Even though the national housing market is cooling off, Wyoming’s market is still fairly hot, two realtors told Cowboy State Daily this week.
There also isn’t a slowdown in sight when it comes to home prices, which have been steadily appreciating for the last 18 months, Cheyenne realtor Dominic Valdez told Cowboy State Daily on Thursday.
“We’re in a little bit of a plateau right now, which is honestly good, because the pace we were going at this summer just was not sustainable,” Valdez said. “We have a lot of people moving to Wyoming, but the inventory is low.”
Supply chain issues and a lack of home builders are contributing to the inventory shortage, Valdez said, because houses are not being built at the same pace as normal.
Valdez said that he has seen an influx of both people moving to Wyoming and looking to buy houses, as well as first-time home buyers.
However, those looking for homes are eyeing the same houses as investors who are looking to flip houses or rent them out, he said.
The end result is since demand is high and supplies are low, prices have increased.
While there have been some price reductions recently in the housing market, realtor Adrianna True told Cowboy State Daily that the change was due largely to sellers pricing their homes higher than recommended, so now they are getting a little more realistic and reducing the sales price.
Houses in Laramie County are selling for an average of about $412,000, True said.
“We’re seeing a lot more people move to Laramie County and just a lot of growth in general,” she said. “I think prices will continue to increase, just not as quickly as they have over the last 18 months.”
Rising house prices is the reason for the cooldown in the housing market nationally, according to Business Insider.
The median price for an existing home jumped to $356,700 in August, a 14.9% increase from the same period last year and the 114th month in a row of year-over-year gains, the outlet reported.