Property trends in Hot Springs County

As we look at our small town, often what we notice are the numbers of businesses that are closing. Some would say we have a lot of homes that are vacant or for sale as well.

Statistically speaking, we are actually rather stagnant with the number of homes for sale, at least since 2017.

For the past two years, the average sale price of homes in Hot Springs County has stayed at $151,200 and in the Town of Thermopolis at $133,600. We’re well below the national average for home prices -- $216,200.

The most active prices are falling between $145,000 and $150,000.

Of course, the age of our homes is a bit higher than the national average. In town, the average age of homes is 51-years old, indicative of the boom cycle in the 1960’s. Homes in the county are a bit newer, with an average age of 43-years old.

It’s interesting to note, the average cost of rentals in Thermopolis has increased significantly since 2016. Average rentals went for about $600 per month in 2016, compared to just under $800 per month today, although there are still rentals available in the $600 range.

Higher rental prices haven’t stopped renters, however, as 23.4 percent of the homes in Thermopolis are currently being rented.

Sixty-two point five percent of the homes in the county are owned, leaving just 14.1% of properties vacant.

A total of 45 homes were sold across the county in 2018, with the highest volume between Jan.1 and May 31 when 20 homes found new owners. We are closing in on the end of that same time period this year with 15 homes having sold with nine more under contract.

You’ll find 47 listings in the county for homes through the Multi List Service along with 45 residential building lots available, most within various subdivisions.