Realtors say the housing market in Wyoming is stabilizing, although no longer can most buyers find a home, shop and an acre of land for a few hundred thousand dollars.

During the COVID-19 pandemic, sellers could name any price and likely get it — meaning prices soared across Wyoming. 

In the years since, “crazy low interest rates … to mass exodus from the big cities to the county, to the polarized elections and the zig zag of the stock market” added to market anxiety and uncertainty, according to a 2025 Spring Trends Report on the Sheridan real estate market produced by Team Westkott at Concept Z.

But finally, the real estate market is getting healthier.

“We have realtors teaching their clients more realistic expectations, and how to price their home appropriately,” Desiree Young, a real estate agent with Concept Z Home and Property and director for the Sheridan County Board of Realtors, said.

“We’re getting further from that blip of history (in 2020). There is more consensus to get back on track, help our economy and help our neighbor,” Young said.

With nearly a year’s worth of stock available in Sheridan’s housing market right now — high for Wyoming — the median price of a home sold in Sheridan County was $442,500 according to an April 2025 market trends report by the Wyoming MLS. 

Housing inventory is a measure of supply and demand, marking the number of months it would take for all current homes for sale on the market to sell, given the monthly sales volume in an area.

In general, if a region has more than six months of inventory, it is considered a buyer’s market. An area with less than six months supply is considered a seller’s market. Sheridan County’s 11 months of inventory represents a 15.3% month-over-month increase in stock in the last year.

“There’s definitely a need for housing in Sheridan, and that need has called many (builders) to action. New subdivisions being built means more (houses) in the market,” Young said.

The median estimated property value in Sheridan County is $395,170, representing a 6.8% increase over the past year. The median price for homes sold in the county is $442,500, and the housing sector is currently considered a buyer’s market.

“I think realtors, sellers and buyers are coming together to say, ‘Hey, let’s work together toward a better market than what we’ve been experiencing since the pandemic’,” she said.

Interest rates that are stabilizing around 6%-7% also mean greater reliability, Young said.

“When rates were 3%, everyone was like, ‘We have to buy something right now.’ It was a rat race. Now that it’s not like watching the stock market, and I can help my buyers establish a budget between 6%-7%, we have clarity. We can move forward without having to guess what (interest rates) will be the next day when we make that offer,” Young said.

Numbers across Wyoming

Annie Wedgewood, president of the Wyoming Realtors and owner/broker of Altitude Real Estate, LLC, in Rock Springs, said that she also believes the real estate market across Wyoming is healthy.

“Each county has its own unique challenges and characteristics with respect to real estate. Many of the counties have three months or less of inventory, showing the strength of the market,” Wedgewood said.

Home values continue to be stable, but are increasing in areas where the inventory is low due to high levels of demand. One remaining challenge is that many people refinanced their homes at historically low interest rates, or made a purchase in the last four years.

“Many of those property owners are not interested in selling because they’re attached to the low interest rates,” Wedgewood said. “A reluctance or lack of motivation for owners to sell results in lower supplies of inventory.”

For the most part, list prices are not far from the sold prices. 

In Laramie County, the median estimated property value is $355,000, and the median sold price is $350,000. Values near the capital city have increased 3.4% in the last year. Laramie County is considered a seller’s market with only one and a half months of inventory available.

In Natrona County, there’s 1.63 months of inventory in the market, and the average home value is estimated at $285,920. That’s an increase of 4.1% in the last year. 

In Sweetwater County, there is 2.43 months of inventory in the market, and the average home value is estimated at $303,000. Values in southwestern Wyoming have gone up 3.7% in the last year.

Always an outlier, the median estimated property value in Teton County is $1.76 million. That’s a drop in 1.8% over the last month, but an overall 4.3% increase in value over the last year. The market in Teton County is considered balanced — with a slight advantage toward the buyer — according to Wyoming MLS data.

What about affordability?

Sheridan is experiencing a bit of a “split market,” meaning there’s more stock in the market in the upper price ranges, according to Young. No longer can people in Wyoming buy a home, a shop and an acre of land for $385,000. Many of the homes in Sheridan County are listed at $1 million and up.

“There is a little piece of the ‘Old West, American Dream’ people want to hold on to, and it is simply not out there,” Young said.

New subdivisions including Sheridan Hills and Covey Run feature list prices like $365,000-$385,000, for three bedroom, two bath homes at 1,200 square feet.

 “Affordable housing” is considered to be a home priced at around $385,000, according to Young, but that price tag can be unattainable for many homebuyers.

“With that number, you’re looking at $2,300 a month, and for people who are paying $1,200 a month in rent, that’s double that,” Young said. “People can have a hard time making that work, when they also have to carry homeowner insurance and pay their taxes.”

New developments like Weston Village, a land trust homeownership model led by the Sheridan County Housing Land Trust, offers a “unique opportunity for those who may have grown up here and have watched the housing market leave them behind,” Young said. 

Applicants for ownership in Weston Village must be able to qualify for a mortgage of about $275,000-$300,000 and will have to be able to make an out-of-pocket down payment of 3%.

“There are people who want to raise their family here, but are wondering how they will buy a house,” Young said. “To build homeownership, you have to start somewhere. … I’m really excited about what’s going on in Weston Village. That will be exceptional, and I have put it out to the MLS as a great opportunity for buyers with a tough budget.”

Ultimately Young said she thinks buyers, sellers and realtors will continue to collaborate to keep the market healthy. 

“Everyone has the same goal. The seller wants to sell and the buyer wants to buy. So, let’s get to the table and see how we can make both sides happy,” she said.