2024 First Quarter

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The $418m NAR Settlement Reshapes Wyoming Real Estate Landscape

Last month, there was big news in the real estate world: the National Association of Realtors unveiled a $418 million settlement aimed at resolving nationwide litigation concerning broker commissions and claims from home sellers. The crux of the matter lies in two significant changes: commissions will no longer be posted in the MLS (multiple listing service), and buyers will now be required to have written agreements with their agents.

Commissions remain negotiable, as they always have been. Sellers retain the option to decide on the compensation offered to a buyer’s agent. Savvy sellers understand the importance of offering competitive compensation to attract more potential buyers to their property.

Here in Wyoming, we’ve always been ahead of the curve because our state law requires buyer agency agreements, which explicitly outline our fiduciary responsibilities to our clients and how we’re compensated. While other states may not have had such measures in place, this shift towards mandatory written agreements for buyers across America is undoubtedly a positive change.

As someone deeply involved in the real estate landscape, serving on the Executive Committee for the National Association of Realtors and holding the role of Region 11 Vice President, Devon represents the voices of Realtors across Arizona, New Mexico, Utah, Nevada, Colorado, and Wyoming. Advocating for our clients is paramount, and Devon works tirelessly at the national level to ensure that regulations like these ultimately benefit consumers. These changes are ultimately for the betterment of our clients.

For an in-depth discussion about these changes, and how they affect Jackson Hole and Wyoming specifically, please tune into our Podcast. Should you have any questions regarding this development or any other real estate matters, Devon’s more than happy to provide further clarification. You can also read more about the settlement at https://www.nar.realtor/newsroom/nar-reaches-agreement-to-resolve-nationwide-claims-brought-by-home-sellers.

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  • While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call David, Devon and Luke today. “We are the Experts”.
  • All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
    All statistics quoted in this newsletter are based on sales in 2024 compared to sales in 2023.
  • Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.
  • Average sale price is the total combined dollar volume divided by the number of sales.
  • In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, ranch), minus Alta, WY.
  • The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value.

© Copyright 1995 – 2024 by David E. Viehman and Devon Viehman. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.

© Copyright Jackson Hole Report 1995 - 2024 & Jackson Hole Luxury Report 2013 - 2024
© Copyright Engel & Völkers 2024. All rights reserved. Each brokerage independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.