While Other Housing Markets Cool, Wyoming Keeps Climbing

While many housing markets across the country are finally tapping the brakes, Wyoming’s real estate engine is still humming along, Buffalo Bulletin reports.

From 2020 to 2025, home values in the state jumped 37.31%, according to an analysis by Cinch Home Services, which pulled from Zillow’s monthly “Zestimate” data. The biggest leap came just this past year, between August 2024 and August 2025 — even as some hot spots elsewhere started to slip.

Using Zillow’s machine-learning–driven estimates, Cinch calculated Wyoming’s average home value in August 2025 at $366,565.

For comparison, not every state is still climbing. Florida, one of the poster children of the pandemic housing boom, actually saw home values fall 5.13% over the same 2024–2025 period.

In Natrona County, the picture is a bit more nuanced.

Tommy Russell, a Certified Commercial Investment Member and Realtor with Coldwell Banker The Legacy Group, says he wouldn’t call it a buyer’s market just yet.

“We haven’t really seen home values go back down,” he said. “So I don’t think we’ve made that switch.”

But it depends on what price band you’re talking about.

• In higher-priced homes, there’s more inventory and more options — the kind of environment where buyers have more leverage.
• In the $150,000 to $250,000 range, demand is still strong and listings move fast, which feels much more like a classic seller’s market.

“So it’s hard to make that distinction for our market as a whole, when we have different things happening in different price ranges,” Russell said.

Interest rates are another factor people fixate on — sometimes without much context.

“Rates may seem less appealing compared to recent years,” he said, acknowledging the sting for buyers who missed the ultra-low era. “But when you look at rates historically, our rates are still in a really good position for people to be buying and selling. Of course, if someone bought over the last handful of years and has a rate pretty close to 3%, they’re loving it, right?”

Russell says the days of double-digit annual appreciation that defined the pandemic era are over. Values are no longer spiking — they’re flattening out into more of a plateau.

“I think a lot of it really does come down to supply and demand, and we have seen a large demand over the last five years,” he said. Builders who focused on new construction “had some really good years… They were building as fast as they could, but much like the rest of the nation, the demand outweighed the supply. And so because of that, it becomes really competitive and prices are driven up.”

He admits the moving parts can be confusing for anyone not watching the market every day.

“A lot of components to the real estate market — regardless of location — can confuse people,” he said.

Russell added that having a licensed Realtor active in the local market can make a big difference when you’re trying to time a purchase or sale.

Zooming out, much of Wyoming is still tilted toward sellers.

Annette Wedgewood, the outgoing president of Wyoming Realtors, says most communities in the state remain seller’s markets, largely because they’re anchored by industry rather than vacation homes.

“Many areas of our state are driven by industry rather than tourism, and those markets continue to experience limited inventory and steady demand,” she said.

The story flips in some of Wyoming’s tourism-heavy areas, where there are more homes on the market and properties taking longer to sell.

“In contrast, our tourist-driven communities are trending toward a buyer’s market, with higher inventory levels and longer average days on market,” Wedgewood noted.

Over the last 20 years, property values in Wyoming have steadily risen, and while appreciation has started to stabilize, she doesn’t expect prices to roll over any time soon.

She says bigger cities like Casper and Cheyenne tend to see more noticeable swings, but the broader trend is one of gradual normalization, not decline.

“I do think the market is starting to stabilize and become more balanced,” Wedgewood said, while still emphasizing that a broad downturn in values doesn’t seem likely in the near term.

Cinch Home Services summed up Wyoming’s trajectory this way in its release:

“Wyoming’s strong home value growth shows how smaller, less saturated markets continue to pick up in value despite broader market slowdowns.”

Meanwhile, markets like Florida — which saw explosive gains during and after the pandemic — are “adjusting after years of rapid appreciation.”

Nationally, Zillow is already predicting that US home values could edge down about 0.9% by the end of the year. If that happens, Wyoming may once again stand out as one of the holdouts in a cooling market: no longer surging at pandemic speeds, but still quietly gaining ground while other states start to give some of those gains back.