Buying a Single Family in Wyoming is Getting More Expensive

The statewide single-family home price increased 5.5 percent in the second quarter of 2024 compared to one year ago, moderately faster than the previous quarter, according to the State of Wyoming Economic Analysis Division.

The national average price appreciation, however, decelerated to 5.7 percent during the same period.

In Wyoming, single-family building permits for new privately-owned residential construction in the second quarter of 2024 were 12.6 percent higher than the previous year, while multi-family units advanced 66.7 percent.

Natrona County's average single family home in June 2024 was 5.3% higher than the year before at $294,800.

Laramie County's average home value, for comparison, was $373,400 in June 2024, 1.6% higher than June 2023.

"Amid a scarcity of homes on the market, U.S. housing prices continued to climb, and the overall housing market is still overpriced" wrote the Chief Economist, Wenlin Liu.

"The principal reason is the extremely tight inventory for sale, which sits at about half the level of a balanced market. The majority of existing homeowners are tied to extremely low interest rates, greatly reducing their motivation to sell their properties."

"With affordability at a four decade low, the anemic demand has resulted in the slowest existing-home sales since the 2008 financial crisis."

"Though the overheated valuation will exert downward pressure, house prices will probably remain relatively stable because of supply constraints. Home affordability is expected to improve over time through gradual income increases, reduced interest rates, and flattening or decreasing home prices."