2023 Year End Market Report - Teton Valley
On paper the Teton Valley, Idaho and Alta, Wyoming real estate market saw a little bit of a letdown by the end of 2023, with transactions falling 23.2 percent and overall dollar volume dropping 11.1 percent compared to 2022. That perceived letdown, however, fails to take into account the meteoric rise the valley has seen in recent years. In 2019 (or pre-Covid), the Teton Valley market saw 586 transactions that generated $181.9M in sales volume.
Last year, the 576 closings in the valley were on par with the activity of four years ago, but the complementing dollar volume grew to $438.4M (or a 141 percent increase compared to 2019).
New construction in developments like Tributary helped to push the average home price from $1.21M in 2022 to $1.34M in 2023, while several new condo and townhome projects kept activity brisk in this segment of the market despite higher mortgage interest rates.
It seems too, the secret is out on Teton Valley. A September article in the Wall Street Journal speculated that a growing list of amenities in Victor and Driggs–along with a looming expansion of Grand Targhee Resort–positioned the once sleepy valley to join the ranks of Park City and Jackson Hole as Rocky Mountain “hot spots.”
While activity has slowed since the height of the pandemic, limited inventory is also partially to blame for the decrease in sales. This time last year, Teton Valley had 330 listings actively on the market. Twelve months later, that number has fallen to 291.
