With three months left in 2023, it seems doubtful the Teton Valley real estate market will reach the symbolic $500M mark for its year-end dollar volume. Through Q3, year-to-date transactions are down 32% and the complementing dollar volume from those sales is down 23.4% when compared to the same period in 2022.
While vacant land sales have been the driver for the Teton Valley market in recent years, home sales are carrying the day in 2023. The 137 home sales thus far in 2023 (out of a total 420 closings for all property types on the year to date) generated more than $180M in closed sales volume (or 58.6% of the $308M closed in the first nine months of 2023).
And while higher mortgage interest rates have diminished the buyer pool in 2023, the upper end of the Teton Valley market (that is, properties with a listing price of >$1M) is outperforming the overall market with only an 11.7% decline in year-to-date upper-end sales compared to 2022.
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