2019 was Teton Valley’s best year since the Global Financial Crisis. Transactions grew to 586 sales (which out-paced the Jackson Hole market) and the complementing dollar volume swelled to $181M. The median home price had also rebounded to nearly $450,000 for a 3-bedroom, 3-bath floor plan on 2.5 acres.
Then came Covid, and the real estate surge that came with it. By the end of 2020, transactions had nearly doubled year-over-year to more than 1,100 sales. Dollar volume followed suit to $364M. How much more could the market grow?
For the first nine months of 2021, Teton Valley has resoundingly answered that question. YTD transactions show nearly 900 sales with $450M in overall sales volume
(and where vacant land sales are up 70% over the first nine months of 2020 and represent 67.2% of all sales in 2021).
The upper-end of the Teton Valley market in particular (that is, property with a listing price of greater than $1M) has pushed the market to new heights. Ninety-nine sales in this market segment (or 11% of all transactions) tallied $207M of the overall market volume (or nearly 50% of the 2021 YTD total). And while the average home price now exceeds $1M (or, more specifically, $1,053,870), the median home value has grown in just two years 66.6% to $750,000.
If Teton Valley continues its break-neck pace for Q4, the year-end total is poised to break $600M… or nearly triple the overall dollar volume from just two years ago.