What’s happening in the Cheyenne real estate market?
The Laramie County Housing Study was published by the Greater Cheyenne Chamber of Commerce during the month of October 2019. In the study, predictive statistics were utilized to see what the housing demand will be from 2019 to 2026. With a maintained population increase and with the existing inventory, along with the statistics of new homes being built annually, there is a deficit of 3,500 homes. Market value where the shortage resides the most is home values from $150,000 to $285,000. The Cheyenne Board of Realtors, Southeast Home Builders Association, City of Cheyenne, Laramie County and the Greater Cheyenne Chamber of Commerce are working toward solutions to supply the necessary housing to meet the needs of residents. FULL REPORT
Important to note in this study, this doesn’t include large jumps in population growth, but these factors are on horizon. FE Warren Air Force Base is in the process of being modernized. They are a missile base and will be updating their weapon system in the coming decade. This will result in a population increase with the volume of work coming to the area. Energy Industry is improving and has stabilized, this is a voluble industry that causes for fluctuation in population. It also impacts the housing market significantly and lodging in general. These are all aspects of the economy we stay informed about with our participation in the Wyoming Business Advocates. At RE/MAX we invest in this Greater Cheyenne Chamber of Commerce program, along with various other associations to make sure we are informed and prepared within the region for real estate trends. It is vital that we are not only aware of what is going to happen to impact us tomorrow, but years and decades from now. This is what helps us to guide our clients!
2019 has been a strong real estate market in Laramie County. There are several new land developments in the works. Using September MLS statistics, the average home price is now $297,000 and the average days on market for RE/MAX listings is 28 days.
At RE/MAX Capitol Properties, we are the right fit for you because we are invested in achieving your real estate goals. Whether you are looking to buy, sell or both, we can be that expert you need to make it a smooth process. We take our job seriously in that we always want to make your real estate experience a positive one and one to remember for all the good reasons. We invest in our education as real estate professionals and community members because we want to make sure we are aware of changes in the real estate market. Additionally, we want to make sure that you are taken care of every step of the way, we believe you will find our RE/MAX agents are truly engaged. We love our industry, our agency and we love our clients. In light of it being the holiday season, from our family to yours, peace of Christ be with you through the season and as you prepare for the new year ahead!