Despite a national trend of slowing home sales approaching a 30-year low, Wyoming’s real estate market has remained resilient, with strong sales in areas like Casper and Jackson, though some markets, such as Cheyenne and Sheridan, have cooled.
This contrasts with national trends where high prices and persistent interest rates have sidelined many potential buyers, despite recent Federal Reserve actions.
In Casper, realtor Abby Reeder of LPT Realty reported a steady market with increasing listings. “Steady is the word here,” Reeder said, noting that out-of-state buyers, particularly attracted to Casper’s outdoor lifestyle and affordability, are driving demand. Though home prices have slightly decreased, Reeder added that buyers can still find good deals.
Cheyenne, however, has seen properties sit longer on the market, as sellers hold onto pandemic-era pricing, which some buyers are reluctant to meet. Realtor Kathy Scigliano with Our323 observed that some buyers might also be delaying purchases due to potential election impacts, especially given Wyoming’s conservative voter base. Additionally, Cheyenne’s once-booming influx of Colorado buyers has slowed as local property prices edge closer to Colorado’s.
In Sheridan, real estate data reveals similar signs of cooling. According to Rhonda J. Burkhart with ABC Realty, median sales prices have declined by nearly 8% from $427,000 in September 2023 to $393,000 in September 2024, while year-to-date sales have dropped by 5.3%. More properties are experiencing price reductions and seller concessions, although the median listing price has risen 6% due to new, higher-end listings.
However, Wyoming’s luxury, farm, and ranch markets remain strong statewide. Real estate broker Scott Williams attributes the stability in these sectors to consistent buyer demand and a trend of cash buyers seeking land as a stable investment.
“Properties priced fairly continue to transact consistently,” Williams said.
He noted that interest rates have had minimal impact on high-end properties due to cash-based purchases.
In Jackson, low inventory has kept the market stable, with prices increasing about 4% year-to-date. Associate Broker Latham Jenkins of Live Water Jackson Hole reports an unusually active fall season with a 36% rise in listings under contract in September, mostly in properties under $3 million. Despite limited inventory, Jackson’s median list price remains high at $5.55 million, with few single-family homes available under $1 million.
With input from Cowboy State Daily.
