How Much Does the Average House Cost in Wyoming?

Wyoming’s diverse real estate market requires understanding more than simple averages. For those considering a move or investment, exploring statewide trends and localized variations provides a clearer picture of what to expect. This helps potential residents and investors make informed decisions within Wyoming’s evolving housing landscape.

Statewide Average Housing Costs

Wyoming’s housing market has shown appreciation. As of early 2024, the median home price across the state was approximately $430,000. Other reports indicated median sale prices ranging from $275,000 to $317,000 in 2024, with significant year-over-year increases.

For single-family homes, the median price in June 2025 was $348,651. The average home value was $370,629, a 5.3% increase over the past year. The average price per square foot was around $198.

Factors Influencing Housing Prices

Several factors influence Wyoming’s housing market. Low housing inventory drives demand and affects pricing. This limited supply means fewer choices for buyers, often leading to competitive bidding and upward pressure on prices.

Economic conditions play a substantial role, particularly Wyoming’s reliance on energy, agriculture, and tourism. A stable economy and job growth support a healthy housing market by attracting residents and fostering demand. Fluctuations in these sectors can affect property availability and pricing.

Interest rates significantly impact housing affordability. Higher mortgage rates deter borrowing, making home purchases more expensive and potentially cooling market demand. Existing homeowners with lower rates may be disincentivized from selling, further contributing to low inventory.

Wyoming’s tax structure is another factor. The state does not impose a personal income tax, which can increase housing demand. Property taxes in Wyoming are among the lowest in the United States, with an average effective rate of 0.58%, considerably below the national median. This lower tax burden reduces the overall cost of homeownership, making properties more appealing. Residential property is assessed at 9.5% of its fair market value.

Population trends, including growth and net migration, contribute to housing demand. More people moving into the state, coupled with limited new construction, sustain competitive market conditions. New home construction has not kept up with increasing demand, exacerbating the supply shortage.

Regional Variations in Housing Costs

Wyoming’s diverse geography leads to significant variations in housing costs across its regions and cities. Cheyenne, the capital, consistently ranks among sought-after locations. As of April 2024, homes in Cheyenne were selling for a median price of around $338,500, with a median listing price of approximately $450,000. This is slightly higher than the state’s overall median.

Casper has also seen its housing market rise. In February 2024, the median home price in Casper was $276,000, a 6.2% increase compared to the previous year. The median listing home price was $340,000, trending up 13.5% year-over-year. Casper generally remains more affordable than the statewide average.

Sheridan presents a different picture, with a median sale price of $413,000 in July 2025, up 3.4% compared to the previous year. The median listing home price was higher at $554,500. These prices position Sheridan as one of the more expensive markets within the state.

Areas like Teton County, home to Jackson Hole, are known for significantly higher property values. Teton County residents face the highest median property tax payments in the state, averaging $5,462 annually. This reflects robust property values. Niobrara County maintains the most modest property tax burden, at $731 annually, indicating lower property valuations.

Current Market Trends and Outlook

The Wyoming housing market is characterized by strong competitiveness and upward trends in home prices. In September 2024, home prices were up 31.0% compared to the previous year. This surge is attributed to low inventory and sustained demand. Homes spend a relatively short time on the market, around 22 to 29 days, signaling a fast-paced environment.

Sales volume has also increased. For example, the number of Wyoming homes sold increased by 23.1% in January 2024 compared to the previous year. Despite these increases, the market remains tight, with inventory dropping. This creates a seller’s market where properties often receive multiple offers, and some buyers pay above the listing price.

The outlook suggests the market will remain competitive. While price increases might slow if interest rates continue to rise or economic conditions shift, demand is expected to persist. The market’s resilience, coupled with its attractive tax environment and population growth, points towards continued stability and potential for long-term value retention.