Coming off a record-setting year in 2020, the Teton Valley real estate market managed to outdo itself in 2021.
While transactions were only up slightly year-over-year (1120 total sales in 2020 compared to 1154 transactions for the last 12 months), dollar volume exploded by 72.7% and tallied more than $629M by the beginning of 2022. More noteworthy is the Teton Valley market posted a now modest $181M in 2019.
In other words, the real estate market for the “Quiet Side of the Tetons” has grown nearly 250% percent in the last 24 months.
Lack of inventory and escalating prices provide a challenge for potential buyers in a very strong “Seller’s Market,” but Teton Valley’s success over the last two years suggests Jackson Hole’s neighbor to the west is no longer simply a satellite market of northwestern Wyoming.
Vacant Land in Teton Valley
Like all segments of the Teton Valley market, the median land price was up a staggering 91% in 2021. In 2020, the mid-point sale in the vacant land market was a 2.5-acre parcel in Victor that sold for $89,000. One year later, the middle of the market was a 1-acre parcel in Victor that sold for $170,000. Under all is the land—and buyers’ appetites for elbow room and sweeping views suggest the vacant land sector will continue to drive the Teton Valley market in 2022.
Residential Listings in Teton Valley
With limited choices available for both potential year-round and seasonal buyers, no segment of the market saw more pressure and competition in 2021 than residential homes in Teton Valley. The total number of sales was down slightly at 7.8% (284 sales in 2021 compared to 308 transactions in 2020), but the corresponding dollar volume grew 41.7% to more than $300M (and keeping in mind too the entire Teton Valley market in 2020 was $364.4M).