Sublette County Land Prices Are Up—Here’s What’s Driving It

Land values in Sublette County, Wyoming saw a notable shift in the first half of 2025, with average price per acre rising over 20% despite a sharp decline in the number of land parcels and total acreage sold.

🧾 Summary: 1H 2024 vs. 1H 2025 Land Sales

                                                                        1H 2024     1H 2025     % Change

Parcels Sold                                                       53              23               –57% 

Total Value of Parcels Sold                            $6.1 MM    $4.8 MM      –21%

Total Acres Sold                                           395 acres    261 acres        –34%

*Average Price Per Acre                                $15,335     $18,500         +21%

*Note: Price per acre varies dramatically by location in Sublette County. Please call or text Vanessa Cameron at 307-231-6486 for a more accurate estimate by location based on recent comparable sales.

In the first half of 2025, Sublette County saw a notable contraction in land sales: parcel volume dropped approximately 57%, and total acreage sold declined by around 34%. Despite this slowdown, buyers continued to pay a premium, with average price per acre climbing about 21%, cushioning overall dollar volume—down only ~21% year-over-year. The rising per-acre value amid dwindling transactions highlights a market still driven by strong demand from equity-rich ranchers and farmers, even as high interest rates and limited listings slow deal flow.

🔍 OBSERVATIONS

Sales volume sharply declined

Parcel count fell from 53 to 23 (≈ –57%).

Total acreage sold dropped from 395 to 261 acres (≈ –34%).

Dollar volume has shrunk less dramatically

Value dipped by ~21%, from $6.1 MM to $4.8 MM, reflecting selective buying of higher-value acreages.

Per-acre value rose significantly

County wide average price per acre climbed ~21%, from $15,335 to $18,500.

🛠️ LIKELY DRIVERS BEHIND THE SHIFT

Constrained inventory and selective buyers:
According to Swan Land Company, Wyoming’s rural land market in 2025 has remained largely stable, with pasture and cropland values up ~4% year-over-year. However, limited supply keeps prices firm—even as fewer transactions occur.

Economic resilience in agriculture:
Strong cattle and crop markets have buoyed land values, supported by cash purchases and equity-rich ranchers, which mitigate the impact of higher interest rates. 

Rising interest rates slowing activity:
Mortgage rate hikes in 2022 and sustained elevated rates into 2025 have dampened buyer activity—reducing transaction count, but inventory shortages cushion prices.

Local agricultural land valuation trends:
Sublette County assessor data shows irrigated land values fell ~4.9%, dry cropland ~3%, and rangeland ~3.2% in 2025. Yet, these agricultural valuation figures trail actual market pricing, which continues to run higher. 

🧭 CONTEXTUAL OUTLOOK

In the nearby Jackson Hole market, the Viehman Group’s “2025 Mid‑Year Jackson Hole Report” from Engel & Völkers highlights a persistently constrained land and ranch market. Despite interest rate relief bringing mortgage rates below 7%, the Valley continues to experience sparse transaction volumes due to severely limited supply. Their analysis notes that active listings remain at record lows—reflecting tight market conditions that keep prices elevated even as deal flow remains subdued.  To view the report, click here.

Statewide and county-level housing markets (though residential) point to longer time-on-market and slight price gains, consistent with your parcel data suggesting buyers are paying more per acre albeit in fewer deals. To learn more about land values in Sublette County, call or text Vanessa at 307-231-6486 today!