How Much Does an Acre of Land Cost in Wyoming in 2024?

Wyoming’s lovely landscape and relatively low land cost make it an excellent location for your custom home. It’s time to get beautiful views, both indoors and out. First Choice Builders of Sheridan, Wyoming knows our way around building a beautiful home from the ground up in our great state. We’re pleased to walk you through important considerations when buying land for building and discuss the factors influencing the price. We’re also happy to consult you about your personal project and the specific parcels you’re evaluating. Learn more about our consultation services for setting new construction up for success.

How Much Does an Acre of Wyoming Land Cost?

The cost of an acre of residential land in Wyoming can vary widely depending on several factors, including the location, the topography, and the local real estate market. Generally speaking, the cost per acre in Wyoming is lower than in many other states in the United States, but it can still range from a few thousand dollars to tens of thousands per acre.

In some rural areas of Wyoming, it is possible to find residential land for as little as a few thousand per acre, especially when purchasing a large, multi-acre parcel. However, the price for Wyoming acreage is considerably higher in more desirable locations or areas with increased demand. For example, in the Jackson Hole area, known for its scenic beauty and high-end real estate market, the price of an acre of residential land can exceed $1 million. You'll pay around $60,000 for a generous neighborhood lot in suburban Wyoming.

Real estate prices are not climbing as steeply as in the past few years, but they continue to rise in the area. While we're not here to discuss real estate investment, it's important to consider that appreciating values can make a large land purchase lucrative in a few years.

Factors that Influence the Price of Land in Wyoming

Several factors influence the cost of residential land in Wyoming, including the presence of water and utilities, zoning regulations, and ease of access. It's also worth noting that prices can fluctuate over time depending on economic conditions and other factors. Here are some of the most common aspects of Wyoming land that impact its ultimate price tag.

Amount of Work Required to Create a Place to Build

Preparing a lot for building a home can involve a significant amount of earthwork, which is moving, shaping, and grading the soil to create a level building site. The extent of earthwork required will depend on your lot and the desired elevation of the finished home. Sometimes, we may need to excavate to remove rocks, debris, or other obstacles that could interfere with construction. Land that requires significant earthwork to create a building site will be less expensive upfront.

Views, Water, and Other Resources

Everyone wants beautiful views. You’ll pay more for land with a scenic appeal. Water and other resources can significantly impact the price of a piece of land. Water availability is essential for many uses, including farming, ranching, and recreation. Land with access to water sources such as rivers, lakes, or wells, may be more valuable than land without these resources. Other resources, such as minerals or oil, can also affect the price of land. If a piece of land has valuable resources that can be extracted, such as oil or gas, this will be reflected in the price. On the other hand, land that has been depleted of its resources or lacks access to necessary resources, such as arable soil or water, will likely be cheaper. 

Location and Access

Land close to the city will be more expensive than a lot in a remote area. City lots tend to be smaller but offer easy access to utilities and modern amenities. Remote lots far out into the wilderness are often, but not always, less expensive, depending on what else they offer. If you’re interested in a large parcel of land, be sure to inquire about access. Some land-locked parcels require you to build the necessary infrastructure (i.e. roads) to access them and acquire permission from the surrounding landowners to do so. This will add to your cost and complicate your logistics, so an informed decision is vital here. 

Important First Steps When Buying Land to Build a House in Wyoming

Get Expert Help

First Choice offers consultation services so you can be sure you’re making an informed decision about a potential lot and creating a design for your new home that’s feasible for the parameters of your land and budget. The earlier we connect in your project, the more seamless the process of building your custom home will be. Our expert insight will help you to make the perfect selections for your lot and more, with all the facts in mind. 

Ask Questions

Ask as many questions as you can while you’re evaluating a lot for building your Wyoming custom home. The more you know before buying land, the better you can plan and prioritize. Here are some important questions to ask about a prospective building site.

• What is the history of this land’s ownership? Understanding who owned the land and what they used it for can help you decide if it’s a fit.
• What tests, surveys, or assessments are available for this property? Find out about soil quality, the water table, natural resources, flood zones, and more.
• What township or city ordinances apply to this land? Is there a Homeowner’s Association? Finding out the rules and bylaws attached to a property can eliminate them from your list or help you identify a great fit. For example, a lot won’t be suitable if it prohibits livestock like chickens and you’re planning a hobby farm.
• Why is this land for sale? Understanding the motivation for sale can identify potential red flags.
• Who owns the surrounding land? Evaluating potential neighbors can help you steer clear of future tension and choose a place that offers peace.
• How is this land accessed? Is there a road? Understanding access is vital for planning and budgeting.
• What is the zoning for this land and the surrounding area? Just because you’re surrounded by open space now doesn’t mean you always will be. If your surrounding area is zoned for commercial or agricultural use, it’s essential to know what kind of neighbors you might have later.
• What utilities are available on this land? Where are they most closely located if they’re not on the lot? Creating utility access for a lot that doesn’t yet have it is an important part of your budget.

First Choice Builders Creates Your Wyoming Custom Home

First Choice Builders partners with homeowners every step of the way to create their Wyoming custom dream home. We’d love to help you evaluate potential lots, create a design that fits your vision, property, and budget, and make it real. Let’s talk more about what you’ve got in mind. Reach out here!