Located south of Jackson Hole and spanning from Smoot through Alpine, Wyoming, Star Valley’s real estate market is heavily influenced by its northern neighbor’s market conditions. However, Star Valley does not have the development limitations that have led to an explosion in Jackson Hole’s real estate prices. Land is plentiful in Star Valley, Wyoming which can lead to more drastic swings when market conditions change. The national and local markets alike have been in a transition from the “unicorn years” of the COVID-19 buying frenzy to a more normal pace. The year kicked off with interest rates reaching 20-year highs, recession predictions, and concerns about international unrest looming heavily on the minds of both buyers and sellers. This took a toll on Star Valley’s real estate market which saw over 30% fewer transactions year over year. Average and median sale prices each dropped 6% and total dollar volume dipped 35%. Overall, Star Valley is a thriving and growing community, and this contraction could be viewed as a healthy transition toward more normalcy.
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The residential segment of the market experienced a comparatively modest decrease in the number of transactions, down 15% compared to 2022. The majority of these sales took place in the middle valley with the northern end of the valley close behind. The southern end of the valley only saw about 23% of the year’s home sales. Average and median sale prices declined modestly, down 6% and 8%, respectively. However, looking closer at the different areas of Star Valley, the central valley prices remained essentially flat, and the northern valley actually increased by 3%. Pulling the overall average down was the southern end of the valley where the average sale price decreased 35%. The market slowdown led to a healthy increase in the number of homes available for sale, up 17% at year-end. The slowdown also led to homes taking longer to sell, an average of 24% longer than last year at 139 days.
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Land sales in 2023 experienced a significant downturn with 42% fewer transactions compared to 2022. The percentage decrease was experienced evenly throughout the valley. The central portion of the valley took about 48% of the total number of transactions. This area includes Star Valley Ranch, a growing golf community frequented by retirees, second homeowners, and a growing number of folks affectionately referred to as Jackson Refugees. Star Valley has been grappling with a backlog of development applications for new subdivisions. As these applications worked their way through the system, a steady supply of vacant land available mixed with challenging market conditions led to a 31% decrease in the average sale price of Star Valley land. Land available for sale at year-end was 12% higher than last year. This inventory is expected to increase as more subdivision applications are pending approval.
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