Cheyenne, WY Housing Market
AI-powered market intelligence for the Cheyenne, WY metro area.
PropertyIQ Scores
Cheyenne, WY Market Analysis
Market Overview
Cheyenne, WY posts a PropertyIQ Score of 81 out of 100, placing it in a strong overall position. The median home value is $393,712, which is $21,858 above the state average of $371,854. The rental premium is even more pronounced: the rent index of $1,532 is about 54 percent above the state benchmark of $992. Median household income is $80,173, above the state average of $76,176, which provides some local support for higher housing costs. Unemployment, however, is 3.8 percent, somewhat higher than the state average of 3.0 percent.
Market activity points to balanced conditions with some recent cooling. There are 341 homes for sale, and the median days on market is 42 days. The share of listings with a price cut is 15.1 percent, which shows sellers are making adjustments. The top score drivers capture a split in price momentum: the 12-month home value momentum is 6.02 percent, while the 3-month home value momentum is -0.23 percent. That combination—annual appreciation with a small recent decline—helps explain why the market scores well but not at the very top of the scale.
Key Trends
The first trend is a divergence between longer-term and short-term home value momentum. Cheyenne’s 12-month home value momentum is 6.02 percent, indicating solid appreciation over the past year. The 3-month momentum is -0.23 percent, meaning values edged slightly downward in the most recent quarter. The reported year-over-year home value change is $2, which is essentially flat in raw dollar terms. While that figure differs from the 12-month percentage momentum, it is reported here as provided.
A second trend is the inventory and pricing adjustment signal. With 341 homes for sale and a median of 42 days on market, the market is moving at a moderate pace rather than showing extreme seller conditions. The 15.1 percent share of listings with a price cut reinforces the cooling signal from the 3-month momentum. Buyers are likely finding more room to negotiate than they did during the stronger 12-month appreciation period.
A third trend is the strength of Cheyenne’s rental market relative to the state. The rent index of $1,532 is far above the state average of $992. This rental premium stands out even more than the home value gap, since the median home value of $393,712 is about $21,858 above the state average of $371,854. That suggests Cheyenne housing carries a meaningful local premium.
A fourth trend relates to income and employment. Median household income of $80,173 is above the state average of $76,176, which helps offset higher home values. But unemployment at 3.8 percent is higher than the state average of 3.0 percent, so the local labor market is slightly softer. Population growth data is not available, so population-driven demand cannot be assessed from the supplied metrics.
Who Is This Market For
Cheyenne appears well suited to rental property investors because the rent index of $1,532 is substantially above the state average of $992. That rental premium can support income-oriented strategies. At the same time, the 3-month home value momentum of -0.23 percent and the 15.1 percent share of listings with price cuts suggest investors may have some negotiating power in the near term. The 12-month momentum of 6.02 percent still supports a longer-term appreciation story.
Move-up buyers may also find this market workable. The 12-month home value momentum suggests existing owners may have gained equity over the past year, while 42 days on market indicates homes are selling without extreme pressure. First-time buyers face a median home value of $393,712, which is above the state average, but local median household income of $80,173 is also above the state average. That makes affordability somewhat balanced, though entry-level buyers may still need to stretch or seek targeted programs. Population growth is not available, so the depth of incoming buyer demand is unknown.
Outlook
Near-term price movement is likely to remain flat to slightly soft based on the 3-month home value momentum of -0.23 percent and the 15.1 percent share of listings with a price cut. Those indicators point to a cooling or balancing market rather than rapid appreciation. The 12-month momentum of 6.02 percent supports continued year-over-year strength, but the recent quarter suggests that strength is moderating. Inventory of 341 homes and a median of 42 days on market should keep conditions orderly. Rental demand may remain a bright spot given the rent index of $1,532 versus the state average of $992. The missing population growth data and slightly higher unemployment rate of 3.8 percent compared with the state’s 3.0 percent limit how strongly the demand outlook can be stated. Overall, the data supports a stable-to-cooling market with selective opportunity.
AI-generated analysis based on current market data. Last updated September 30, 2026.
Get Cheyenne, WY market updates
Choose your role for tailored insights.
Cheyenne, WY market data
Cheyenne, WY Housing Market Overview
Cheyenne, WY's median home value is $394K, up 6.0% over the past year. Homes here sell in a median 42 days. Its PropertyIQ Score of 81 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
The Cheyenne, WY metro area is one of 900+ US metropolitan markets that PropertyIQ scores each month. A single PropertyIQ Score blends Zillow price momentum with Realtor.com market-flow signals to estimate 3-year excess appreciation versus the market's state — showing not just where prices stand today, but how the market is positioned relative to its peers.
Mountain West markets combine outdoor lifestyle appeal with booming tech and remote-work migration. Cities across Colorado, Utah, Arizona, and Nevada have experienced some of the nation's fastest appreciation, though rising interest rates have introduced new dynamics to these previously red-hot markets. Within the Mountain West, Cheyenne, WY's PropertyIQ Score of 81 ranks among the Mountain West's stronger demand signals.
The PropertyIQ Score for the Cheyenne, WY market is built from four inputs: Zillow home-value momentum over twelve months, Zillow home-value momentum over three months, the median days listings spend on the market (Realtor.com), and the share of listings with a price cut (Realtor.com). The score runs on a 1 to 99 scale computed across all metro markets nationally and calibrated so 50 equals the state average — a score above 50 means this market is positioned to outperform its state, and a score below 50 means it is set to lag. Momentum here has been positive, with home values up 6.0% over the past year.
Explore the interactive map to see how Cheyenne, WY compares to neighboring metros, or view the full market dashboard for detailed analytics including time-series trends, score breakdowns, and AI-generated market reports.
Counties in the Cheyenne, WY metro area
Top markets in WY
Market data through August 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Cheyenne, WY a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Cheyenne, WY currently scores 81, a strong-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $394K, up 6.0% over the past year. So whether Cheyenne, WY is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Cheyenne, WY?
Cheyenne, WY's PropertyIQ Score is 81, indicating strong momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 81 places Cheyenne, WY above its state benchmark.
Are home prices in Cheyenne, WY rising or falling?
Home prices in Cheyenne, WY are rising. Over the past year, the median home value increased 6.0%, reaching $394K. Over the latest three months, values slipped 0.2%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Cheyenne, WY's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Cheyenne, WY?
In Cheyenne, WY, homes sell in a median of 42 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 15% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Cheyenne, WY market data is refreshed on a monthly cycle, with the latest figures current through August 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.