The housing market in Wyoming continues to face high home prices, a trend that has persisted since the COVID-19 pandemic, County 17 reports.
As of late 2024, single-family home prices in the state increased by 8.2% compared to the same quarter in 2023. This growth rate surpasses the national average, where single-family home prices rose by 4.5% during the same period.
According to the Wyoming Economic Analysis Division (EAD), the persistent increase in home prices is largely driven by a shortage of available homes. The number of homes for sale in Wyoming is about 25% lower than it was before the pandemic. This scarcity of listings, combined with many existing homeowners being locked into low interest rates, has reduced their incentive to sell.
“Most existing homeowners are tied to extremely low interest rates, significantly reducing their motivation to sell their properties,” the EAD explained. “With affordability at a four-decade low, the anemic demand has resulted in one of the slowest existing home sales since the 2008 financial crisis.”
Despite these conditions, the EAD projects that while the overpriced market will exert downward pressure on prices, the supply constraints are likely to keep home prices relatively stable in the near future. The division suggests that home affordability could gradually improve over time due to income increases, reduced interest rates, and flattening home prices. However, this shift is expected to be slow, with the market remaining challenging for prospective homebuyers in the short term.
