems particularly noteworthy then that of the seven homes that have sold in Swan Valley for the first nine months of 2024, five have had a listing price greater than $1M.
To put the Swan Valley upper-end home sales in context, in 2023 only two homes sold for more than $1M. For the decade that preceded that (i.e., 2012 to 2022), a total of seven homes sold with a listing price of $1M or more. In other words, this higher-end price bracket in Swan Valley has seen more activity in the last 18 months than in the 10 years prior.
Vacant land sales have rounded out the activity in Swan Valley in 2024, with ten closings ranging from $120,000 (for a 2.5-acre parcel in Rustic Ranch) to $1.4M (for 54 acres bordering Caribou-Targhee National Forest).
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