Building Costs Per Square Foot in the State of Wyoming, USA

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Wyoming 27-S Mountain Road Sundance WY82729 - 3 Bed and 3 Baths with 3 Attached Garages on Gross Floor Area 3,412 sqft - Built in 2021 - Price $649,000 (3)

Newly Built House in Wyoming 27-S Mountain Road Sundance WY82729 – 3 Bed and 3 Baths with 3 Attached Garages on Gross Floor Area 3,412 sqft – Built in 2021 – Price $649,000 (3)

Residential Construction Market Analysis in the State of Wyoming, USA

Building costs are 1% below the national average in the state of Wyoming, and equivalent to the states of Minnesota, Pennsylvania, South Carolina and New Hampshire. Wyoming is known as the “Equality State”, for having been a pioneer in the defense of women’s rights, or as the “Cowboy State”, for its history. The Rocky Mountains cross its territory, and it is distinguished by its vast unexplored lands of wild nature and great mineral wealth.

A total of 5% of its extension has been declared a natural park, including the famous “Yellowstone National Park” and some indigenous reserves, where the following tribes are concentrated: Cheyenne, Gros Ventre, Kiowa, Nez Perce, Sheep Eater, and Sioux. These lands host many species of animals, among which the American bison stands out.

So much nature sometimes makes it seem that there are no humans there, and although this is not true at all, the truth is that Wyoming is the state with the least number of inhabitants in the entire country (barely more than 500,000 inhabitants). Its capital and largest city are Cheyenne, but even this is quite small.

This might make it seem like your real estate market would be virtually non-existent, but in reality, there is a lot of movement between the properties that are being sold, the ones that are making it to the listing, and many buyers are waiting to buy good properties at a fair price. In this article we will tell you everything you need to know about the real estate market, focusing mainly on residential construction.

Wyoming Construction Outlook

Its capital city is Cheyenne, but it has other notable urban centers such as Casper, Laramie, Gillette, Rock Springs, Sheridan, Green River, Evanston, Riverton, and Cody. None of them have the typical buildings you would expect to see in a big city, in fact even their biggest cities are the same as the smallest towns in other states.

This makes the houses small, generally with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden, for families to live. If you are looking for smaller properties then you can find a condominium or an apartment in a 5-story building.

Mobile homes are very popular since they can be transported to different lands for a low cost, and they already come with the prefabricated structure. In some cases, they come completely manufactured and the installation lasts a day or a little more, but surely less than a week. Mobile homes are not the same as motorhomes or RVs, as those are really “houses on wheels”.

Wyoming Housing Market Analysis and Forecast

Despite being a small state, with the lowest population density in the entire country, its real estate market is in pretty good shape. The value of the houses increased by 15% in relation to the same period but during 2021, and it is expected that between now and the end of the year they will increase by another 9% at least.

Unlike what happens in other states, in Wyoming, the price is quite stable and does not usually fluctuate in its big cities since they all look a lot alike (they seem to be small towns). But still, if you move away from the capital you can find cheaper properties. We will talk more about this in the next point.

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Determining the right time to sell your home is somewhat subjective, as it really depends on your specific goals and circumstances. That said, taking one of the variables, if you want to sell the property quickly then July is the best month, as during the summer the Wyoming real estate market peaks quite high. If you are looking to sell for a higher price, the best month is December, since there is not as much supply of houses listed, but there are people who want to buy.

Having these variables, it can also be determined that during July the market is competitive for buyers since people come from all states, and take advantage of the summer vacations, to see what property they can buy in Wyoming. December is an expensive month to buy properties, so as a buyer you should avoid it.

Wyoming Average House Price (Median Home Price)

The median value of a median home in Wyoming is $315,000, 15% more than it was in the same period in 2021. Remember that by median home we mean a house with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden.

The average price is made taking into account property values in all the cities of the state, so you can find some towns with cheaper houses than others, and even cheaper than the average. In Casper or Gillette you can find houses for less than $290,000. In Cheyenne, the average price can go up to $350,000, etc.

In any case, many people choose to buy a piece of land and then build from scratch, or buy a mobile home to locate on that piece of land. In this way, they save a lot of money (there are lots that start at $10,000), and they can have a fairly customized house.

Proposed Residential Building Projects in Wyoming

In Jackson Hole, Wyoming, the real estate projects that are gaining ground are luxury residential homes. As you read, in the middle of the mountains you can also find authentic luxury houses. The luxury real estate market has sold 45% more than last year in this part of the state, so they decided to repeat the formula this 2022 and it is going great.

In the state capital, there are some condominium projects or multi-family houses. In addition, small buildings are being built, with an average of 5 floors, to house 10 families. They are very small buildings but with comfortable apartments so that a family of 4 can live comfortably.

Wyoming 306 S 3rd Street Chugwater WY82210 - 3 Bed and 2 Baths with 2 Attached Garages on Gross Floor Area 1,400 sqft - Built in 2021 - Price $310,000 (1)

Newly Built House in Wyoming 306 S 3rd Street Chugwater WY82210 – 3 Bed and 2 Baths with 2 Attached Garages on Gross Floor Area 1,400 sqft – Built in 2021 – Price $310,000 (1)

Building Costs Per Square Foot for Single Family Homes in the State of Wyoming, USA

Building costs are 1% below the national average in the state of Wyoming, and equivalent to the states of Minnesota, Pennsylvania, South Carolina and New Hampshire.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Wyoming ranges from $341.44 to $523.41 per sqft, with the average being $402.95 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Wyoming ranges from $207.51 to $318.09 per sqft, with the average being $244.89 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Wyoming ranges from $134.15 to $203.75 per sqft, with the average being $157.06 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Wyoming ranges from $97.90 to $150.13 per sqft, with the average being $115.54 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Wyoming ranges from $79.47 to $121.70 per sqft, with the average being $93.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Wyoming ranges from $62.68 to $96.07 per sqft, with the average being $73.94 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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List of 9 Cities in Wyoming – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 99 municipalities and 617 special districts grouped into 23 counties in the state of Wyoming. The bar chart below indicates that building costs vary in each city/town. The construction cost per square foot in each of these cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each city in Wyoming is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Wyoming:

Wyoming Average -1% (1% less than X)

  • Riverton 825 -6%
  • Powell 824 -3%
  • Sheridan 828 -3%
  • Wheatland 822 -3%
  • Cheyenne/Laramie 820 -2%
  • Wyoming Average -1%
  • Casper 826 1%
  • Rock Springs 829-831 1%
  • Gillette 827 3%
  • Rawlins 823 8%

The City List above as well as the Bar Graphs below shows that Riverton is the cheapest city to build a private home in the state of Wyoming, and Rawlins is the most expensive city to build a home. Building costs are -6% below the national average in Riverton and 8% above the national average in Rawlins.

Cheapest Places To Build in Wyoming:

Riverton is the cheapest to place to build at -6% below the national average, followed by Powell, Sheridan and Wheatland at -3% below the national average. The third cheapest place to build a house is Cheyenne/Laramie at -2% below the national average, followed by Casper and Rock Springs at 1% above the national average. The fifth cheapest place to build is Gillette at 3% above the national average.

Expensive Places To Build in Wyoming:

If anything between 5% and 10% is considered expensive, then there is one such city in the state of Wyoming. Construction costs in Rawlins City are 8% above the US average

More Expensive Places To Build in Wyoming:

If anything between 10% and 15% is considered more expensive, then there are no such cities in state of Wyoming.

Very Expensive Places To Build in Wyoming:

The most expensive places to build a house are those which are 15% above the national average. There are no such places in the state of Wyoming.

Wyoming State Average Costs:

Private home building costs in the state of Wyoming are -1% below the national average. Residential development costs in Cheyenne/Laramie are closer to the state average by a deviation of 1%. Wyoming is one of the states with mid-level costs in the United States, at number 28 on the national ascending costs scale.


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