Star Valley’s real estate market grew tremendously in 2020 and 2021, reaching record transaction and dollar volume levels. The combination of low-interest rates, high demand, and low supply pushed the market to extremes. When the economy started to slow in 2022, the Star Valley real estate market followed suit. While still at historically lower levels, interest rate increases have caused some pullback, mainly in the primary home market. The emerging trends suggest that all buyers are becoming more selective and price-sensitive. A strong demand, however, still exists for listings that are priced appropriately for their location and condition.
Looking at Star Valley as a whole, single-family homes, land, condos, and commercial, transactions were down by 45% in 2022 compared to 2021, and dollar volume decreased by 27%. As a comparison, the number of transactions and dollar volume in Teton County, Wyoming, were down by 51% and 47%, respectively. However, values in Star Valley did not drop in 2022, with the average sales price increasing by 33% and the median sales price increasing by 83%.
Despite the shifting market, the demand for the Star Valley lifestyle remains strong, including spectacular views, wide open spaces, and an exceptional quality of life.