Sheridan, WY Housing Market
AI-powered market intelligence for the Sheridan, WY metro area.
PropertyIQ Scores
Sheridan, WY Market Analysis
Market Overview
Sheridan, WY presents a moderate housing market, as reflected by its PropertyIQ Score of 57 out of 100. The median home value of $444,430 is well above the Wyoming state average of $371,685, and the rent index, a measure of market-level rental costs, is $1,480 compared with the state benchmark of $968. Employment conditions are stable, with an unemployment rate of 3.2 percent matching the state average. These figures suggest a market that commands a premium over much of the state, particularly in rental pricing.
At the same time, momentum is mixed. The 12-month home value momentum is positive at 4.15 percent, but the 3-month momentum is -0.40 percent, and the year-over-year change in median home value is -$3, essentially flat. The median days on market is 62 days, and 14.7 percent of listings have had a price cut. These indicators point to a market where buyers have some leverage and sellers may need to be patient. Affordability is a pressure point: median household income in Sheridan is $70,855, below the state average of $74,815, while home values are above the state average. Overall, this is a moderate market with above-average prices and rents, stable employment, and cooling short-term momentum.
Key Trends
One clear trend is cooling price momentum. The 12-month home value momentum of 4.15 percent indicates appreciation over the past year, but the 3-month momentum of -0.40 percent and the year-over-year change of -$3 show that prices have flattened or slightly declined in the most recent period. This suggests a shift away from the stronger pace seen earlier in the year.
A second trend is a slower sales environment. With 252 homes for sale and a median days on market of 62 days, properties are taking roughly two months to sell. The share of listings with a price cut is 14.7 percent, one of the top score drivers. This level of inventory and price adjustment indicates that buyers can often negotiate and sellers face less urgency.
A third trend is a strong rental market relative to the state. The rent index of $1,480 is far above the state average of $968, while the unemployment rate is stable at 3.2 percent. That combination may support ongoing rental demand, but it also means renters face above-average housing costs.
A fourth trend is an affordability gap. The median home value of $444,430 compares with a median household income of $70,855, which is below the state average of $74,815. The local median home value is roughly 6.3 times the median household income, whereas the state relationship is closer to 5.0 times using the provided benchmarks. This gap may limit how many local households can comfortably purchase at the median price.
Who Is This Market For
This market may appeal to investors who prioritize rental income over rapid price appreciation. The rent index of $1,480 is well above the state average of $968, and the unemployment rate of 3.2 percent supports a stable employment base. However, the median home value of $444,430 and the negative 3-month momentum of -0.40 percent mean investors should not assume short-term equity gains.
Patient buyers and move-up buyers may also find advantages. With a median days on market of 62 days and 14.7 percent of listings showing a price cut, there is less competition than in a fast-moving market. Buyers who can take their time may have room to negotiate on price or terms.
First-time buyers may find the market challenging. The median household income of $70,855 is below the state average of $74,815, while the median home value is $444,430, well above the state average of $371,685. This mismatch can make it harder for entry-level households to enter the market, even though selection and negotiating conditions are relatively favorable.
Outlook
Looking ahead, the data supports a stable but cautious outlook. The positive 12-month home value momentum of 4.15 percent suggests underlying annual appreciation, but the -0.40 percent 3-month momentum and the -$3 year-over-year change point to flattening or slight softening. With 252 homes for sale and a median days on market of 62 days, buyers are likely to retain some negotiating power, consistent with the 14.7 percent share of listings with a price cut. Stable unemployment at 3.2 percent and a rent index of $1,480 above the state benchmark may support demand from renters and investors. However, the gap between the median home value and median household income, which is below the state average, is likely to limit local purchasing power. Population growth data is not available, so demographic trends remain an open question. Overall, the most data-supported near-term path is modest price stabilization rather than rapid increases or sharp declines.
AI-generated analysis based on current market data. Last updated August 19, 2026.
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Sheridan, WY market data
Sheridan, WY Housing Market Overview
Sheridan, WY's median home value is $444K, up 4.2% over the past year. Homes here sell in a median 62 days. Its PropertyIQ Score of 57 sits right around the state average of 50.
PropertyIQ tracks the Sheridan, WY housing market through two complementary lenses: price momentum from Zillow home-value trends over 3 and 12 months, and demand pressure from how quickly homes sell and how often sellers cut prices, drawn from Realtor.com. The PropertyIQ Score distills these into one number that predicts how this WY market is set to perform against its state benchmark.
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, Sheridan, WY's PropertyIQ Score of 57 tracks near the Mountain West norm.
The PropertyIQ Score for the Sheridan, 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 4.2% over the past year.
View Sheridan, WY's complete market profile including historical price trends, score history, and AI-generated analysis. Compare this market against any other US metro to find the best opportunities for your investment strategy.
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Market data through July 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 Sheridan, 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. Sheridan, WY currently scores 57, a steady-momentum reading that leaves it tracking close to its state average. For buyers, a balanced market means neither side holds a decisive edge, giving you time to shop carefully without racing the clock. Backing that up, the median home value here is $444K, up 4.2% over the past year. So whether Sheridan, 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 Sheridan, WY?
Sheridan, WY's PropertyIQ Score is 57, indicating steady 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 57 places Sheridan, WY above its state benchmark.
Are home prices in Sheridan, WY rising or falling?
Home prices in Sheridan, WY are rising. Over the past year, the median home value increased 4.2%, reaching $444K. Over the latest three months, values slipped 0.4%, 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 Sheridan, 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 Sheridan, WY?
In Sheridan, WY, homes sell in a median of 62 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 Sheridan, WY market data is refreshed on a monthly cycle, with the latest figures current through July 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.