The Wyoming housing market in February 2025 presents a dynamic landscape with notable shifts in pricing and sales activity. The Median Sales Price has surged to $483,800, marking a significant year-over-year increase of 16.9%. This substantial rise indicates a robust demand for homes in the state, despite broader economic uncertainties.

In contrast, the Median List Price has seen a more modest increase of 4.8% year-over-year, reaching $466,900. This disparity between sales and list price growth suggests that buyers are willing to pay a premium, potentially due to limited inventory or competitive bidding situations.

The Price Per Square Foot has also experienced upward momentum, with the median Price Per Square Foot climbing to $241, an 11.1% increase from the previous year. Similarly, the Median List Price per square foot has risen by 6.3% to $247, reflecting a consistent appreciation in property values across the state.

Sales activity has been mixed, with 383 Homes Sold, representing an 8.2% increase year-over-year. However, Pending Sales have decreased by 12.7%, totaling 503. This decline in Pending Sales could indicate a potential slowdown in future transactions, possibly influenced by the reduced number of New Listings, which have dropped by 6.1% to 495.

Inventory levels have slightly decreased by 2.3% year-over-year, with 1,480 homes available on the market. The Months of Supply have dramatically decreased by 40.0%, now standing at 3.9 months. This sharp decline suggests a tightening market, where demand outpaces supply, potentially driving further price increases.

The Median Days on Market have increased by 3.0% to 68 days, indicating that homes are taking slightly longer to sell compared to the previous year. This could be a result of buyers becoming more discerning or the impact of higher prices on affordability.

The average sale to list ratio has seen a slight decrease of 0.5%, now at 97.1%, suggesting that homes are selling closer to their list prices. The sold above list ratio has also declined by 1.9% to 5.7%, indicating fewer homes are selling above their asking prices compared to last year.

Price Drops have increased by 2.7%, with 15.9% of listings experiencing reductions. This trend may reflect sellers adjusting expectations in response to changing market conditions. Additionally, the percentage of homes going off the market in two weeks has seen a marginal increase of 0.5%, now at 30.7%, suggesting that a significant portion of homes are still being snapped up quickly.

Overall, the Wyoming housing market in February 2025 is characterized by rising prices and a competitive environment, despite some signs of cooling in sales activity and inventory levels. Buyers and sellers alike should remain vigilant and adaptable to the evolving market dynamics.