When compared to 2020, the number of lot sales was down 17% with the average sale price of $3.04 million (up 23%) and a median sale price of $1.9 million (up 46%). The decrease in the number of sales in 2021 can be attributed to the lack of inventory under $1 million.
Unprecedented vacant land values experienced gains of over 200% in some areas of the valley. While all areas of the valley have experienced a sharp rise in vacant land values, the area north of the Gros Ventre River to Moose saw values rise over 200% in the last 24 months.
For those still looking for post-recession bargains, there are currently only 4 single-family lots for sale under $1 million. With the vanishing supply of single-family homes for under $1 million, expect to see the under $1 million vacant land segment vanish in 2022. NOTE: 90% of the vacant land sales in 2021 were purchased with cash.
The $5+ million segment of residential lot sales is down 11% (25 sales) when compared to 2020. NOTE: Currently 16% of the available residential vacant land inventory is listed for more than $5 million.