After a quiet winter, the real estate market in the region is looking more typical, like the pre-Covid days, according to Becky Elwood, president of the Northwest Wyoming Board of Realtors.

In NWBOR’s region, which mostly covers the Big Horn Basin, the residential sector has shown strong activity this spring, with roughly 220 active listings in the first part of the year and a median list price of $485,000. Over 69% of listed homes have sold and the average number of days on market sits at 174, with homes in high-demand price points moving faster.

Elwood said homes particularly in high demand are two bedroom, three bath homes in the $200,000-$400,000 range.

Across all areas, three-bedroom homes remain the most active category, with a median listing price of $450,000, followed by four-bedroom homes at $529,950.

“Those houses are still moving,” she said of the lower priced three bedrooms. “We’ve seen a really short number of days on the market.”

The cautious optimism is born out by national projections as well. National projections from the National Association of Realtors Chief Economist, Lawrence Yun, suggest an optimistic market outlook with increased home sales, stabilizing mortgage rates and gradual home price appreciation.

Elwood said impacts from tariffs and the financial markets have not yet had a huge impact on the market, so it’s still unknown what effect that could have. 

However, one effect that is still making it tougher for people with tighter budgets is the high mortgage rates, which have priced out many homes that would’ve been in a buyer’s price range a few years ago. 

“You can’t afford as much house anymore,” she said. “I have five first time home buyers, but they’ve been priced out of the market.”

While budget-minded homebuyers snap up the more affordable properties quickly, there’s still a big market, if not as quick of a turnaround, on higher priced properties. 

For instance, according to the NWBOR data, in Cody, homes from $400,000-$700,000 are still seeing steady interest. 

It’s steady, but not wild, such as in 2021-2022 when people were buying homes above the list price sight unseen. 

“I don’t think we’re seeing like the multiple offer situations that we had several years ago, unless it’s like a $250,000 house,” she said. 

Highlights of the area market provided by NWBOR:

• Cody: As a major market hub, homes in mid-to-high price ranges ($400,000 - $700,000) are seeing steady interest.

• Powell: Offers a mix of affordability and accessibility, with well-priced homes in the $300,000-$450,000 range generating attention.

• Big Horn County & Surrounding Areas: More rural properties have longer days on the market (DOM), but offer value for those seeking space and flexibility.

• With 116 active listings and a median list price of $175,000, land remains available for those interested in development or investment opportunities.

However, with an average DOM of 332, sales cycles tend to be longer.

• Recent sales in three-bedroom farm properties show a median sale price of $898,750.

• Larger ranches (five-plus bedrooms) list at $3.5 million, with longer marketing periods required to secure buyers.