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According to a Zillow assessment, the Cheyenne market is very hot. In a hot market, buyers have the advantage and a slight upper hand in negotiations. Though this sometimes makes it harder for homebuyers to catch a property before it sells, it also means the market is healthy and homeowners will enjoy a nice increase in the value of their home.
The median home value in Cheyenne currently sits at around $285,872. That’s up 7.2% from the same time last year. These increases have really helped strengthen the market, and thankfully, are expected to remain intact throughout the year. Zillow’s one-year forecast puts the increase at 5.2% by the end of 2020.
This prediction is in line with the upward trend we’ve seen over the past few years. If past trends continue, it signals that the future market will remain strong.
The average home will spend around 63 days on the market, based on the available numbers from the last quarter of 2019. That might seem like a while, but for houses, it’s quite fast. It’s also a significant decrease from the previous year, where homes spent an average of 76 days on the market before finding a buyer.
For this season, this kind of fast-paced market is even more surprising. The expected market time hasn’t been so low in more than five years.
The market always affects the decision buyers make. In order to make the best purchase, prospective homebuyers should be aware of a few key details: