Cheyenne, WY Metro Area Housing Market: November 2024 Analysis
The Cheyenne, WY metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. Notably, the Median Sales Price has decreased to $365,000, reflecting a year-over-year decline of 4.6%. This downward trend is mirrored in the Median List Price, which also stands at $365,000, marking a more significant year-over-year decrease of 7.0%.
Despite the decline in prices, the market shows resilience in terms of sales activity. Homes Sold have increased by 21.5% year-over-year, reaching a total of 130 units. Similarly, Pending Sales have risen by 18.5%, totaling 128 units. This uptick in sales activity is supported by an 11.8% increase in New Listings, which now number 123.
Inventory levels have decreased by 13.7% year-over-year, with a current total of 322 homes available. This reduction in inventory is coupled with a dramatic 100% decrease in Months of Supply, now standing at 2.5 months, indicating a tighter market compared to the previous year.
The median Price Per Square Foot has slightly decreased by 2.5% year-over-year to $176.42, while the Median List Price per square foot has increased by 10.3% to $193.33. This divergence suggests a potential shift in market dynamics, where sellers may be adjusting their pricing strategies in response to market conditions.
The Median Days on Market have increased by 2.0% to 38 days, indicating a slight slowdown in the pace at which homes are selling. However, the percentage of homes going off the market in two weeks has risen by 5.7%, now at 24.2%, suggesting that well-priced homes are still attracting quick interest.
Price Drops have decreased by 4.7% year-over-year, now at 18.6%, which may indicate that sellers are becoming more realistic with their initial pricing. The average sale to list ratio and the sold above list ratio remain unchanged at 0.0%, suggesting that homes are generally selling at or below their list prices.
Overall, the Cheyenne housing market in November 2024 is characterized by declining prices but robust sales activity, indicating a market that is adjusting to new economic realities while maintaining a healthy level of buyer interest.
