Alpine Real Estate Market Prices, Trends & Forecast 2023

Alpine, Wyoming, is a beautiful town 37 miles from Jackson Hole with an elevation of 5,640 feet. Known affectionately as the “Little Switzerland of America,” the area boasts incredible scenery and winter recreation. It’s surrounded by mountains and rivers that offer great recreational activities, including three national forests.

The area’s three rivers – Greys, Salt, and Snake – merge into the Palisades Reservoir to provide stunning vistas and water recreation. This luxury in your backyard is perfect for boating, fishing, and water skiing. The Greys River also offers over 471,000 acres of national forest, including miles of trails to hike and explore. The summer brings endless recreation with camping, fishing, kayaking, and white water rafting.

Alpine winters have earned this charming area some of the top spots in the state for cross-country skiing, ice fishing, snowmobiling, and snowshoeing. Alpine also offers some of the best real estate in the area with a luxurious touch.

Alpine is perfect if you’re searching for the ideal spot with endless outdoor recreation, fun for the whole family, and luxurious real estate. You’ll want insight into the local and county real estate markets to give you an idea of what’s in store, and that’s where I come in. Here is everything you need to know about the Alpine real estate market, including prices, trends, and the forecast for the coming year.

The current median price for homes in Alpine, Wyoming, is around $787,000. Despite the upward trend that Alpine has seen over the last five years, with only a slight decline post-pandemic in 2021, the current price is a rough 7.4% drop from this time last year.

The number of homes on the market continues to increase, up nearly 9% from last month. At the same time, these homes are only sitting on the market for roughly 89 days, a significant decrease over last year’s 347-day cap.

The Alpine market seems to fluctuate in price based on the average size of the home, with smaller one-bedroom properties becoming cheaper and the most desired three and four-bedroom properties increasing in price. The same can be said for the availability of homes. Three-bedroom homes have increased significantly while larger and smaller homes have decreased. These statistics put Alpine in the middle of the market, making it almost balanced among buyers and sellers.

At present, home values in Alpine, Wyoming, have slightly decreased over the last year, though it’s predicted that values will steadily increase at a moderate rate over the next five years. You can expect home values and sales prices to grow steadily, making this a great investment.

Mortgage rates are expected to continue steadying over 2023 and into the following year. With rates sitting between 6% and 7%, the National Association of Realtors (NAR) predicts that inflation will continue to slow through the year, ending 2023 at around 6%.

Lincoln County, Wyoming, is currently a buyer’s market, which is a change from the balanced market we saw last year. The median sold price throughout the county is around $535,000, which has remained steady over the previous 12 months. There are 20% more homes available in the county compared to this time last year, with about 89 homes currently on the market.

Over the last month, the number of homes sold has significantly decreased from eight to three. Two of those that sold were sold for under the asking price. This makes it an excellent time to be a buyer in Lincoln County. With home prices remaining steady and few homes being put on the market, you’re more likely to get a good deal.

Despite some stagnancy in prices and homes sitting on the market for longer, the Lincoln County and Alpine real estate markets are excellent for investing. Whether searching for your forever home or considering a rental property, it’s a great time to invest. Lincoln County is currently in a buyer’s market, and home prices are hovering around $535,000. With interest rates beginning to decline and the predicted decrease to 6% by the end of this year, there’s no time like the present. Those who are selling their homes won’t want them to sit on the market for too long, so you’ve got a greater chance at negotiating the price below asking. You might also consider investing in vacation properties, or rentals, both great options in this region.

Due to the abundance of outdoor recreation year-round in Alpine, Wyoming, it’s a great place to consider investing in a vacation home. Many consider a winter vacation home where they can head to the area and visit the top ski resorts nearby in Jackson Hole. If you’re looking for a ski-resort home to utilize in the winter, this is the place to find one. It’s also an excellent option for those wanting something in the summer, where they can find great weather and outdoor recreation.

You’ll also find that Alpine is a perfect place to live year-round, especially for those who love outdoor recreation and a sense of solitude. While nearby cities like Jackson Hole offer more convenience and high-end opportunities for dining and shopping, Alpine provides an opportunity to invest in luxury real estate and land surrounded by beautiful natural forests and rivers.

As you can see, the Alpine and Lincoln County real estate markets are an excellent option for those looking to invest in land and luxury. The area offers plenty of opportunities for outdoor recreation, land, excellent schools, and quality real estate. Contact Patty Speakman today if you’re considering a move and want to invest in Alpine real estate. As experts in the area, the Speakman Realty Group is happy to assist with all your needs.

_{*Header photo courtesy of Patty Speakman}