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.