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Inventory for homes are shrinking yet home sales increased by 2.3%.
With this increase in home sales also comes an increase in price because the demand is driving up the market. Year over year the median sales price increased by 7.5% (a 3% increase month over month). Something else interesting is there is a supply of homes listed currently to last 2.5 months and market standard for a healthy amount of supply is 6 months. Therefore the market has available only about a third of what is needed.
A common conversation currently for the City of Cheyenne is the need for more housing for a certain income level. There is currently a deficit, so alternative options are being discussed like creating different types of apartment and community living options. Another option being explored is condos but currently these are difficult to finance through banks because there are no comps.
Check out the full report by watching the video or download the report.
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If you have real estate questions or you are ready to buy or sell a home, then please give us a call at 307-635-0303 or visit us online at CheyenneHomeStore.com and we’ll be ready to assist you!