Star Valley, Wyoming & Idaho — Year End 2025
Sales Volume Vs. Units Sold
Despite posting more than 400 transactions that generated almost $230M in 2025, the Star Valley real estate market finished the year trailing its 2024 performance by the smallest of margins.
The 410 closings were a slight 6.8 percent drop from last year, while the $229.3M in completing sales dollar volume was nearly even with 2024’s tally of $235.1M.
One bright spot in the market was the upper-end price point (that is, greater than $3M). Eleven transactions generated nearly $55M in volume (or nearly a quarter of the market’s total), including the sale of the 220-acre Cakebread Ranch listed for $16M.
Activity in the market was split nearly evenly between home and vacant land sales. The 204 home sales in
Sales Volume By Area
the last twelve months represented 49.7 percent of all closings, and the 184 vacant land sales accounted for 44.8 percent of all transactions. A handful of condo/ townhome sales and nine commercial transactions rounded out the year’s activity.
Thayne saw the lion’s share of the action with 212 closings in the last 12 months (or 51.7 percent of all Lincoln County transactions). Four sales in the Alpine Airpark also generated nearly $14M in sold dollar volume.
Static inventory levels suggest another stable year for Star Valley. Last January, 247 properties were listed for sale across Lincoln County. At the beginning of 2026, that number has fallen slightly to 240.
Sales Volume By Price Category
Land & Ranches
Following the regional trend, vacant land sales in Lincoln County saw a decline in 2025 with transactions slipping 14 percent and the complementing dollar volume sliding nearly 17 percent.
The total sales volume of $37.7M for 2025 was down from $45.4M in 2024. Sales ranged from $58,000 (for a .05-acre site in the Star Valley Ranch RV Resort) to $1.625M (for 16 acres zoned mixed-use in Alpine). The median – or mid-point –land sale increased 4 percent in 2025 to $162,000 for a 0.37-acre parcel in Alpine.
Vacant land inventory tightened slightly in the last twelve months, falling from 152 active listings at the start of 2025 to 143 for the beginning of this year. At the beginning of January, 19 parcels were also under contract across Lincoln County.
Choices for would-be buyers range from $62,000 (for a 0.05-acre lot in the Star Valley Ranch RV Park) to nearly $2.6M (for almost 8 acres bordering the Snake River in Alpine). At the moment, 11 parcels are also under contract across Lincoln County.
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Single Family Homes
Sales Volume By Area
While the overall Star Valley homes segment of the market declined slightly year over year – down 2 percent on closings and 6 percent on dollar volume – the median home sale price fell 20 percent from $675,000 in 2024 (for a 2-bedroom cabin and guest house bordering National Forest in Star Valley Ranch) to $540,000 in 2025 (for a 4-bedroom, 1,600-sq.ft home on roughly 2 acres in Etna). Higher mortgage interest rates held the market in check for 2025, but recent rate cuts promise to potentially bring buyers back to into the market.
Thirty-nine closings with a listing price of $1M or more (or 19 percent of all home sales) generated nearly $75M in sold dollar volume (or 44.1 percent of Lincoln County’s total 2025 home tally of $169.1M). The sale of the 220-acre Cakebread Ranch listed for $16M also helped to skew this disparate total.
Inventory has remained constant over the last twelve months. Last January, 86 homes were listed for sale across Lincoln County. One year later, that number has grown slightly to 90 active listings. Given the current pace of sales, the Star Valley home segment is teetering between being a Buyer’s Market and a Seller’s Market.
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Swan Valley, Idaho
Like its neighbor to the south in Lincon County, Swan Valley struggled to keep pace with 2024.
Twenty-six transactions in 2025 generated $11.6M in sold dollar volume, down from $30.8M in 2024 (or a 62 percent decline year over year). It should be noted too 2024 was a record-breaking year for Swan Valley.
Home sales in 2025 ranged from $400,000 (for a 3-bedroom home on 1.5 acres) to more than $3M (for a 6-bedroom, 8,000-sq.ft. home on more than 5 acres). The scant seven total residential transactions last year stand in contrast to the fifteen residential properties currently on the market. With more than two year’s worth of inventory in this segment, the residential portion of Swan Valley can be characterized as a “Buyer’s Market” given the current pace of sales.
The majority of the transactions in Swan Valley for 2025, however, involved vacant parcels of land. Of the 26 total transactions for the last 12 months, 19 (or nearly 75 percent) involved raw land. Sales ranged from $45,000 (for a nearly two-acre parcel with views of Palisades Reservoir) to nearly $1.2M for multiple lots in the Byrd subdivision. With only six parcels on the market at the start of 2026, this segment of Swan Valley is poised to be a “Seller’s Market” for the coming year.
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