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Gillette Market Trends

Wednesday, September 9, 2020   /   by Steven Laakso

Gillette Market Trends

2020 has been a forgettable or maybe an unforgettable year to say the least! We have been in the unknown for so long, with Covid-19, the energy industry and all time low interest rates. Yet the Gillette real estate market has continued to stay steady. The inventory is staying low (223 Active listings on 9/9/20), and the buyer activity is continuing to stay strong. Through August our average days on market were 87 days! Coal industry is way down with very little light at the end of the tunnel and oil is still at extremely low numbers meaning our community should be suffering. This doesn't seem to be the case. We haven't had the mass exodus of people and actually we see people moving in to town. Growing up in Gillette most of my life, I have always known Wyoming is a great State to live in. Now with more and more people learning to work remotely, people from the coasts and larger cities are starting to realize that Wyoming is a great State as well. We have seen some properties go under contract by buyers site unseen, or through virtual showings. Sellers are able to take advantage of the high demand and sell their property in order to "buy up" with the low interest rates. It really has been a different market. We are even seeing more and more high end homes ($500,000+) homes selling and plenty of buyers looking in that range still. 
It truly is an unusual time in our community and country. I hope all of you reading this are staying safe and healthy and 2020 is still treating you well. If you are interested in finding out the value of your home in today's market or how much of a home you can afford with the low interest rates, please give me a call or text 307.680.4956. 

Thank you for reading and have a blessed day!

Steve Laakso 
Signature Real Estate Group