YEAR END 2022
In 2022, the tide turned in Jackson Hole’s real estate market. After two years of explosive transaction levels and price growth following the pandemic, the real estate market reacted to a new set of economic conditions by cooling its heels. Interest rate increases, while still at historically lower levels, have caused some pause in the market, mostly in the primary home market. Second and vacation home buyers are less affected by rising rates, but all buyers have become more price-sensitive and more selective. Sellers today must be agile – but if the price is appropriate to condition and location, the demand is still strong.
The overall market had 51% fewer transactions in 2022 compared to 2021 which appears to be more on par with the volume seen in 2018. Despite sales activity slowing, prices remained strong with the average sale price up 5% and the median sale price up 30%. The number of active listings at year-end 2022 increased 68% compared to the prior year, yet inventory levels remain near historical lows. The imbalance of supply and demand, which is characteristic of Jackson Hole, maintains pricing levels gained from the past two years. That said, a leveling of price growth is a sign of a more balanced real estate market.
YEAR END 2022
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.
CHAD BUDGE
307-413-1364
chad@budgekelley.com
DIANNE BUDGE
307-413-1362
dianne@budgekelley.com
REBEKKAH KELLEY
307-413-5294
rebekkah@budgekelley.com
Keller Williams Realty, Inc., a franchise company, is an Equal Opportunity Employer and supports the Fair Housing Act. Each Keller Williams office is independently owned and operated.
© 2012-2022 Copyright – Budge Realty Group
