Wyoming Real Estate Market Trends (2020)Dec 142020
The Wyoming real estate market was in a precarious place in spring earlier this year. I for one was concerned about how the effects of the covid pandemic were going to take hold on our industry - and our community.
Many predicted a significant downturn, however now we’ve seen quite the opposite taking effect. The demand for Wyoming real estate has only intensified in the months following spring, leading us to possibly our busiest summer ever.
As a homeowner, it’s important to know the trends taking place in the market to make the most out of your property and its value. If you are considering entering the fray, we hope this market insight can give you an edge in your next real estate venture.
New Trends in Wyoming Real Estate in 2020:
1. Higher Demand For More Livable Space, Indoors and Outdoors
Now that many people are either working or attending school from home, there is visible demand for additional rooms to accommodate home offices and the like. More privacy in the form of separated living spaces area also appealing to buyers.
The urban flight has also put sharper focus on outdoor amenities. Wyoming residents have always placed a premium on public land access for recreating, fishing and hunting. Properties offering these types of access are even more in demand across the state. Overall trends seem to be pivoting towards a higher quality of life native to the cowboy state, one with maximal outdoor recreational opportunities.
2. Record Residential Sales Across The State
All across the state, counties are seeing record home sales and swift-moving markets. Since early 2019, the average home price in Wyoming has risen by nearly 10%. Our town of Cody has seen its busiest real estate season in years along with other Wyoming towns such as Sheridan, Cheyenne, Casper, Jackson, and Laramie. Both affordable homes (under $300,000) and the high-end markets are seeing elevated activity and competition.
3. Higher Competition Among Buyers:
As housing demand in rural markets has soared, we find ourselves in a steep seller's market. Home prices are steadily increasing in the face of low supply and record lows in mortgage rates. Two new factors specific to 2020 stick out: we are seeing more applications for homes sight-unseen and distinct interest from out-of-state buyers.
Virtual home showings are reducing the barriers to the buying process as many seek to leave behind urban areas with strict covid-era restrictions. We've all heard or seen it in the news: people are leaving cities to settle in rural America. Wyoming is attractive as ever with its low tax structure and relatively affordable cost of living. Our web traffic data shows that interest in Northwest Wyoming real estate has grown significantly out-of-state. Interest from California buyers has outpaced in-state interest, with Texas, Colorado, Utah, and Florida following Wyoming.
4. Growing Demand for Experienced Agents:
A mismatch in high homebuyer demand and low housing inventory has created an environment where it is not uncommon to see multiple bids on homes. We have seen some serious bidding competitions for Wyoming homes as of late. It's understandable that as a result, it is more desirable for buyers and sellers alike to partner with top-performing agents. With things in the housing market moving so swiftly, clients are seeking experienced agents whose confidence and finesse will be crucial to seeing success in their real estate ventures.
5. Sustained Market Activity Going Into Winter and 2021
Winter historically means low housing inventory in Wyoming, leading to higher median sale prices. The market generally ramps up as we approach summer and peaks in the late spring. Typically in spring we see new listings increasing, a higher volume of sales, and fewer days on the market. We have yet to see if this remains to be true for the new year, but so far all signs show heightened market activity.
All trends point to one fact for Wyoming homeowners: now is a really good time to sell.
Demand for rural properties with acreage and recreational access is outpacing the supply of homes. Interest in Wyoming real estate appears to be amplifying as we enter into the new year. Approaching spring, the traditional home-buying season, expect a strong market and residual competitiveness.
One thing is for certain - it appears that the rest of the country is catching on to what makes Wyoming such a great place to live!
Read more about Wyoming real estate market trends in 2020 in this article featuring us by the Cody Enterprise:
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