By
Hannah Griffith
|
15 min read
|
January 17, 2023

Wyoming Housing Market Report - 2023 Update

Wyoming housing market

What’s the Wyoming Housing Market Like?

Home prices in Wyoming have appreciated slightly lower than the national level. Looking back three years at the median price in October 2019 compared to October 2022, prices have increased 32.31.0% in Wyoming VS 35.8% nationwide. 

As of October 2022, the median price for a home in the state was $430,000, which is about the same as last year’s median price.  

Sales volume has also decreased recently. In October 2022, there were 556  homes pending in the state of Wyoming, a decrease of -17.93% from the previous month. Comparing year-over-year, we saw a decrease of -40.53% in sales from October 2021.

It is quite apparent that the recent steep rise in mortgage rates has curved sales activity and shrunk affordability, and the result has been a drop in home prices in Wyoming.

Wyoming house prices

How Does The Wyoming Housing Market Compare to the National Housing Market? 

The Wyoming housing market is similar to other markets because supply and demand drive housing prices. Mortgage rates also similarly impact Wyoming as the rest of the nation. 

Wyoming’s home prices and sales numbers have begun to slow down along with the rest of the country. Differences in the regional economy of some of Wyoming’s metro areas make those markets more vulnerable and others more resilient to the current economics. 

The current median price of homes in Wyoming is $430,000 compared to the national median sales price of $397,549. Over the past three years, the median price of homes in Wyoming has increased by 32.3% compared to the national average of 35.7%

Wyoming Metro Areas With The Hottest Housing Markets 

The state of Wyoming has seen moderate growth in housing demand in recent years. Consequently, prices had also gone up at a slow pace in most areas.  There are some areas within the state that have outperformed others though.  We will look at the metro areas with the highest increase in the median price year over year. 

The top markets with the highest appreciation rate:

  1. Gillette
  2. Casper
  3. Evanston
  4. Cheyenne
  5. Laramie

Gillette

Gillette is located in Campbell County, Wyoming, and serves as the county seat. It was founded in 1891 as a hub for the Chicago, Burlington, and Quincy Railroad. As of July 1, 2019, the population of Gillette was estimated to be 32,030.

 Gillette is quickly gaining a reputation as a culinary hotspot, attracting even the most discerning foodies. From wood-fired pizzas with unique toppings like raspberry jalapeño compote and ricotta cheese to locally-raised bison steak to a wide selection of fine wines and mead, there is something for everyone in Gillette. 

Gillette’s home prices have been doing quite well over the last few years; in fact, Gillette topped the list of cities in Wyoming with the largest increase in prices in 2022 with an increase of 44% from the prior year.  For 2022, October’s median price was $360,000.

In October of 2022, there were 91 homes pending sale in Gillette, down -37.3% from the same period in 2021.

The median days on the market in October 2022 was 65, which indicates a balanced market by today’s standards. Compared to October 2021, the median days on the market is up-18.2% compared to October 2022.

Casper

Casper is a city in central Wyoming, United States. It is the largest city in the state and serves as the county seat of Natrona County. Casper is located in the eastern part of the state, about 200 miles northwest of Cheyenne, the state capital. 

The city is situated at the base of Casper Mountain, in the center of the Powder River Basin, and is a gateway to several nearby national parks and recreational areas, including Yellowstone and Grand Teton National Parks. Casper has a population of about 60,000 people and is known for its rich history, outdoor recreation opportunities, and friendly community.

In October 2022, the number of sales was flat with no pending sales. The median price of homes in Casper was $362,450. The median home price in Casper has increased 36.83% from October of 2021.

Evanston

Evanston is a city in the state of Wyoming, United States. It is located in the southwestern part of the state, near the border with Utah. Evanston is the county seat of Uinta County and is situated in the Bear River Valley at an elevation of about 7,000 feet above sea level. 

The city has a population of about 12,000 people and is known for its rich history, outdoor recreational opportunities, and small-town atmosphere. Evanston was founded in the mid-1800s as a railroad town and today is a hub for outdoor activities such as skiing, hunting, and fishing. It is also home to a number of historical landmarks, including the Evanston Railroad Depot Museum, which showcases the city's history as a transportation hub.

The median price of homes in Evanston was $375,000 in Oct 2022. The median price in Evanston was up 36.4% over October of 2021. 

The median number of days on the market for October 2022 was 53 days which is up 9.4% from October of 2021.  

Cheyenne

Cheyenne is the capital and largest city of the state of Wyoming, United States. It is located in the southeastern part of the state, about 100 miles north of Denver, Colorado. Cheyenne has a population of about 65,000 people and is the largest city in a region known as the "Frontier Capital." The city is situated at an elevation of about 6,000 feet above sea level, at the base of the Laramie Mountains. 

Cheyenne is known for its rich history, western heritage, and outdoor recreational opportunities. It is home to a number of historical landmarks, including the Wyoming State Capitol, the Cheyenne Frontier Days Old West Museum, and the Cheyenne Depot Plaza. The city is also a hub for transportation, with a major airport and a major railroad passing through it.

The real estate market in Cleveland is considered somewhat competitive. 181 homes went pending sale in Oct 2022, The median price for Oct in Chayenne was $469,900. The median price in Cheyenne had an increase of 27.2%from Oct 2021, while the number of homes that went pending sale was down -49.86% compared to the same period last year. 

The median number of days on the market for Oct  2022 was 43 days which is up 82.9% compared to the same month in 2021, 

Laramie

Laramie is a city in the state of Wyoming, United States. It is the county seat of Albany County and is located in the southeastern part of the state, about 70 miles west of Cheyenne, the state capital. Laramie has a population of about 32,000 people and is known for its rich history, outdoor recreational opportunities, and cultural attractions. 

The city is situated at an elevation of about 7,200 feet above sea level, in the Laramie Valley, between the Snowy Range and the Laramie Range mountains. Laramie is home to the University of Wyoming, which is the state's only four-year institution of higher education. The city is also home to a number of historical landmarks, including the Wyoming Territorial Prison State Historic Site, the Laramie Plains Museum, and the Ivinson Mansion.

Laramie is currently a somewhat competitive. market. In Oct  2022, 34 homes pending sale. Laramie’s median price for Oct 2022 was $422,500. The median price in Laramie saw an increase of 12.74% over Oct 2021, while the number of pending sales was down -50.74% compared to the same month in 2021.

The median number of days on the market for Oct 2022 were 46, which is about the same compared to the same month last year.

Higher Mortgage Rates Could Slow Price Growth in Wyoming

How will interest rates affect the Wyoming housing market? We are already experiencing the impact of rising interest rates across the nation. Price growth in Wyoming has been flattening or on a slight decline for several months in 2022. 

As of mid-October 2022, the 30-year fixed rate mortgage is above 7% on average. That represents a 133% increase in mortgage rates in less than nine months. The Feds are on a “no holds barred” approach to curve inflation, and interest rate hikes have become the norm over the last several Fed meetings. Unfortunately, it seems that rate hikes are not done. We anticipate at least another rate increase before the year ends. 

Key Market Stats for the Wyoming Housing Market: 

As of the latest compiled housing report for October 2022.

Current ValueChange YOY
Median Sales Price$430,000Up by 32.31%
Pending sales556Down by  -40.5%
Median Days On The Market61Up by 12.96%
Number of homes available1,929Up by 24.7%
Number of new listings 728Down by -14.95%

Wyoming Historic price changes & affordability

The Wyoming housing market has seen significant appreciation over the last couple of years.

The steep rise in home prices and mortgage rates has shrunk affordability to new lows in the state. A 32.3% spike in home prices and a sharp increase in mortgage rates in the last 12 months is tough to absorb for the average buyer in the Wyoming Real Estate market.

We know that the average person’s wages do not increase by 32.3% in three years, so we can see why affordability is a problem. The gap between rising home prices and wages keeps getting wider.

Key Takeaways

  1. The housing market is clearly shifting, and Wyoming housing market predictions for the short term seem to be going down along with many areas of the US.  Due to Wyoming’s above-average growth, some of the state’s metro areas are predicted to drop in home values.
    The next 18 to 24 months will be an adjustment, especially for home sellers and Real Estate professionals. Adjusting to a normalized market that is not heavily skewed in favor of sellers will take time.
  2. Real Estate markets are highly local and even within the same state, there will be areas that are projected to be hit hard by the market shift and others will fare better.
  3. Timing the market for buying or selling is a big gamble. If it makes sense for you to buy, go ahead and buy a home. For sellers, if you have to sell in the next 12-24 months, you may want to consider doing it sooner than later, especially if you are in an area that may be considered overvalued and has a high potential for house prices to drop.

2023 Wyoming Housing Market FAQ