Home Prices In Northeast Wyoming Jump 20% While Much Of U.S. Market Cools

Much of the nation’s housing market is cooling. Northeastern Wyoming isn’t.

From Gillette to tiny Aladdin, home prices are rising, inventory is scarce, and properties are moving fast. Real estate agents say a growing number of retirees are helping fuel demand in Wyoming’s slice of the Black Hills.

On roads winding past Devils Tower and into pine-covered hills, the region still feels remote. But the housing market is telling a different story.

“I think in general you’ve seen a lot of national headlines say that real estate has slowed and there’s a lot more listings on the market,” said Jessica LaCour of Gillette-based 411 Properties. “That’s not the case here at all. 

"We have record low inventory, and whatever does come on the market is very quickly absorbed by buyers.”

Prices in the area are up 20% year over year, while inventory has dropped 35%, LaCour said. Average time on market is roughly one week for well-priced homes.

LaCour’s figures are based on Multiple Listing Service data, which is harder to fully track in Wyoming because it is a non-disclosure state. 

That can also skew national estimates.  

“You might be seeing Zillow showing Gillette values down around 5% or 6% year over year,” LaCour said. “Zillow’s algorithm lags, and Wyoming is a non-disclosure state, which means public records don’t capture everything.”

Mariah Jeffery, who sells real estate along the eastern border of Wyoming as well as in northern Colorado, is seeing the same trend.

“While home values across parts of northern Colorado — and much of the nation — have dipped and cooled as the market normalizes, land in the Wyoming Black Hills is actually appreciating,” she said. “Buyers are realizing the massive advantages the Wyoming side holds over South Dakota, including lower property taxes, fewer regulations and much more acreage for your money.”

Statewide, A More Balanced Picture

Zooming out, Wyoming’s overall housing market looks more stable.

Wyoming’s median home price sits at $285,000, with roughly four months of inventory and annual price growth of around 4%, LaCour said. 

Cheyenne is one notable exception, Jeffery added. 

“Home values in Cheyenne are averaging about $392,000, which is up roughly 3.5% year over year,” she said. “(That’s) heavily driven by military, government jobs, and remote workers from places like Colorado.”

Steady employment in energy, agriculture and defense sectors also continue to support demand in southeastern Wyoming, along with the state’s tax structure and its lifestyle appeal.

Jeffery said some of her clients are motivated by politics. 

“They’re leaving heavily regulated, high-tax coastal and western states,” she said. “And looking for more personal freedom and space.”

LaCour, however, said her northeastern Wyoming clients are focused less on politics and more on lifestyle. 

“They’re coming for the outdoors and the affordability,” she said.

Retirees Add Fuel To Demand

Demand in the Black Hills started climbing just after the COVID-19 pandemic. Buyers wanted more space and access to outdoor recreation at better price points than places like Jackson Hole, LaCour said. 

Communities such as Sundance and Hulett offer relative affordability with proximity to highly desirable outdoor destinations, ranging from Devils Tower to Deadwood. 

More recently retirees have added new momentum. 

“We’re seeing tons of people who are retiring,” she said. “They’re really attracted to the lifestyle and the beauty of the area.”

They also love the affordability, and are arriving with significant equity.

“They could sell their home … for a couple million,” LaCour said. “And then they come out here and are able to pay cash.”

Unlike traditional vacation markets, however, most of LaCour’s clients are not buying second homes. 

“They are selling everything and moving here permanently,” LaCour said.

Hulett, Sundance Hot Spots

The busiest areas so far seem to be Sundance, Hulett and Devils Tower. 

But even smaller communities are seeing spillover.

In Aladdin, population 15, store owners Jordan Yates and Trent Tope told Cowboy State Daily they are seeing more residents in the area. 

“Geis Road, which is about 10 miles from the store, just got split up into a subdivision,” Yates told Cowboy State Daily. “And a lot of people are moving into the area.”

Buyers are coming from across the country, LaCour said, and, for now, they’re still finding a range of price points from $250,000 into the millions. 

Even higher-end homes are drawing quick interest. She’s just listed a new home on the river at the lower end of pricing that has had dozens of showings within days. But she’s had similar traffic for a multi-million-dollar home with a view of Devils Tower. 

“It’s exciting to see people move here and fall in love with Wyoming,” LaCour said. “Sometimes people come here in the spring and it romanticizes them and then winter hits.

"It’s been really cool to see people come here and enjoy all the seasons and embrace Wyoming for what it is.”

Renée Jean can be reached at renee@cowboystatedaily.com.