Home Values in Cheyenne, Wyoming — 2026 Market Report
Updated March 2026 | Seller's Market | +4.9% YoY
The median home value in Cheyenne, Wyoming is $315,000 as of March 2026, which is below the national median of $400,000. Home values in Cheyenne have increased by 4.9% over the past year and 27% over the last five years. With a population of 65,132 and a median household income of $60,250, the price-to-income ratio stands at 5.2x, making Cheyenne affordable for the average household.
Cheyenne Housing Market Conditions
| Metric | Cheyenne | National Avg |
|---|---|---|
| Median Home Value | $315,000 | $400,000 |
| YoY Appreciation | +4.9% | +3.8% |
| 5-Year Appreciation | +27% | +22.4% |
| Price per Sq Ft | $104 | $222 |
| Days on Market | 38 days | 45 days |
| Months of Supply | 1.6 | 3.5 |
| List-to-Sale Ratio | 100.6% | 98.5% |
| Monthly Homes Sold | 52 | — |
| Foreclosure Rate | 0.12% | 0.3% |
Home Value Trends in Cheyenne
A homeowner who purchased at the median price of $248,031 five years ago in Cheyenne would have gained approximately $66,969 in equity, representing a 27% return on investment. Over the past year alone, the typical homeowner gained $14,714 in home equity.
Affordability in Cheyenne, WY
With a median household income of $60,250 and a median home price of $315,000, the price-to-income ratio in Cheyenne is 5.2x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $2,483 compared to estimated monthly ownership costs of $1,656 gives a rent-vs-buy ratio of 0.67. In Cheyenne, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Cheyenne
The effective property tax rate in Wyoming is 0.61%. On a home valued at $315,000, the estimated annual property tax bill is $1,922, or approximately $160/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Cheyenne is 93.5 (100 = national average), indicating living costs are below the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Cheyenne, WY?
The median home value in Cheyenne, Wyoming is $315,000 as of March 2026. Home values have changed +4.9% over the past year, with a 5-year appreciation of 27%.
Is Cheyenne a buyer's or seller's market?
Cheyenne is currently a seller's market with 1.6 months of housing supply. Homes spend an average of 38 days on market, and the list-to-sale price ratio is 100.6%. Low inventory gives sellers an advantage.
Are home values going up in Cheyenne?
Yes, home values in Cheyenne have increased by 4.9% over the past year. The 5-year appreciation rate is 27%, meaning a home worth $248,031 five years ago is now worth $315,000.
Is it better to rent or buy in Cheyenne?
The average monthly rent in Cheyenne is $2,483, while estimated monthly homeownership costs are approximately $1,656. The price-to-rent ratio is 10.6. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Cheyenne, Wyoming is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.