Wyoming Housing Market: November 2024 Analysis

The Wyoming housing market in November 2024 presents a notable decline in the Median Sales Price, which stands at $430,600, marking a significant decrease of 16.0% year-over-year. This substantial drop indicates a shift in market dynamics, potentially influenced by broader economic factors or changes in buyer demand.

Stability in Listing Prices

While the Median Sales Price has decreased, the Median List Price remains relatively stable at $451,600, experiencing a modest decline of 2.7% year-over-year. This suggests that sellers are maintaining their pricing expectations despite the downward trend in actual sales prices.

Price Per Square Foot Trends

The median Price Per Square Foot has seen a slight increase of 0.6% year-over-year, reaching $208. Conversely, the Median List Price per square foot has decreased by 0.9%, now at $214. These figures indicate a nuanced market where buyers are paying slightly more per square foot, yet list prices are adjusting downward.

Increase in Home Sales

Wyoming has experienced a 10.3% increase in Homes Sold, totaling 484 transactions. This rise in sales volume suggests a robust demand in the market, even as prices fluctuate. However, Pending Sales have decreased by 4.2%, indicating potential future slowdowns in closed transactions.

New Listings and Inventory Growth

New Listings have increased by 4.3% year-over-year, with 433 homes entering the market. Inventory has also grown by 3.4%, reaching 1,836 homes. This increase in supply could provide more options for buyers, potentially influencing future pricing trends.

Months of Supply and Market Dynamics

The Months of Supply have decreased significantly by 20.0%, now standing at 3.80 months. This reduction suggests a faster-moving market, where homes are selling more quickly relative to the available inventory.

Market Timing and Sale Ratios

The Median Days on Market have increased by 3.0% to 55 days, indicating a slight slowdown in how quickly homes are selling. The average sale to list ratio has improved by 1.5%, now at 97.2%, suggesting that homes are selling closer to their list prices. Additionally, the sold above list ratio has increased by 0.6% to 5.4%, reflecting competitive bidding in certain segments.

Price Adjustments and Off-Market Trends

Price Drops have slightly decreased by 0.7%, with 16.6% of listings experiencing reductions. Meanwhile, the percentage of homes going off-market in two weeks has risen by 6.1%, now at 27.5%, indicating a segment of the market where homes are selling rapidly.

Overall, the Wyoming housing market in November 2024 presents a complex landscape with declining sales prices, stable listing prices, and increased sales activity. The market dynamics suggest a competitive environment with varying trends across different metrics.