Could Wyoming RE be bubbling? (Cheyenne, Sheridan: real estate, house, construction)

[lluvia]

Interesting article...

Wyo. Real Estate - is there a bubble?

[jody_wy]

Real Estate is a game, for a lot of people

[rya700]

Wyoming does not require public reporting of real estate transactions like some states do so it is difficult for the average person to make an educated statement on whether there is a "bubble" or not.

[Dangerous Dave]

I think if Wyoming has an actual bubble that burst, the housing prices would go down to what is normal around the rest of the country for similar market sizes and incomes. When I lived in Sheridan, the housing prices were pretty much $100k higher than similar housing in most normal markets.

[BrighterDays]

Originally Posted by Dangerous Dave

I think if Wyoming has an actual bubble that burst, the housing prices would go down to what is normal around the rest of the country for similar market sizes and incomes. When I lived in Sheridan, the housing prices were pretty much $100k higher than similar housing in most normal markets.

I found the same to be true when I moved from North Carolina to Cheyenne. I am still taken aback at home prices here (for what you get). A $125,000 house where I came from in NC would be $225,000 (or more) in Cheyenne. In addition to that price difference the NC house (if an older home) would likely have updated plumbing/electric, etc whereas the Cheyenne home would have minimal work done to it since construction (i.e. no updates for 50-100 years).

It's all relative. What many people here see as a 'bargain' would sit on the market for years in NC unless the price came way down or improvements were made to enhance the value.

[Dangerous Dave]

Originally Posted by BrighterDays

I found the same to be true when I moved from North Carolina to Cheyenne. I am still taken aback at home prices here (for what you get). A $125,000 house where I came from in NC would be $225,000 (or more) in Cheyenne. In addition to that price difference the NC house (if an older home) would likely have updated plumbing/electric, etc whereas the Cheyenne home would have minimal work done to it since construction (i.e. no updates for 50-100 years).

It's all relative. What many people here see as a 'bargain' would sit on the market for years in NC unless the price came way down or improvements were made to enhance the value.

Cheyenne is one of the less expensive markets in the state, believe it or not. You can do pretty good for under $300k in Cheyenne, whereas in Sheridan, anything under 300k is considered "affordable housing", or at least it was when I lived there. I bought a fixer-upper next to a meth house for $250k, which, as you mentioned, had the original 1978 carpet, kitchen, even the microwave, which I didn't know there were microwave ovens at that time.


I think most of your sticker shock coming from North Carolina is due to the fact that, at least ten years ago, NC had some of the lowest housing prices in the nation. Granted, this may no longer be true because of the "Half-Backers" settling in the state. And Asheville is a big exception with the high home values. College towns are nearly always inflated.