What’s the Wyoming Housing Market Like?
Prices for homes in Wyoming have risen only slightly less than the national average. When looking back at the median prices in October of 2019 compared to the same month in 2022, the prices have increased by 32.31.0 percent in Wyoming against 35.8 percent across the nation.
In October 2022, the median cost for an apartment within the State was $4530,000, roughly similar to last year’s median.
Sales have also declined lately. In October 2022, it was reported that there were 556 houses on the market throughout the entire state of Wyoming, a decline of -17.93 percent compared to the prior month. In comparison to the previous year, we witnessed an increase of -40.53 percent in sales as of October 2021.
It’s evident that the recent sharp increase in mortgage rates has decreased sales activity and reduced affordability. The result is a decrease in the value of homes in Wyoming.
How Does The Wyoming Housing Market Compare to the National Housing Market?
There is a Wyoming real estate market comparable with other markets as supply and demand determine the price of homes. Mortgage rates are also a factor in Wyoming, like the rest of the country.
Wyoming home prices and sales have begun to fall, as have other parts of the country. Different regional economies of some of Wyoming’s metropolitan areas make those markets more vulnerable, while others are more resilient to the current economic climate.
The current median value of houses within Wyoming is $430,000 as compared to the national median value of $397.549. In the past 3 years, the median value for homes within Wyoming has been increasing by 32.3 percent in comparison to the national average of 35.7 percent.
Wyoming Metro Areas With The Hottest Housing Markets
Wyoming is a state that Wyoming has experienced a moderate increase in the demand for housing over the last few years. As a result, prices have increased at a slower rate in the majority of areas. However, some regions in the state have outperformed other areas. We will examine those metro areas with the greatest increase in median price over a year.
The best markets that have the highest appreciation:
Gillette
Gillette is situated within Campbell County, Wyoming, and is the County seat. Gillette was established in 1891 to be an interchange to the Chicago, Burlington, and Quincy Railroad. At the time of July 1st, 2019, Gillette’s population Gillette was estimated at 32,030.
Gillette is fast gaining a reputation for being a popular culinary destination that draws even the most sophisticated foodies. From wood-fired pizzas that feature distinctive toppings such as raspberry jalapeno compote and Ricotta cheese to locally raised bison steaks to a wide variety of meads and wines, There is something to satisfy anyone in Gillette.
Gillette’s prices for homes have been rising in recent years. In the end, Gillette was ranked first among the cities of Wyoming, with the highest price increase in 2022. This was a rise of 44% from the previous year. The median for 2022 was $360,000. The cost was $360,000.
- In October 2022, the number of homes on the market for auction in Gillette was down -37.3 percent from the same timeframe in 2021.
- The median days of the market in October 2022 were 65. This means a market is in a healthy state according to current standards.
- In comparison to October 2021, the median number of days in the market is up 18.2 percent compared to October 2022.
Casper
Casper is an American city located in the central region of Wyoming, United States. It is the biggest one in the State and acts as the County Seat for Natrona County. Casper is situated in the eastern portion of the state, approximately 200 miles north of Cheyenne which is the capital city of the state.
The city lies at the foot of Casper Mountain, in the middle of the basin known as the Powder River, and is a gateway for many national parks and recreation areas nearby, including Yellowstone and Grand Teton National Parks. Casper is home to approximately 60,000 inhabitants and is renowned for its rich history, outdoor recreation options, and welcoming residents.
- In October 2022, the number of sales remained flat, and there were no sales in the pipeline.
- The median home price within Casper is $362,450.
- The median cost of homes in Casper has risen 36.83 percent from October 2021.
Evanston
Evanston is an American city located in the United States state of Wyoming. It is situated in the southwest of the state near the frontier with Utah. Evanston is also the seat for Uinta County and is situated in the Bear River Valley at an elevation of around 7700 feet above sea level.
The city is home to a population of around 12,000 residents and is renowned for its rich heritage as well as outdoor recreation options and a small-town feel. Evanston was established in the late 1800s as an industrial town and is a major hub for outdoor pursuits like hunting, skiing, and fishing. The city is also home to many historic landmarks, such as the Evanston Railroad Depot Museum. Evanston Railroad Depot Museum focuses on the city’s long history as a hub for transportation.
- The median cost of a home within Evanston was $375,000 as of October 2022. The median value in Evanston was higher by 36.4 percent from October 2021.
- In October 2022, the median number of days in the market in September 2022 was 53, which was up 9.4 percent from October 2021.
Cheyenne
Cheyenne is considered to be the capital and the largest city in the State of Wyoming, United States. It is situated in the southeastern portion of the state, about 100 miles to the north of Denver, Colorado. Cheyenne is home to approximately 65,000 residents and is the most populous city in the region, referred to by the name of “Frontier Capital.” Cheyenne is located at an altitude of around 6,000 feet above sea level at the foot of the Laramie Mountains.
Cheyenne is famous for its rich past as well as its Western heritage and outdoor recreational activities. It is home to a variety of historic landmarks, which include The Wyoming State Capitol, the Cheyenne Frontier Days Old West Museum, and the Cheyenne Depot Plaza. Cheyenne Depot Plaza. Cheyenne is also a major hub of transportation, with a large airport and a major railroad that passes through the city.
The real estate market in Cleveland is quite competitive.
- One hundred eighty-one homes were listed for auction in October 2022. the median price for October for Chayenne is $469,900.
- The median price for Cheyenne saw an increase of 27.2% from October 2021, and the number of homes to auction was down -49.86 percent compared to a similar period in the previous year.
- The median number of days in the market in Oct 2022 was 43 days, which is an increase of 82.9 percent compared to that same period in 2021.
Laramie
Laramie is an American city within the State of Wyoming, United States. Laramie is the county seat in Albany County and is located in the southeastern region of the state. It is about 70 miles to the west of Cheyenne, the capital of the state. Laramie is home to approximately 32,000 residents and is famous for its rich past and outdoor recreation opportunities and cultural activities.
The city is located at an elevation of around 7200 feet higher than sea level within the Laramie Valley, which lies between mountains called the Snowy Range and the Laramie Range mountains. Laramie is the home of Laramie University, which is the University of Wyoming, which is the only four-year state university. Laramie has a range of historic landmarks, such as Laramie’s Wyoming Territorial Prison State Historic Site, The Laramie Plains Museum, and the Ivinson Mansion.
- The median price in Laramie for October 2022 is $422,500. Laramie’s median cost of Laramie was up 12.74 percent over October 2021.
- The number of sales pending decreased by -50.74 percent compared to a similar month in 2021.
The average number of days on the market in October 2022 was 46. That is roughly the same as compared with the month in 2017.
Higher Mortgage Rates Could Slow Price Growth in Wyoming
What will the impact of interest rates be on the Wyoming market for housing? We’re already feeling the effect of higher interest rates throughout the country. Price increases for Wyoming have been flat or have been on a slight decrease for a number of months beginning in 2022.
- In mid-October 2022, 30 30-year fixed-rate mortgages were higher than the 7% average.
- This is an increase of 133% in mortgage rates in fewer than nine months. The Fed has adopted a “no is no holds barred” approach to curbing curve inflation, and rate hikes have become a common occurrence over the past few Fed meetings.
It appears, however, that rate hikes aren’t completed. We are expecting at least one more rate hike prior to the end of the year.