We have had a volume of people relocate to the Cheyenne area and Wyoming in general. Many have been pondering where they are moving from and why.
With the decentralization of the workforce around our country, we see an influx of people from other states, including Colorado, California, and Oregon. In today’s world, a person doesn’t necessarily have to report to an office every day. Many are either completely working from home or only going to their office once or twice per week.
In a housing report produced by the Southeast Wyoming Home Builders Association and the Greater Cheyenne Chamber of Commerce in 2019, Laramie County had a housing shortage of around 3,000 single-family homes. This report was looking ahead to 2025. This shortage will likely increase with the growing population on the horizon.
Some of the growth for the Laramie County area is due to the modernization of FE Warren Air Force Base, energy, and infrastructure. While much of the military’s growth won’t occur for another decade, we want to prepare our community. As for infrastructure and energy growth, it is already happening and isn’t going to stop anytime soon. The labor demand for this particular area is high and far exceeds the available workforce in the community. Thus, we will be seeing more individuals relocating from other states to fill this need if they are able. Without adequate housing in the Cheyenne area, they will have to find homes in neighboring communities like Wellington, Colorado.
If we can help it, we would love to grow our inventory in Cheyenne and offer more home options for those seeking to relocate. Our home inventory is currently at a record low, driving selling prices up (average in 2020 was $322,000) and increasing demand for builders. The cost of building homes has increased by 8% due to the cost of building supplies and demand changes. We expect costs to continue to rise.
Nationally, 14-23 million people are predicted to move in the next 12 months. Of those moving, 54% are likely to relocate two hours or more away from a major city. In the past 30 years, this is double any tracked number.
What does this mean for you and our community?
- Homes prices are increasing rapidly, with a 9% increase in home prices in 2020.
- Many of you will be welcoming family and friends home to our great State of Wyoming because many markets are far exceeding the purchasing power of a variety of homebuyers, and we have an excellent quality of life.
- If you are considering a move, you will enjoy the seller’s market we are experiencing.
- As a buyer, you will enjoy the historically low interest rates we have been seeing for some time now, and the “cost of living” in Wyoming is favorable and enables our citizens to live a more financially independent lifestyle.
- As a community we can expect to see growth, which will bring good change like jobs and hard change like traffic.
At RE/MAX Capitol Properties, we are here to serve you anywhere locally, regionally, and nationally as you, your family members, and friends make a move. With our global network, we can connect you with a full-time, top producing agent anywhere in the world. We can vet the agent for you so that you can trust you are in good hands wherever life leads you.
We find great joy in the experiences a global network brings. One of our agents is currently assisting active-duty military or civilian-military families relocating to Cheyenne from Japan, Italy, and Germany. We have the pleasure of learning more about other markets and trends than we could learn from only our Laramie County market experience. It allows us a bigger picture to help our real estate professionals and clients know what to expect and what is happening in other markets.
When Steve joined the RE/MAX brand in 2002 and we purchased the franchise in 2012, we didn’t do it because we had to. We did it because we wholeheartedly believe in the leadership, tools, technology, training, and top agents RE/MAX attracts, so we could feel secure knowing we are part of the best and able to bring the best to our local agents and clients.
If you have any questions about what we are seeing and expecting in our local market, give us a call. If you need to buy or sell a home, need help for a family member or friend moving to our area, or need a warm referral to another location, please connect with us today. Call 307-635-0303 or visit our resources online.