The Cheyenne, WY metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has seen a modest increase of 0.3% year-over-year, reaching $385,000. In contrast, the Median List Price has surged by 9.2% YoY, now at $399,900, indicating a potential gap between seller expectations and buyer willingness.

Price Per Square Foot metrics also reflect this trend, with the median Price Per Square Foot rising by 8.4% YoY to $183.46, while the Median List Price per square foot has increased by a mere 0.6% YoY to $183.04. This suggests that while sellers are listing homes at higher prices, the actual sales prices are not increasing at the same rate.

In terms of sales activity, the number of Homes Sold has increased significantly by 33.0% YoY, totaling 129 homes. However, Pending Sales have decreased by 24.9% YoY, with 139 homes currently under contract. This decline in Pending Sales could indicate a slowdown in future sales activity.

New Listings have decreased by 5.7% YoY, with 115 new homes entering the market. Inventory has also declined by 11.3% YoY, now standing at 243 homes. The Months of Supply have dramatically decreased by 90.0% YoY to 1.90 months, suggesting a tighter market with fewer homes available relative to demand.

The Median Days on Market have decreased by 6.0% YoY to 41 days, indicating that homes are selling slightly faster than they were a year ago. Despite this, the average sale to list ratio remains unchanged at 0.0%, as does the sold above list ratio, suggesting that homes are generally selling at or below their list prices.

Price Drops have increased by 5.7% YoY, affecting 21.0% of listings, which may reflect sellers adjusting their expectations in response to market conditions. Additionally, 27.3% of homes are going off the market within two weeks, a slight decrease of 0.2% YoY, indicating a relatively stable pace of quick sales.

Overall, the Cheyenne housing market in February 2025 is characterized by rising list prices and sales activity, but with a notable decrease in Pending Sales and inventory. The market remains competitive, with homes selling quickly, yet the increase in Price Drops suggests some resistance to higher prices among buyers.