YEAR END 2024
The Jackson Hole real estate market closed out 2024 with little fanfare, a period of stability following the turmoil of 2020-2021 and the subsequent dip in transactions during 2022. Over the past three years, both transaction levels and prices have remained largely steady. However, 2024 was still shaped by various economic factors that indirectly impacted our local market. Inflation remained a critical issue, and the respite in mortgage interest rates did not materialize as many had predicted. A presidential election and geopolitical instability contributed to volatility in the stock market, a marker that weighs heavily on the 2nd home buyer population.
Different segments of the market have responded to these shifting conditions in their own ways. Still, overall, the number of sales has not yet rebounded to pre-pandemic levels, while prices have remained resilient. Year-over-year transactions saw a modest 5% increase, though this still represents a 42% decline from the levels of 2019. Meanwhile, the median sale price dipped slightly by 2% compared to the previous year, though it remains nearly double what it was in 2019.
Inventory continues to play a critical role in keeping prices elevated. While inventory saw a slight 8% uptick at the close of the year compared to 2023, available properties for sale remain historically low.
Looking ahead to 2025, unless inventory increases significantly or a strong surge in buyer motivation occurs, the market may continue on its current trajectory with little change.
YEAR END 2023
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 Star Valley real estate market in 2024 is characterized by rising prices and strong demand, especially in high-growth areas like Thayne and Fairview/Smoot. Properties in more affordable regions like Star Valley Ranch and Bedford also remain attractive, balancing the market with options for various buyer profiles.
In 2024, Star Valley continues to attract buyers with its stunning natural beauty and strong community appeal. Here’s how the market looks across key areas:
Alpine
The average home sale price increased slightly to $1,041,964, showing steady demand despite a small drop in transactions. Price per square foot dipped to $472.71, reflecting a possible shift toward larger homes or properties with slightly lower prices per unit area.
Etna
A significant jump in the average home sale price to $1,018,075—an impressive 35% increase from 2023. This increase suggests growing interest in the area, likely driven by a mix of lifestyle changes and new investments.
Star Valley Ranch
A solid rise in average sale prices to $636,886, up from $555,949 in 2023. Price per square foot grew to $306.25, highlighting an upward trend in property values, while transaction volume surged to 52 sales—the highest in the region.
Thayne
This market saw one of the most dramatic spikes, with average prices climbing to $1,044,623—an increase of more than 80% compared to 2023. The price per square foot also nearly doubled, reaching $425.48, indicating robust competition for limited properties.
Bedford
Average prices dipped slightly to $758,444, while the price per square foot decreased to $281.61. This cooling may signal an opportunity for buyers seeking a more affordable option within Star Valley.
Afton
Average home prices rose to $545,209, accompanied by a sharp increase in price per square foot to $303.70. This growth reflects Afton’s growing appeal as a residential hub in Star Valley.
Smoot
A standout performer with average prices skyrocketing to $1,690,250, far surpassing all other areas. The surge likely reflects limited inventory and high demand for premium properties in this peaceful enclave.
CHAD BUDGE
307-413-1364
chad@budgekelley.com
DIANNE BUDGE
307-413-1362
dianne@budgekelley.com
REBEKKAH KELLEY
307-413-5294
rebekkah@budgekelley.com
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