Wyoming housing market ‘remains reasonably strong’ despite higher interest rates

By David Beasley, The central square

(The Center Square) – Wyoming’s real estate market “remains reasonably strong” despite rising interest rates, according to the head of a group of Wyoming realtors.

Nationally, the once-hot real estate market is cooling, according to the Wall Street Journal reported recently. According to the Journal, April sales were the slowest since the housing market boomed during the COVID-19 pandemic. The median price of existing homes, however, rose to $391,200.

Wyoming is home to several different real estate markets, Wyoming Realtors CEO Steven Beazley told The Center Square, some of which are sheltered from rising interest rates.

“You have Teton County doing its job regardless of what the rest of the world is doing,” Beazley said. “That’s the highest per capita income, highest per capita assets in the state.”

The Cheyenne market also remains strong due to its proximity to the Denver area, he said.

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“You’re only a 30-minute drive from a few million people,” Beazley said. “They’ve been getting overflows from the Front Range area for several years.”

These hot spots in Wyoming were seeing multiple real estate deals long before COVID. In areas like Jackson, interest rates are really irrelevant in many cases, according to Beazley.

“Nobody borrows money for home loans, so they don’t care,” he said. “Rest of Wyoming the market is good, but I’ve been told that rising interest rates have slowed some things down.”

“Obviously the interest rate is a big issue,” Beazley added, referring to blue-collar workers. “It’s almost double. It always puts a little cramp on the market. But from what I can tell, the market remains reasonably strong. »

One factor that has kept the market strong is the ability to work from home, Beazley noted.

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“Overall, people moving to Wyoming bring the jobs with them,” he said. “They work remotely… It’s not quite as dependent on the local job market. It depends on local amenities.

The central square is a 501(c)(3) nonprofit organization focused on state and local government and economic reporting.

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