Nationally home sales are on track to hit a 30-year low, with many homebuyers sidelined by high prices and sticky interest rates that haven’t come down as much as many had hoped following the Federal Reserve’s unusually large half-point cut to its benchmark interest rates.
But the picture in Wyoming is considerably more nuanced than the national trend, with some areas reporting robust sales, while other areas more closely mirror the national trend.
In the Casper area, real estate agent Abby Reeder with LPT Realty said her sales have remained fairly robust, with some ups and downs, but she doesn’t foresee any huge drop from where things are at now.
“We’re getting more homes on the market here, which is helping buyers out,” she said. “Our sales have been staying steady. Steady is the word here.”
Reeder sees much of the demand for Casper real estate coming from out-of-state buyers who are looking for great outdoor amenities as well as affordability.
“I think we have a lot more of that than Jackson does, but without the price tag,” Reeder said, adding, “I think right now is the time to buy if you’re ready to upgrade in the Casper area. There’s a lot of choices now.”
Some prices have been dropping, Reeder added, but she’s also seeing many homes go under contract within their first week of listing.
“I think you can get some good deals right now,” she said. “There’s wiggle room. We’re not really increasing right now, just holding steady.”
Pandemic Pricing Hangover Or Election Jitters?
Cheyenne real estate agent Kathy Scigliano with Our323 in Cheyenne, on the other hand, is seeing some signs of cooling in her marketplace.
“Houses are definitely sitting longer than I think some sellers are used to,” she said. “And some of them are getting a little nervous seeing that.”
They’re concerned about the upcoming winter season when real estate sales in Wyoming tend to dramatically slow.
Part of the problem Scigliano sees is home sellers hanging onto pandemic-level pricing, and buyers who are holding out for lower prices.
“Sellers, as always, want top dollar,” she said. “They don’t want to come down on their sales prices or give closing costs and that kind of thing. But buyers are looking for a good deal, and I think they’re willing to just kind of wait a little longer until sellers figure that out.”
Buyers might also be nervous about the upcoming election, Scigliano said. That’s a trend she’s seen often the past.
“Wyoming as a whole has never really seen too much of, like, a market crash per se, but I think a lot of people are kind of waiting to see what happens next week,” she said. “Wyoming’s demographic being more of a red state, I think most people are hoping that Donald Trump gets back in, because they felt like the economy was better.
“And I think buyers are just not desperate so they’re waiting to see what happens.”
An earlier trend, meanwhile, that had lots of Coloradans seeking homes in Cheyenne where they could find more affordable options has cooled off dramatically.
“We’re kind of catching up to Colorado (prices),” Scigliano said. “So I don’t know that people are seeing the benefit of moving up here as much as they used to, because I feel like that price gap is closing in. I don’t know if they want to do the commute for just $100,000 or so difference.”
Sheridan is seeing a similar cooling trend, said Rhonda J. Burkhart with ABC Realty.
“The median sales price for September 2024 was $393,000 compared to the median sales price of September 2023, which was $427,000, which indicates a negative 7.96% change,” she told Cowboy State Daily.
Year-to-date total sales dropped 5.3% year over year from 398 in 2023 for the period to 377 in 2024 for the same period.
“Overall days on the market are also up, indicating that the market has slowed,” she added. “This year, there are more price reductions and more seller-paid buyer costs and concessions.”
However, because of new construction and higher list prices, median listings are up 6.06% year over year, rising from $455,718 to $495,000.
Luxury Sales Still Strong
Statewide, luxury sales as well as farm and ranch sales remain strong, said real estate broker Scott Williams, who covers territories throughout Wyoming as well as eastern Montana and western Nebraska.
“Low supply coupled with consistent buyer demand has created a stable market,” he told Cowboy State Daily. “Pricing and value is certainly a consideration. Properties that are priced fairly continue to transact consistently.”
Demand also continues to be strong for high-quality farms and ranches, he added.
“Higher interest rates are not really affecting sales volume very much, if at all,” he said “Many purchases are cash purchases in a reallocation of capital into safer and more stable investments, such as land. Additionally, land has become a preferred asset class as a hedge against inflation.”
In Jackson, meanwhile, pricing has remained stable throughout the market, with historically low inventory, Live Water Jackson Hole’s Associate Broker Latham Jenkins told Cowboy State Daily.
“Average sales price is up about 4%, with year-to-date sales in Teton County almost identical to last year,” he said. “Fall has been very active compared to the rest of 2024 year to date, with a 36% increase in listings under contract in September alone.”
That’s notable, given that the fall usually sees a downturn of new listings. The fall is also when motivated sellers and buyers tend to make end-of-year decisions.
“The highest transaction volume has been in the less than $3 million segment,” Jenkins said. “This week, the median list price for Teton County is $5.55 million, and there are no single-family homes for sale under $1 million.”
Inventory for vacant land is at its second lowest level in 40 years.
Renée Jean can be reached at renee@cowboystatedaily.com.