Laramie County residential market can be summed up in one word for 2021, fast!
The average days a property was on the market for RE/MAX Capitol Properties was 14 days, and this was compared to 18 days in 2020. This is less than how long homes have been on the market throughout Laramie County by 6 days in 2021. The average price for homes sold in 2021 was $364,050, an 11% increase from 2020, in $322,058. The total number of homes sold was 2,259, only 6 more than what was sold in 2020.
Much of this activity is due to the housing supply shortage. There is a nominal quantity of homes for sale, causing inflation on the home prices. These economic forces can cause some challenges in the negotiation process. Buyers have to make very appealing offers to be competitive, and cash buyers are more frequent to come by for sellers because of the in-migration. Another reason why the sales prices remain on the rise is because the builders and developers cannot alleviate the market by increasing the supply. They are experiencing challenges related to supply chain and labor shortages.
Going into 2020, Cheyenne and Laramie County was already experiencing a housing shortage. Not providing more housing in the last few years increased this problem exponentially. Therefore, once the pressures decrease even at a nominal rate, those still engaged in the industry will be able to ramp up supply and will be guaranteed a significant amount of supply. Cheyenne in particular because the increase in remote workers will increase the number of people moving out of large cities and to more affordable communities. Therefore, job opportunities don’t have to be here in Cheyenne directly, just an affordable lifestyle. That said, in the coming months, we will see more remote workers coming to the area to make their dollars stretch, and we will see more creative home renovations in the interim until we can get actual new homes built.
Ready to make some movement in the market? Give us a call or stop by and pay us a visit!
4000 Central Ave, Suite #1
Cheyenne, WY 82001