Gillette, Wyoming Real Estate Market Update: February 2026 — What Buyers and Sellers Need to Know Right Now
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Gillette, Wyoming Real Estate Market Update: February 2026 — What Buyers and Sellers Need to Know Right Now
Published March 2026 | Gillette, WY Residential Market Data sourced from the local MLS
If you've been wondering what's really happening in the Gillette real estate market, you're in the right place. I'm not going to sugarcoat the numbers, spin them to make you feel good, or bury the lead in a mountain of charts. This is a real, honest, boots-on-the-ground look at what February 2026 brought to our market — and more importantly, what it means for you whether you're buying, selling, or just keeping an eye on things.
Let's dig in.
The Headline Numbers: What February 2026 Actually Looked Like
February was a month of meaningful signals in the Gillette market. Here's the snapshot from our local MLS:
Active Listings: 82We went into February with 82 homes on the market. Compare that to February 2025, when there were 103 active listings, and you can see the market has shed about 20% of its inventory year-over-year. Less inventory means less choice for buyers — and that has a real effect on pricing and competition.
New Listings: 42Sellers are still coming to market, but at a slower clip than last year. In February 2025, there were 52 new listings. That's a 19.2% drop. The hesitation is real — and I think part of it is sellers who are locked in at low mortgage rates and not eager to trade up into today's rate environment. But the ones who are listing? They're serious.
Homes Under Contract (Pended): 51This is a strong number. We had 51 homes go under contract in February — which actually outpaces the number of new listings that came in. That's a signal that demand is absorbing inventory quickly. For perspective, that's 51 families in Gillette who made a decision to buy a home last month. That's not a slow market.
Homes Sold: 4949 homes sold and closed in February. That's a 58.1% jump compared to the 31 homes that sold in February 2025. Read that again — 58 percent more closings than the same month last year. In February. In Wyoming. That is a market that is moving.
What Are Homes Actually Selling For?
This is the question everyone asks, and the answer in February 2026 is clear: prices are up.
Average Sale Price: $363,870The average home sold for $363,870 in February — up 12.52% from February 2025's average of $323,379. That is nearly forty thousand dollars in appreciation in twelve months. If you owned a home in Gillette at the start of 2025, that is real wealth that has been created.
Median Sale Price: $328,000The median sale price — the number that tells us what a "typical" sale looks like — came in at $328,000. That's up 11.22% from $294,900 a year ago. The median is the most reliable pulse check because it doesn't get skewed by that one extraordinary $1.2 million sale or that one distressed property at the low end.
What Are Sellers Asking?The median list price for active homes in February was $367,787.50, up 13.20% from $324,900 in February 2025. That tells us sellers are aware of the appreciation happening around them — and they're pricing accordingly.
How Long Are Homes Sitting on the Market?
Here's where things get honest. Days on market (DOM) is one of the most telling metrics in any real estate report.
Average DOM: 111 DaysMedian DOM: 104 Days
Both of these are up significantly from February 2025 (79 average, 83 median). That's a 40.51% increase in average days on market year-over-year.
Now, before you panic or start celebrating depending on which side of the transaction you're on — let me give this some context. Longer days on market doesn't necessarily mean homes aren't selling. We had 49 closings in February. It means the days of slapping a sign in the yard and fielding offers by the weekend are largely behind us. Buyers have gotten more strategic. Rates have made them more cautious. And sellers who are priced right — aggressively, correctly — are still moving homes. The homes that are sitting are the ones that are overpriced for today's buyer.
This is why strategy matters more than ever. Pricing correctly on day one is the difference between selling in 30 days and sitting for 130.
The Absorption Rate: A Quiet Indicator That Says a Lot
The absorption rate in February was 1.62. In January it was 1.86. In the depths of summer 2025, it peaked at 2.72 in August.
Absorption rate tells us how long — in months — it would take to sell all current inventory at the current pace of sales. In general real estate terms:
Under 2 months = seller's market
2-4 months = balanced market
Over 4 months = buyer's market
At 1.62, we are firmly in seller's market territory. There are not enough homes to meet the demand that exists in this community right now. That's the simplest, clearest way to say it.
The Price Breakdown: Where Is the Action?
When you look at where homes are actually selling, a clear picture emerges for February 2026:
The $350,000–$399,999 range was the strongest performing segment, with 11 closings — a staggering 1,000% increase over the single home that sold in that range in February 2025. That tells you something important about where our market has moved. A year ago, $350K felt like a stretch for a lot of buyers. Today, it's the sweet spot.
The $200,000–$249,999 range also showed strength with 9 closings, up 80% year-over-year. That entry-level buyer is still very much alive in Gillette.
The $250,000–$299,999 range brought 8 closings, up 33.3%.
At the top end, we saw 2 closings in the $650,000–$699,999 range (which had zero last February), and one closing in the $1,000,000–$1,499,999 range. Our luxury market is quietly waking up.
The segment that's softening? The $400,000–$499,999 range, which saw 4 closings combined (down from 6). And above $500,000, results were mixed. That upper-middle range is where buyers are most rate-sensitive.
Year-to-Date: The Bigger Picture
Sometimes one month can be noisy data. Year-to-date through February 2026 vs. the same period in 2025 tells the steadier story:
Active inventory YTD is down 4.4%— fewer homes available
New listings YTD are down 3.8%— fewer sellers entering the market
Pending sales YTD are essentially flat (+1.0%)— demand is holding steady
Sold listings YTD are down 7.5%— slightly fewer closings overall, but we're only two months in
The average sale price YTD is $350,906 vs. $362,858 in 2025 — but that 2025 YTD number was inflated by some outlier closings in January/February 2025. The median sale price YTD is $317,200 vs. $316,200 — nearly identical, which speaks to a stable core market.
The absorption rate YTD is 1.74 vs. 2.03 last year. The trend is toward a tighter market.
What the Sale-to-List Price Ratio Tells Us
In February, homes sold at 95.3% of their original list price and 98.1% of their final list price.
That gap between original and final list is significant. It means homes that sat a little too long required a price reduction before getting an offer. The best offers — the cleanest deals — went to sellers who priced correctly from the start.
If you're thinking about selling, the data is clear: price right and you walk away with 98 cents on every listed dollar. Price high hoping to negotiate down, and you're going to either drop the price or watch the days pile up.
The Pending Pipeline: What's Coming Next
Pending listings are the most forward-looking number in any market report. They tell us what closings will look like 30–45 days from now.
In February, 51 homes went under contract. The $250,000–$299,999 range had the most pendings at 12. The $300,000–$349,999 range had 10. The $350,000–$399,999 range had 6 — but that range's YTD pending count is up 233.3% compared to the same period last year. That is not a typo.
We're also seeing activity creep up in the $550,000–$599,999 range (4 pendings in February, up 300%), and even into the $650,000–$749,000 range with 3 contracts combined. This market is broadening upward.
What's Happening in Gillette's Economy — And Why It Matters for Real Estate
I would be doing you a disservice if I only talked about price-per-square-foot without talking about the economic engine driving this community. Real estate doesn't exist in a vacuum. It rides on jobs, wages, and confidence.
Gillette — known nationally as the"Energy Capital of the Nation"— sits in the heart of Campbell County in northeastern Wyoming. The city has roughly 33,000 residents and a median household income north of $90,000, which is about 30% higher than the Wyoming state average. That income base is what keeps our real estate market comparably affordable on a debt-to-income basis even as prices have climbed.
Our economy is diversifying in ways that matter for long-term real estate stability:
BWXT Nuclear Fuel Fabrication Facility: In December 2025, Wyoming Governor Mark Gordon awarded $100 million in state funding to BWX Technologies to support the development of a TRISO nuclear fuel fabrication facility in Gillette. BWXT has committed to matching that with over $400 million of its own investment. The facility is projected to create approximately 200 high-paying, direct jobs — and the supply chain effects ripple far beyond that. The CEO of L&H Industrial, a major Gillette-based company, noted they had already won a $70 million contract related to nuclear projects. "This is in the billions for Wyoming," he said. When you attract that kind of capital, you attract the workforce that comes with it — and that workforce needs housing.
Economic Diversification: Energy Capital Economic Development and the Office of Economic Transformation recently merged into a unified economic development entity. In the past 12 months alone, their staff connected with more than 170 businesses, and there are 50 active deals with private businesses exploring locating or expanding in northeast Wyoming. Projections suggest these deals could generate nearly 2,000 jobs over the next decade.
Oil, Gas, and Coal: Wyoming's energy sector continues to underpin Gillette's economy. The Trump Administration's energy dominance agenda has been favorable to Wyoming's traditional energy industries. Twenty-seven states still receive coal shipments from the Powder River Basin. Oil and gas severance taxes continue to fund county services and infrastructure. Campbell County's diversified mineral portfolio has made it more resilient than most coal-dependent communities in the country.
No State Income Tax: Wyoming has no state income tax. For people relocating from Colorado, California, Illinois, or any high-tax state, that is a meaningful financial consideration that makes Gillette a genuine landing spot — not just a backup plan.
This economic backdrop is crucial context for buyers and sellers alike. We're not a speculative market. We're a market built on real wages, real jobs, and a community that is actively fighting for its economic future.
What This Means If You're a Seller in Gillette Right Now
The numbers are working in your favor — but they're not working on autopilot. Here's what I want sellers to understand heading into spring 2026:
Prices are up significantly.The median sale price is up over 11% year-over-year. The average sale price is up over 12.5%. Your home is worth more today than it was 12 months ago. That's real money.
Inventory is low.With only 82 active listings and a 1.62 absorption rate, there is no glut of competing homes. You are not fighting a crowded field. Buyers who want to own a home in Gillette right now have limited options — and that is leverage that belongs to you.
But buyers have gotten smarter.Days on market are up 40% year-over-year. Buyers are patient. They're not making panicked offers on overpriced homes. They will wait. The sellers winning in this market are the ones who enter with a well-priced home, a clean presentation, and a smart marketing strategy. The sellers struggling are the ones who add $30,000 to what they want to net and hope for the best.
Spring is coming.Historically, March through June is when Gillette's market activity peaks. New listings surge (we saw 71 in March 2025 alone), buyer activity picks up, and the pace of sales accelerates. If you've been thinking about selling, the window to list before peak competition from other sellers is right now.
What This Means If You're a Buyer in Gillette Right Now
The market is competitive, but not impossible.With an absorption rate under two months, you need to be ready to move when you find the right home. Getting pre-approved before you shop is not optional — it's table stakes.
Prices are not going down.The data doesn't support a "wait for prices to drop" strategy. The median sale price has risen every comparable period. Inventory is shrinking. The economic news from Gillette points toward more jobs, more people, and more demand. Waiting is not saving you money.
But you have more negotiating room than you did a year ago.Homes are sitting longer — a median of 104 days. That means if a home has been on the market for 90+ days, there is likely room to negotiate. The seller has already emotionally processed some disappointment. Use that strategically.
The entry-level market is moving fast.The $200,000–$299,999 range had significant closed sales and pending activity. If you're shopping here, you need to be aggressive and pre-approved to compete.
The $350,000–$399,999 range is the new sweet spot.It had the most closings of any price range in February. This is where the most buyers are competing. Know that going in.
Rates matter — but don't let them paralyze you.Yes, mortgage rates are higher than they were three years ago. But your monthly payment on a home you own in Gillette is building equity in a market that has appreciated over 11% in a single year. The cost of waiting — in appreciation you miss — is likely higher than the cost of a rate that may refinance in your favor down the road.
Looking Ahead: What to Watch in Spring 2026
Based on the data and what I'm seeing on the ground, here's what I expect over the next 90 days:
Inventory will rise, but not dramatically.Every spring brings a flood of new listings. In March 2025, we saw 71 new listings — the highest month of the year. We'll likely see a similar or slightly lower wave this year. But given the pace of pending sales and closings, that new inventory will likely be absorbed quickly.
Prices will hold or inch higher.The fundamentals — income levels, job growth, low inventory, and incoming economic investment — all point to price stability at minimum and modest appreciation through summer.
Days on market may begin to compress.The longer DOM we've seen this winter is partly seasonal. As buyer activity picks up in spring, expect properly priced homes to move faster.
The BWXT project will become a bigger factor.As that project moves closer to a final decision and groundbreaking, workforce relocation demand will start to surface in our housing market. Companies building a $500 million facility hire employees — and those employees need somewhere to live. Watch the rental market and the entry-to-mid level purchase market carefully.
The $550,000+ segment is worth watching.In both pending and sold data, we're seeing more activity above $550,000 than we have historically. That reflects both price appreciation moving people into that range and a cohort of higher-earning energy workers and business owners actively entering the market.
The Bottom Line
The Gillette, Wyoming real estate market in February 2026 is a seller's market with nuance. Prices are meaningfully higher than a year ago. Inventory is low. Buyer demand is real and present — 51 homes went under contract in a single month. But buyers have options and are willing to exercise patience. Sellers who show up prepared and priced correctly are winning. Those who don't are watching the days tick up on their listing.
This is not a market where you want to go it alone — whether you're buying or selling. The difference between a well-executed transaction and a frustrating one right now is strategy, data, and someone in your corner who knows this market from the inside out.
I live here. I work here. And I know this market better than any algorithm, any national news headline, or any out-of-town opinion. If you have questions about where your home stands in today's market, or what it really takes to compete as a buyer in Gillette right now, I want to talk.
All market data referenced in this article is sourced directly from the local MLS (Multiple Listing Service) for the City of Gillette residential market. Statistics cover the period through February 2026. Economic data sourced from Gillette News Record, Cowboy State Daily, Campbell County Commissioner reports, and the Wyoming Energy Authority.
Ready to talk about your specific situation? Reach out — this is exactly what I'm here for.
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