Highlights from Property Pulse: Key Insights into Cheyenne’s Real Estate Market
As real estate professionals, we hear it all the time: "How's the market?"
On Thursday, March 13th, #1 Properties agents welcomed clients and colleagues to Property Pulse--a collaborative presentation to answer that very question!
Together, we analyzed the latest market data, shared insights, and discussed what the future might hold for real estate in Cheyenne. Here's a little bit of what we learned:
How has the Cheyenne real estate market grown?
Cheyenne saw a 7.26% increase in total properties sold in 2024 compared to 2023, with 1,640 homes sold. This growth reflects strong demand in the area.
Total sales volume reached $687 million in 2024, reflecting a 10.32% increase from the previous year. #1 Properties had a notable presence in the market, representing 45% of sellers and 35% of buyers.
"The real estate market in southeast Wyoming is fundamentally strong, and we remain confident in both its short-term and long-term stability," says Wendy Volk, based on the data.
What are homes selling for?
Single-family homes in 2024 had an average sales price of $380,604, while townhouses averaged $331,468 and rural homes averaged $601,986. These numbers reflect not only the current market but also the significant appreciation homeowners in the region have experienced. Since 2004, Cheyenne has seen a 154.8% increase in accumulated home values, with an average annual appreciation rate of 4.5%.
This consistent growth indicates homeownership in Cheyenne is a solid long-term investment. Rural properties, in particular, have seen heightened demand but don't discount the value of townhouses, which remain a popular option for buyers seeking low-maintenance living without sacrificing equity potential. Single-family homes continue to be the heart of the market, providing a stable opportunity for families looking to build lasting value.
What kind of real estate market are we looking at?
The market absorption rate is a key indicator of local market conditions. It tells you whether the market favors buyers, sellers, or if it’s neutral. REALTORS® describe the strength of a real estate market as follows:
Sellers Market: 0-3 months supply of inventory
Neutral or Balanced Market: 4-6 months supply of inventory
Buyer's Market: Greater than 6 months supply of inventory
Our Local Real Estate Market is a Seller’s Market at this time. There is 1-3 months supply of inventory depending on location (i.e. single family in city limits, townhouse, or rural property). This low inventory level is likely contributing to the fast pace at which homes are selling, with the Median Days Homes are On the Market at just 26 days. (Data based on February 2025, via www.narrpr.com)
Despite the low inventory levels, the market is still competitive, as indicated by the Sold to List Price Percentage of 98.8%. This metric shows that homes are typically selling very close to their list price, with buyers willing to pay close to the asking price in order to secure a property in a competitive market.
What does all this mean for you as a buyer or seller?
In today’s competitive market, buyers should be prepared to act quickly and make strong offers, often close to or at the asking price, to secure their desired property. With limited inventory and high demand, hesitation can mean missing out on a home. Working with a knowledgeable real estate agent can help buyers stay informed about new listings and make strategic decisions.
Due to increased demand, sellers are able to list their homes at premium prices. Proper pricing, combined with professional marketing and staging, can attract multiple offers. As always, partnering with an experienced real estate professional ensures sellers maximize their home's value while navigating the complexities of a fast-moving market.
Thinking about Buying or Selling?
While the market changes and shifts, we are grateful to consistently be Cheyenne's Real Estate Leader. Our commitment to providing expert guidance, personalized service, and deep local knowledge remains unwavering.
Whether you're buying, selling, or simply exploring your options, our dedicated team is here to empower you and help you navigate every step of the process with confidence.
Thank you for trusting us with your real estate goals, Cheyenne — we’re honored to be a part of your journey home!
Sources:
Cheyenne Multiple Listing Service
Wyoming Center for Business & Economic Analysis, Inc.
Focus1st.com
Federal Housing Financial Agency, FHFA.gov
www.narrpr.com
Information in this presentation was compiled from the sources listed above. Information is deemed reliable but not guaranteed.