Wyoming Real Estate

Wyoming is a scenic, yet rustic state. Thousands come each year to visit Yellowstone National Park and view its breathtaking mountain ranges, mighty rivers, and diverse landscapes. Agriculture is a main staple for this state and of its 62.1 million acres, 34.4 million are used for farming.

Wyoming’s real estate market is remarkable affordable and varies by location. From vast amounts of open land to solid single-family homes in urban areas, prices range from $33,000 to more than $450,000. Some resort areas such as Jackson Hole command a slightly higher price, but offer different types of housing from condominiums and town homes starting at $71,000 to huge estate properties valued at over 10 million dollars. Wyoming does have added benefits for relocates, in that the state has no state income tax and property taxes are relatively low.

Wyoming has the lowest population of all 50 United States. Last year the state’s population was 509,000 residents. Most of these people live in the country, with 354,000 living in the country and 154,000 living in urban areas. There were 223,000 housing units in the state in 2000, of which 140,000 dwellings were in urban areas. This was up 10.1% from 1999, which means there has been a high increase in construction and more people are buying homes. Between 2005 and 2006 there has been 37,000 new homes constructed. Homeownership is high with 70% of residents owning their own home. The median price of a home, in Wyoming, is $96,900.

In Wyoming’s capitol city of Cheyenne, it is a buyers’ market. Homeowners are dropping their prices for the first time this year, and now is a hot time to buy. The average listing price of a home is $173,115 and the average selling price is at $170,599. The average staying time on the market is 67 days. New construction is also prevalent in this area.

In the highly sought after area of Jackson, the average home price is nearing one million dollars. There is a shortage of homes in the area and because the government owns much of the area, the shortage will probably stay in effect. Lower priced homes are very sought after and higher priced homes are seeing listing prices go up over 20% in the last year.