WYOMING/IDAHO — Provided by The McPeak Group, the latest reports provide a comprehensive look at the real estate markets in both Star Valley and Teton Valley. Download the reports below to learn more.
Teton Valley
2024 will be remembered as the year Teton Pass collapsed.
While the highway’s failure to reopen was less than a month, disrupting the main thoroughfare between Teton Valley and Jackson Hole at the beginning of the busy summer season, surely didn’t bode well for the regional real estate market.
By July 4th weekend, the road had been restored. But in hindsight it’s difficult to discern if high mortgage interest rates, a lack of inventory or the disruption to Teton Pass was the culprit behind a lackluster 2024 Teton Valley real estate market.
While transactions in Victor, Driggs, Tetonia and Alta slipped a slight 3.8 percent to 553 closings by year’s end, the complementing sales dollar volume dropped 14.6 percent to $373.7M. Sales volume last year fell below $400M for the first time since the Covid boom, but it’s noteworthy too in 2019 the Teton Valley market posted 586 closings (or similar to 2024’s transactional activity) but only $181.9M in sales dollar volume (or less than half of last year’s total).
Star Valley
While Lincoln County’s neighbors to the north had mediocre years in both Teton Counties (that is, Wyoming and Idaho), Star Valley bucked regional trends by posting 436 transactions in 2024 (up 26.7 percent from last year) and with a complementing valley wide sales dollar volume of $232.3M (also a 29 percent increase over 2023).
With only single-digit sales for its commercial and condo/townhome market segments, Lincoln County’s sales distribution was split nearly 50/50 between homes (with 208 transactions) and vacant land sales (with 212 closings). Those totals represented a 23.8 percent and 41.3 percent increase, respectively, over 2023.
It’s interesting to note too that the 2024 sales dollar volume for Alpine ($82.2M) and Thayne ($93.5M) exceeded the year-end sales dollar volume for Teton Village of $79.7M (albeit on far fewer transactions).
