Wyoming Housing Market: September 2024 Analysis
The Wyoming housing market in September 2024 presents a dynamic landscape with significant shifts in pricing and sales activity. The Median Sales Price has surged to $531,600, marking a substantial year-over-year increase of 28.2%. This sharp rise in sales prices indicates a strong demand for homes, despite the broader economic conditions.
In contrast, the Median List Price has seen a modest increase of 3.4% year-over-year, reaching $555,200. This disparity between the sales and list price growth suggests that buyers are willing to pay more than the initial asking prices, potentially due to competitive bidding or limited inventory.
The median Price Per Square Foot has also experienced a notable rise, climbing 14.4% to $227. Meanwhile, the Median List Price per square foot has increased by 10.9% to $242. These figures reflect a robust appreciation in property values across the state.
However, the number of Homes Sold has decreased by 11.2% year-over-year, totaling 538 units. This decline in sales volume could be attributed to the limited inventory, which has decreased by 1.3% to 2,120 homes. Despite the reduced inventory, Pending Sales have risen by 4.5%, indicating a continued interest from buyers in the market.
New Listings have dropped by 9.9%, with only 643 homes entering the market. This reduction in New Listings, coupled with the decreased inventory, has contributed to a 40% increase in the Months of Supply, now standing at 3.9 months. This suggests a shift towards a more balanced market, though still favoring sellers.
The Median Days on Market have decreased by 17% to 46 days, highlighting the swift pace at which homes are being sold. The average sale to list ratio has slightly declined by 0.9% to 96.6%, indicating that homes are selling closer to their list prices. Additionally, the percentage of Homes Sold above list price has increased by 1% to 8.6%, further emphasizing the competitive nature of the market.
Price Drops have become more prevalent, with a 24.1% increase year-over-year, affecting 25.1% of listings. This trend suggests that some sellers may be adjusting their expectations in response to market conditions. Moreover, 29.8% of homes are going off the market within two weeks, a significant 28.6% increase from the previous year, underscoring the urgency among buyers to secure properties quickly.
Overall, the Wyoming housing market in September 2024 is characterized by rising prices and competitive buying conditions, despite a decrease in sales volume and New Listings. The market dynamics suggest a strong demand for homes, with buyers acting swiftly to secure properties amidst limited inventory.
