Despite barely missing the symbolic year-end $500M mark for total dollar volume, the Teton Valley real estate market had its second-best year ever in 2022 by posting $492.7M in dollar volume with 749 transactions.
While sales for the valley were down 35.6% in 2022, individual property values generally held firm as the post-Covid wave of real estate demand began to recede. For the three main property types in Teton Valley (homes, condos/townhomes and vacant land), all three categories posted year-over-year gains for average individual sale prices.
The median sale price for 2022 was $210,000 (for a 2.84-acre parcel in Trout’s Teton Valley Ranch just north of Driggs), up 23.9% from $169,500 in 2021 (for a 3.04-acre parcel in Silver Dollar Ranch in Tetonia).
In January 2023, there were 229 land parcels on the market in Teton Valley (up from 162 in January 2022). And with only 16 vacant land sales in the month of December 2022, the current ratio of sales to active listings (or 16 sales compared to 229 active listings) squarely puts the Teton Valley climate into a “Buyer’s Market” (or where there’s more than six months of inventory based on the current absorption rate) heading into 2023.
After a record-breaking year on all fronts in 2021, Teton Valley condo and townhomes was the lone market segment that managed to post positive year-over-year gains in 2022. Transactions were up 17.5% (or 94 closings in the last 12 months compared to 80 closings in 2021), and the complementing dollar volume from these sales was also up 59.8% in 2022 (or $56.5M in 2022 compared to $35.4M in 2021).
The average condo/townhome sale price increased 36.0% to $601,473 in 2022 and the median sale in 2022 was up 28.5% to $525,000 (for a 3-bedroom, 2-bath, 1,537 sq.ft. townhome in Valley Centre, or $341/sq.ft.)
Single Family Homes:
While the average home sale price grew 11.7% to $1,214,895 (or up from $1,087,693 in 2021), the median home sale price increased 13.3% to $850,000 (for a 7-bedroom, 3,300 sq.ft. home in Driggs; in 2021, the median home sale was $750,000 for a 3-bedroom, 2-bath, 2,100 sq.ft. home on 2.5 acres also in Driggs).
So long as home prices remain lofty in Jackson Hole, it seems demand will remain strong for homes on the Quiet Side of the Tetons.
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