Wyoming Housing Market Analysis - July 2024
The Wyoming housing market in July 2024 presents a nuanced picture with varying trends across different metrics. The median sales price for homes in the state stands at $420,100, reflecting a modest year-over-year (YoY) increase of 1.3%. This indicates a slight appreciation in home values compared to the same period last year.
Conversely, the median list price has seen a significant decline, dropping by 7.7% YoY to $559,400. This suggests that sellers may be adjusting their expectations in response to market conditions. Despite this, the median price per square foot has risen by 7.9% YoY to $244, indicating that buyers are willing to pay more on a per-square-foot basis.
In terms of market activity, the number of homes sold has increased by 4.0% YoY, reaching 629 units. Pending sales have surged by 18.4% YoY to 714, suggesting strong buyer interest and potential future sales growth. However, new listings have slightly decreased by 1.5% YoY to 797, which could indicate a tightening supply.
The inventory of homes available for sale has decreased by 7.0% YoY to 2,084 units, contributing to a reduced months of supply, which now stands at 3.3 months—a sharp 40.0% YoY decline. This reduction in supply could lead to increased competition among buyers.
The median days on market have decreased by 22.0% YoY to 38 days, indicating that homes are selling faster than they did a year ago. The average sale to list ratio is slightly down by 0.6% YoY to 98.1%, suggesting that homes are selling close to their listing prices.
The percentage of homes sold above list price has decreased by 4.3% YoY to 8.1%, while the proportion of price drops has increased significantly by 25.5% YoY to 25.6%. This indicates that while fewer homes are selling above list price, more sellers are reducing their asking prices to attract buyers.
Finally, the percentage of homes going off the market within two weeks has increased by 32.9% YoY to 34.9%, highlighting a brisk pace of sales activity.
Overall, the Wyoming housing market in July 2024 shows a mix of rising prices per square foot and increased sales activity, coupled with a tightening supply and faster sales times. However, the decline in median list prices and the increase in price drops suggest that sellers may need to be more flexible in their pricing strategies to attract buyers in this competitive market.
