Why are housing prices rising in Wyoming and what is causing it?

Home prices in rural Wyoming have soared as wealthy Americans flock to the area, drawn by outdoor activities and an escape from city life.

The average single-family home in Jackson and Teton County costs more than $7 million, Cowboy State Daily reports. According to the Jackson Hole Q1 2024 report released by Viehman Group, sales in Jackson were up 10 percent year over year and dollar volume up 62 percent.

The number of properties was up 14% year on year to 150 properties, but this is the third lowest figure recorded on the market, indicating demand for homes in the area is outpacing supply. “Today (in Jackson) we have 1.2% of our properties on the market. We have almost 13,000 transactions, but we only have 150 listings,” David Wichman said on his podcast about the report.