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July 27, 2024

Thermopolis, WY - Real Estate Market Overview 2024

Zoe Harper

Marketing

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Thermopolis, Wyoming, is special in the real estate world, with many kinds of homes. It's home to 2,702 people, making it the 28th largest town in WyomingThermopolis, Wyoming, is special in the real estate world, with many kinds of homes. It's home to 2,702 people, making it the 28th largest town in Wyoming¹. For those looking to buy or sell, knowing the latest market trends is key. In June 2024, the median list price hit $333,000. That's $193 for each square foot, showing the market is stable.

In Thermopolis, buyers and sellers find a fair market. The town has an average income of $34,307¹. This makes it a good spot for many looking to buy a home. People should talk to real estate pros in Thermopolis for the best advice, although this info helps get you started.

Key Takeaways

Thermopolis has a population of 2,702, making it the 28th largest community in Wyoming¹.
The median list price as of June 2024 is $333,000, or $193 per square foot.
The per capita income in Thermopolis is $34,307, classifying it as a middle-income area¹.
Thermopolis real estate features a range of property types, from single-family homes to new constructions.
Consulting with a local licensed real estate professional is advised for tailored market insights.

Thermopolis shines in Wyoming's real estate scene, with both stability and variety in homes. It's smart for buyers and sellers to keep up with the local housing trends. This way, they can make smart property decisions in Thermopolis, WY.

Introduction to the Thermopolis, WY Real Estate Market

Thermopolis, WY stands out as a stable real estate market with a cozy, small-town vibe. It attracts buyers and investors for its historical landmarks and natural hot springs. Add a strong community spirit, and you see why people are interested in Thermopolis property investment.

Pitchfork Ranch expands the area's appeal with its vast 96,115 acres. This ranch alone offers varied property types and investment chances. It includes large chunks of land under different ownership forms and boasts over 1,100 acres of irrigated land. Its modern equipment produced a significant amount of hay in 2023², enhancing the area's agricultural appeal.

Conservation efforts at Pitchfork Ranch show Thermopolis's dedication to the environment. Protective easements guard much of the area, yet allow some development². This balance makes Thermopolis property investment even more appealing for those looking for lasting value.

The presence of top-grade water rights, demonstrated by modern irrigation equipment at Pitchfork Ranch², boosts the real estate market's attractiveness. It signals stability and strong farming output for Thermopolis home buying. This makes the area a smart choice for investment.

Grasping the local real estate dynamics is crucial. Taking a closer look at listing prices and housing availability offers deep Thermopolis housing insights. Such understanding supports smart, informed investment in Thermopolis's promising real estate scene.

Current Median List Prices in Thermopolis

The real estate market in Thermopolis remains steady as of June 2024. Homes with different sizes show similar growth trends. For instance, two-bedroom homes are listed at $135K, while three-bedroom homes are going for $334K. This shows the market is stable and reliable, which is great news for buyers and investors.

Prices by Bedroom Count

The price of homes in Thermopolis varies with the number of bedrooms. Apart from two and three-bedroom homes, prices are distinct.

One-bedroom homes are typically listed at around $90K.
Four-bedroom homes often have list prices averaging $395K.

This gives buyers a clear picture of what to expect for different sized homes.

Comparison to Nearby Cities

When we look at Thermopolis' prices and compare them with nearby areas, a pattern emerges. Thermopolis and Thermopolis West have similar median home prices. This similarity shows the whole area's real estate market is stable. Whether you're investing or looking to buy a home, this could be advantageous.

Housing Supply in Thermopolis, WY

The number of homes for sale in Thermopolis, WY, has been steady these last few months. From May to June 2024, the market did not change much. There were three homes up for grabs³.

Number of Homes for Sale

This steadiness means buyers have good options in Thermopolis. Homes being consistently available shows the market is balanced³.

Homes for Sale by Bedroom Count

Properties in Thermopolis are evenly spread across different sizes. The count of two-bedroom and three-bedroom homes hasn't changed much. This lack of change keeps the market stable³. It makes Thermopolis an attractive place for new homebuyers.

Days on Market for Thermopolis, WY

The time homes stay on the market in Thermopolis has increased. It went up from 92 days in May to 122 days in June 2024. This 32.4% jump means homes are taking longer to sell.

This change might be because of the time of year or how buyers are acting. To understand what's happening, you can check the Thermopolis market velocity.

For those selling or buying, it's important to notice these trends. A longer selling time is part of a bigger movement in the local real estate scene. A deep dive into why this is happening can show if it's because of the economy or something local.

Now, Homes might take more time to sell. This is important for real estate experts to know. Sellers might have to think differently about how to sell their homes. They should consider things like price, how the home looks, and when to sell.

With homes ranging from $45,000 to $1.5 million, sellers need to keep up with the market. Understanding the market can help sell a home. Since homes are taking longer to sell, buyers might have a better chance to negotiate. This can affect the sale price and the deal's terms.

Thermopolis Housing Market Competitiveness

The Thermopolis housing market is not very fierce. Homes often sell for 6% less than their asking price. They usually take 78 days to get an offer. This shows the market is slower than in other places⁴. According to the Thermopolis Redfin Compete Score, it's rare for homes to get multiple offers⁴.

Redfin Compete Score

The Thermopolis Redfin Compete Score gives us a look into the housing market over the last year. It tells us it's not very competitive. This information helps buyers and sellers know what to expect regarding bidding wars and negotiation leverage⁴. So, in Thermopolis, buyers usually have the upper hand.

Recent Sale Prices and Trends

Latest figures show the median sale price for homes in Thermopolis is $209,000. This is a 7.2% drop from last year⁴. The cost per square foot has slightly gone up, now at $124, a 1.2% increase⁴. Even so, the average square foot price stands lower at $85⁴. This is in contrast to homes nearby, which list for between $229K and $675K and have an average of $140 per square foot⁴.

Recent sales range from $65K to $349K. The average price is about $125 per square foot. This shows the varied pricing trends in Thermopolis⁴.

Housing Market Trends in Thermopolis

The housing market in Thermopolis shows interesting trends for those looking to buy or invest. The median list prices have been stable recently. This matches the wider trend in Thermopolis, where homes are priced to attract buyers.

One key fact about the Thermopolis market is that homes are taking longer to sell. This is good news for buyers. They get more time to think over their decisions. With homes on the market longer, there's no need to hurry through the buying process.

Looking at home construction costs in Wyoming also tells a story. To build a house here, it roughly costs $145.21 per square foot. Total costs can hit around $440,420 when you add materials, contractor fees, and permits⁵. This info helps those thinking of building a new house or buying one already built.

The average home sale price in Wyoming is $340,229. Those buying in Thermopolis can choose between new builds or existing homes⁵. Stable prices and longer listing times benefit buyers greatly.

Keeping an eye on these trends is key for those interested in Thermopolis's market. The balance between stable prices and longer selling times shapes the market. It offers chances for both buyers and sellers to make smart moves. For detailed Thermopolis market insights, it's crucial to monitor these ongoing trends. The interplay between consistent list prices and extended market times will continue to shape the local real estate landscape, providing strategic opportunities for both buyers and sellers.

Learn About Schools in the Thermopolis Area

Thermopolis, WY, attracts families with its high-quality education. The schools here receive high ratings, showing they provide excellent education from the beginning.

Elementary Schools

Thermopolis elementary schools stand out due to their interactive and personalized teaching. With fewer students in each class, teachers can pay more attention to each child. These schools, with about 242 students, foster an environment that helps kids grow and learn essential skills for their future.

Middle Schools

Middle schools in Thermopolis are committed to high education standards too. They serve around 203 students and offer a curriculum that challenges and engages students. Smaller classes ensure personal attention for each student during their important middle school years⁶.

High Schools

Thermopolis high schools focus on preparing students for college and their careers. They offer advanced placement courses and various activities for growth. This shows the consistent commitment to educational excellence across all school levels in Thermopolis, making it a great place for families who value education.

Environmental and Natural Hazard Risks in Thermopolis

Natural hazards in Thermopolis, WY, can seriously affect homebuyers. It's very important to know these risks. This helps in making smart decisions about buying property. And it ensures people are ready for what might come.

Flood Risk

Floods are a big worry in Thermopolis. They have caused lots of damage and even taken lives. Several dams in the area are seen as "high hazard."⁷ This means their failure could make flood risks much worse. Buyers should look at flood maps and past flood data. They should also ask about insurance for floods.

Fire Risk

Wildfires are another risk for people living in Thermopolis. Almost half of Wyoming's people have been near a wildfire⁷. There are also other fire dangers, like electrical problems or human mistakes. Homebuyers need to see what's being done to stop fires. Many in Wyoming keep an Emergency Supply Kit for safety⁷.

Knowing about these dangers, along with official hazard reports, gives a full picture of local environmental risks. Being informed helps in being ready and reducing the impact of these hazards.

Walkability, Bikeability, and Transit-Friendliness of Thermopolis

Credits - Charkes, licensed under CC BY-SA 3.0.

Thermopolis is a lovely town in Wyoming with great ways to get around. It has Thermopolis walkability, meaning lots of places are easy to walk to. This helps people live a healthier life.

Cycling is another great option in Thermopolis. The town has safe bike routes for green travelers. Its flat land makes biking even easier, helping more folks ride bikes.

Public transport in Thermopolis suits many needs. People can reach important spots and fun places without a car. This is great for saving the planet and for those without cars.

The mix of walkability, bikeability, and transit options in Thermopolis, WY makes living there better. It also attracts people looking to buy homes. Being able to get around easily is a big plus for many.

In short, Thermopolis is great for walking, biking, or taking the bus. It meets different needs and wants. This makes the town a top choice for those wanting a green, easy life.

Conclusion

The real estate market in Thermopolis, WY, is full of chances for both buyers and sellers. Right now, prices and the number of homes available show the market is stable. This means it’s a good time for both sides to make deals. Looking at what types of homes people want and how Thermopolis compares to nearby cities is smart.

Thermopolis’s housing market is competitive. This is shown by scores like the Redfin Compete Score and recent sale prices. Things like the quality of local schools and natural dangers, like floods and fires, are important to think about too.

What makes Thermopolis appealing is how easy it is to walk, bike, or use public transport. Choosing to work with licensed pros can give you up-to-date advice and news on property laws. Thinking about all these points shows why Thermopolis is an attractive place for the real estate market.

FAQ

What are the current median list prices in Thermopolis, WY?

In June 2024, the median list price in Thermopolis, WY is $333,000. This comes to about $193 for each square foot. You can find two-bedroom homes listed for $135,000. Three-bedroom homes are going for $334,000.

How does Thermopolvens compare to nearby cities in terms of median list prices?

Thermopolis shows similar median list prices to places like Thermopolis West. This shows that the cost of houses is quite stable across the region.

What is the current housing inventory like in Thermopolis?

From May to June 2024, the number of homes for sale in Thermopolis stayed the same. We had three homes up for grabs. The mix of two and three-bedroom homes for sale didn't change either.

How long does it typically take to sell a home in Thermopolis, WY?

In May, homes in Thermopolis would sell in 92 days. But by June 2024, it took about 122 days. This is a 32.4% increase. So, homes are taking longer to sell now.

How competitive is the housing market in Thermopolis, WY?

Thermopolis has a fairly calm market. Homes sell for about 6% less than listing price. On average, it takes 78 days for a home to get an offer. You're less likely to see bidding wars here.

What are some key housing market trends in Thermopolis?

In Thermopolis, the price of homes stays pretty much the same. Also, houses are staying listed for a longer time. This market trend means buyers can take their time deciding.

What education options are available in Thermopolis?

Good schools are available in Thermopolis. Our elementary and middle schools score 8/10. The elementary school has 242 students. The middle school has fewer kids, with 203, making for smaller classes and better learning.

What natural hazards should prospective homeowners in Thermopolis be aware of?

Buyers in Thermopolis should look out for floods and fires. The First Street Foundation provides this data. It's wise to check how to protect your home and what insurance you'll need.

How walkable and bikeable is Thermopolis, WY?

Being able to walk or bike is important for living in Thermopolis. It affects real estate decisions, especially for eco-friendly transport. It's something to think about in the 82443 zip code.