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Market Update Q1 2023

If you’re interested in the real estate market in Cheyenne, you might be curious about the latest numbers for the first quarter of 2023. In this blog post, we’ll go over some of the most important data and give you an idea of what to expect if you’re thinking about buying or selling a home in the area.

First, number of transactions: In Q1 2023, there were 315 homes sold in Laramie County, which is down from the 447 homes sold in the same period last year. While this might seem like a significant decrease, it’s essential to remember that the market can fluctuate, and the numbers can change from year to year.

Next, average home price sold: In Q1 2023 the good news is that the average price is slightly higher than last year’s first quarter, with homes selling for an average of $398k compared to $388k. This increase is encouraging for sellers and indicates that the market is holding up well.

Finally, days on market: It’s taking a little longer for homes to sell this year, with an average of 45 days on the market. This means there are fewer buyers in the market right now, which could be attributed to a variety of factors, including economic conditions, inflation and interest rates.

If you’re thinking about selling your home, there’s no need to worry. Our Complete Listing Program can help you get your property maximum exposure, even in a market with few buyers. While we can’t create buyers, we can guarantee that your home is seen by as many potential buyers as possible.

On the other hand, if you’re a buyer, you might be happy to know that there is currently more housing inventory available than there was a year ago. This means that you might have more choices when it comes to finding your dream home. However, it’s important to keep in mind that interest rates are currently in the mid-6%, which could impact your budget.

The Cheyenne real estate market is holding up well, with a slight increase in average home prices and more housing inventory available, with several new construction homes. While the number of transactions is down compared to last year, there are still opportunities for both buyers and sellers in the area. If you need any help with your real estate needs or have any questions, don’t hesitate to give us a call. We’re here to help.

RE/MAX Capitol Properties Broker/Owner, Steve Prescott, summed up real estate in Cheyenne in his latest video.

To search all homes for sale in Cheyenne and Laramie County register on our website; where you will also find tips for buying a home, selling a home, calculating a mortgage, find out what your home is worth, read our blog and connect with a Cheyenne realtor.

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