Home Values Rising in Wyoming Amid Coronavirus Crisis
See how the housing market is doing in the Cowboy State during COVID-19.
Current home values in Wyoming
Home values have been rising throughout Wyoming and are up 11.8% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $698,418, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Wyoming: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $698,418 home at 3.33% would give a typical Wyoming homebuyer a monthly payment of $2,456, assuming a 20% down payment.
How the Wyoming housing market stacks up
Parents and son can take a break from their week and relax in a field in Wyoming
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Wyoming, they're predicted to rise 4.6%.
Homes right now are going on the market in Wyoming at a median price of $124 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Wyoming home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $255,359 |
| 2019 | $228,338 |
| 2018 | $220,433 |
| 2017 | $210,917 |
| 2016 | $208,333 |
| 2015 | $201,408 |
| 2014 | $192,783 |
| 2013 | $189,108 |
| 2012 | $184,275 |
| 2011 | $181,950 |
| 2010 | $182,592 |
| 2009 | $182,583 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Wyoming is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $310,066 |
| 2019 | $442,500 |
| 2018 | $425,000 |
| 2017 | $405,000 |
| 2016 | $400,000 |
| 2015 | $390,000 |
| 2014 | $372,500 |
| 2013 | $360,000 |
| 2012 | $352,500 |
| 2011 | $347,500 |
| 2010 | $350,000 |
| 2009 |
*2020 price average through March 31, 2020.
