When we are asked, “how’s the market?” it’s a long answer. It’s complicated. There has been a shift. The increased interest rates have priced some buyers out of the market, increased inventory is giving buyers more options and the list to sales price ratio is still close to or at 98% for the last 30 days. But, the pace and multiple offer scenarios have eased.
When we look at the stats for Laramie County’s real estate market update October 2022, we see 158 homes sold, with an average of 24 days on the market and the average sales price was $393,203. As the market is normalizing, inventory is at a level that allows buyers more choices when searching for a home to buy. The current inventory is less than the pre-pandemic inventory of homes for sale. Rising inflation, and rising interest rates are changing the landscape of the market, but as life continues to happen buyers are finding new opportunities. After sales prices skyrocket over the last two years, we find the market is still ahead of historical appreciation metrics. Overall, while prices are stabilizing the historical appreciation, the sellers have seen cannot be ignored. If you are interested in learning more about how Cheyenne and Laramie County’s ever-changing market is impacting your ability to buy or sell a home or what the market has done for your home’s equity, please give us a call to speak with one of our real estate professionals at 307-635-0303. Or take some time to browse our website where you can search all homes for sale in Laramie County, find Cheyenne’s weekly open houses and you can calculate your mortgage, or you may just need information on how to buy or sell a home! You’ll also be able to contact a Cheyenne realtor on our website.
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Whether you are ready right now or just considering your options, give us a call! It is still a great time to buy and/or sell real estate in Laramie County.