Wyoming’s real estate market reflects a complex landscape marked by rising home values, tight inventory, and notable regional disparities. Here’s a detailed overview:
🏡 Statewide Market Overview
-
Median Home Value: The average home value in Wyoming is approximately $362,981, representing a 5.6% increase over the past year.
-
Median Sale Price: As of March 2025, the median sale price was $330,974, while the median list price in April stood at $414,667.
-
Inventory Levels: In April 2025, there were 2,426 homes for sale in Wyoming, with 695 new listings added that month.
-
Days on Market: Homes are moving relatively quickly, with a median of 35 days from listing to pending status as of April 30, 2025.
📈 Market Dynamics
-
Sale-to-List Price Ratio: The average sale-to-list price ratio is 98.3%, indicating that homes are generally selling close to their asking prices.
-
Price Adjustments: Approximately 12.1% of homes sold above list price, while 60.4% sold below, reflecting a market where pricing strategies are critical.
-
Affordability Concerns: The state’s chief economist has labeled the market as “overpriced,” with about 11% of buyers paying over the list price, highlighting affordability challenges amid low inventory.
🌄 Regional Highlights
Jackson Hole (Teton County)
-
Luxury Market Surge: Jackson Hole continues to experience a booming luxury market, with median home prices reaching $3.4 million in 2023, doubling from 2019. Some properties now exceed $10 million, driven by limited land availability and high demand from affluent buyers.
-
Inventory Constraints: Approximately 97% of Teton County is public land, severely limiting available real estate and contributing to soaring prices.
Alpine (ZIP Code 83128)
-
Median List Price: In April 2025, the median list price in Alpine was $896,500, with a median price per square foot of $454.
-
Market Activity: The area saw a 15.8% increase in homes for sale from March to April 2025, indicating a slight easing of inventory constraints.
🔮 Market Outlook
Wyoming’s housing market is expected to maintain its upward trajectory in home prices, albeit at a moderated pace due to rising mortgage rates and slight increases in inventory. The market remains competitive, especially in high-demand areas like Jackson Hole, where demand continues to outpace supply. Buyers may find more opportunities in smaller communities and rural areas, where inventory is gradually improving.