Wyoming Real Estate: Your Questions, Answered - Wind River Realty (2024)
Wyoming is a unique and diverse state, and its real estate market is no exception. Get some insights into the Cowboy State’s real estate statistics from one corner of the state to the next!Interested in Fremont County Wyoming real estate statistics? Check them out here!
Frequently Asked Questions About Wyoming Real Estate
What is the average housing price in Wyoming?
According to the Wyoming MLS, the average price of homes sold in Wyoming in 2023 was $295,318.
According to the Wyoming MLS, as of April 2024, the average listing price of active properties in Wyoming was $456,564.
Why is housing so expensive in Wyoming?
Certain areas in Wyoming, like Jackson, are popular with both in-state and out-of-state buyers. With demand high and inventory low, housing prices in these areas outpace the prices in other parts of the state. Other cities in close proximity to national parks, like Cody, tend to be more expensive, too.
Where are the most expensive homes in Wyoming?
Jackson, Wyoming, has the highest real estate prices. According to Realtor.com, the median list price for homes in Jackson in February 2024 was $2.4 million.
Casper, Wyoming is one of the least expensive major cities to live in Wyoming. According to SoFi, home prices in Casper are 10 percent lower than the U.S. average.
What is the rental market like in Wyoming?
The rental market is tight in most Wyoming communities. Demand is higher than available units, which has caused a rental shortage in some towns. According to Zillow, the median monthly rent price in Wyoming is $1,049.
Is Wyoming good for real estate investment?
Yes. Wyoming has no income tax and low property taxes relative to other states. Demand for rental units is currently high, so purchasing units to rent could be a wise investment. Inventory of homes for sale is low, but if you can find a home to buy and flip, you could stand to make a good profit as move-in-ready properties tend to sell more quickly and for a higher price.
What is the average cost of living in Wyoming?
According to SoFi, the average cost of living in Wyoming in 2023 was $47,832. This is the lowest cost of living in the Rocky Mountain region.
Certain areas in Wyoming, like Jackson, are popular with both in-state and out-of-state buyers. With demand high and inventory low, housing prices in these areas outpace the prices in other parts of the state. Other cities in close proximity to national parks, like Cody, tend to be more expensive, too.
One of the significant advantages is the low tax rate in the state. Wyoming has no state income tax, no corporate income tax, and no inventory tax. This means that investors can keep more of their profits, making it an attractive destination for real estate investment.
Wyoming has among the lowest property taxes in the United States. The state's average effective property tax rate is 0.55%, 10th-lowest in the country (including Washington, D.C.).
What credit score do you need for an FHA loan in Wyoming? To qualify for an FHA loan in Wyoming borrowers need to have a minimum mortgage specific credit score of 580.
Cheyenne and Casper both offer families many of the conveniences of a bigger city without the expenses, traffic and busyness of a major metropolitan area. Another great option for families is Laramie, which has a low cost of living and is home to University of Wyoming.
The cost of living in Wyoming is 7% lower than the national average. Housing is 19% lower than the national average, while utilities are 13% lower. When it comes to basic necessities such as food and clothing, groceries are around 2% lower than in the rest of the country, while clothing costs 2% lower.
In 2024, the median sale price will keep increasing marginally due to WY's tight inventory. The sale-to-list price ratio is at 97.40%, with an increase of 0.1% pt YoY compared to September 2022. Home Sales: As per September 2023 data, home sales decreased by 10.4% YoY!
As of April 2024, the median home price in WY on single-family homes is $319,999. The median single-family home value for properties over the last 12 months is $330,914. Currently, the State of Wyoming has 21 properties in foreclosure and 5 REOs (real estate bank owned).
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